Elon Musk Explains Dogecoin Investment: Why Is DOGE Dropping?

Elon Musk Explains Dogecoin Investment: Why Is DOGE Dropping?

Elon Musk speaks at the Wall Street Journal’s CEO Council Summit and shows his support for Dogecoin, but warns against betting life savings on crypto or DOGE, resulting in a price retraction for the meme coin.

Billionaire Elon Musk (Tesla & SpaceX CEO) has been a long-time supporter of Dogecoin (DOGE) and he has not been shy in the case of talking about his love for the meme cryptocurrency. Usually, when Musk talks about DOGE, the price tends to go up as investors rush to capitalize on the publicity. Nonetheless, it is not the case this time around because regardless of Musk mentioning the Meme Coin coin, its value has gone in the opposite direction.

Elon Musk (Tesla & SpaceX CEO) Reveals Do not Bet On Cryptocurrency Or Dogecoin

Tesla, Inc. CEO Elon Musk (Tesla & SpaceX CEO) spoke at the Wall Street Journal’s CEO Council Summit held in London and between other topics, he touched on the cryptocurrency industry and Dogecoin (DOGE) in particular. Musk once more professed his support for Dogecoin (DOGE), saying he likes the meme cryptocurrency as a result of its humor and the fact that it incorporated dogs.

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Nonetheless, he further went on to state that he would not advise anyone to bet their life savings on either cryptocurrency or Dogecoin (DOGE). “I’m not advising anyone to buy cryptocurrency or bet the farm on, you know, Dogecoin (DOGE) or anything like that,” the billionaire stated when requested if he was still a fan of crypto.

Musk has a long history of supporting the meme cryptocurrency and it was this support that sent the digital currency rallying to new all-time highs back in 2021. At different points ever since, Musk’s posts have likewise moved the price positively. On the other hand, his stance this time around has deviated from what is normally expected and the price of Dogecoin (DOGE) has suffered for it.

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Dogecoin (DOGE) Price Retraces Regardless of Musk Mention

In one of the rare cases, the price of Dogecoin (DOGE) has essentially retraced after Musk mentioned the meme cryptocurrency during his interview. The price is down over 3 percent in the previous day alone and is now trading dangerously next to the $0.07 support level.

Following this, Dogecoin (DOGE) has  dropped below its 200-day moving average, a move that puts it on a bearish path over the short to mid-term. Similarly, with Bitcoin (BTC) seeing losses, it has taken the market down with it, so there is not much room for recovery for Dogecoin (DOGE) at this time.

Nonetheless, numerous in the community continue to hold out hope that Elon Musk (Tesla & SpaceX CEO) will sooner or  thereafter reveal a Dogecoin (DOGE) integration on Twitter platform as a payment method. Such a move would no doubt lead to an at least 50 percent upside for the Meme Coin coin, and it  can potentially be a catalyst for its next rally.

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At the time of publication, Dogecoin (DOGE) is changing hands at a price of $0.07113.


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