Elon Musk Issues Warning for Dogecoin Investors, Explains Why DOGE Is His Favorite Crypto

In a recent interview with WSJ, Tesla’s CEO said he cannot advise people to allocate money in the cryptocurrency market.

He also touched upon Dogecoin, explaining why it is his favorite digital asset.

• Elon Musk has had a rocky and controversial relationship with the cryptocurrency industry for the past several years. It ranges from buying bitcoin for himself and Tesla to selling some portions because of the negative impact of coal-fueled BTC mining.
• However, he has also been supportive of Dogecoin and has used almost every opportunity to boost the asset’s price and popularity, whether intentional or not.
• His words always have an effect on DOGE, as well as other memecoins, which used the hype created by him to launch new projects.
• When asked whether he still likes cryptocurrencies, Musk said he is not “advising anyone to buy crypto or bet the farm on Dogecoin.”
• Yet, the billionaire added that DOGE is his favorite digital asset because “it has the best humor and it has dogs.” He also asserted that the most ironic outcome for global currencies would be if a memecoin created as a joke becomes that global currency.
• It’s worth noting that DOGE didn’t react well to Musk’s latest comments. It had jumped to $0.074 yesterday but dropped back down to $0.07 hours later.