At The Wall Street Journal’s CEO Council Summit on Tuesday, Tesla CEO Elon Musk, well-known for his fascinating comments and actions relating to cryptocurrencies, said, “I’m not advising anyone to buy crypto or bet the farm on Dogecoin.”
Elon Musk just gave his current views on crypto on an interview with WSJ
“Dogecoin is my favorite because it has the best humor and it has dogs” pic.twitter.com/QYDYbf0Yjo
— Sir Doge of the Coin ⚔️ (@dogeofficialceo) May 23, 2023
Musk added that he continues to be an adherent of Dogecoin (DOGE). He said, “Dogecoin is my favorite cryptocurrency because it has the best humor and dogs.” Nevertheless, he is not recommending that individuals risk their entire savings on cryptocurrency or Dogecoin.
Musk’s remarks in London are a unique occurrence where he has minimized his endorsement of the dog-themed token instead of actively promoting it. Musk indirectly mentioned that Dogecoin might be included as a payment option on Twitter and even stated that DOGE would be accepted as payment for the Twitter Blue membership service.
In April 2021, he referred to himself as “The Dogefather” in a promotional tweet for a Saturday Night Live episode, proclaiming the token “the future of currency.” Additionally, Musk temporarily replaced Twitter’s logo with a Shiba Inu dog image recently, causing a brief but significant 20% surge in the price of Dogecoin. He had also announced that he had bought some of the Dogecoin for his kids and even upheld his pledge to temporarily replace the Twitter logo with a Dogecoin image following his company acquisition.
In a recent move, Musk named Linda Yaccarino, the former head of global partnerships and advertising at NBCUniversal, Twitter’s new CEO. Due to this new appointment, there is less chance that Dogecoin will be integrated into the platform.
DOGE, originally conceived as a humorous concept without any practical applications, experienced a surge in popularity during the cryptocurrency boom in 2021. But since then, like with other digital assets, its value has sharply declined due to a number of causes, including rising interest rates and the shocking failure of well-known businesses like FTX. It is worth noting that the coin has a market cap of $10 billion and has begun to climb the cryptocurrency rankings.
Nevertheless, Musk’s considerable support for Dogecoin led to a $258 billion lawsuit accusing him of running a pyramid scheme and alleging racketeering. In April, he appealed to the court to dismiss the lawsuit.
As of press time, the coin is currently trading at $0.07109.However, there is a potential risk of breaching the support level, leading to a downward movement. The trading volume has also declined, suggesting a waning interest among traders.
Over the past 24 hours, Dogecoin (DOGE) has experienced a decline of 2.53%. It is down by 5.64% compared to its highest point in the last seven days, which was $0.07551. Conversely, it is only 0.43% away from its lowest level in the past seven days, recorded at $0.07095.3% of DOGE’s value dropped when Musk advised against buying Dogecoin.
Irrespective of Dogecoin’s unrealized implementation, Musk’s impact on the coin remains significant.
