Elon Musk (Tesla & SpaceX CEO) asserts that Dogecoin (DOGE) is his favorite cryptocurrency owing to the humor and dogs. On the other hand, he warned people should not “bet the farm” on it.
The Tesla, Inc. CEO’s tweets and actions have considerably influenced the price of Dogecoin (DOGE) and similar Meme Coin coins. On the other hand, recently, at the Wall Street Journal’s CEO Council Summit, Musk advised people not to bet big on Dogecoin.
Dogecoin (DOGE) is my Favorite Cryptocurrency: Elon Musk
The entrepreneur stated, “I’m not advising anyone to buy cryptocurrency or bet the farm on Dogecoin (DOGE) or anything like that. On the other hand, Dogecoin (DOGE) is my favorite digital currency because it has the best humor and has dogs.”
Elon Musk (Tesla & SpaceX CEO) just gave his current views on cryptocurrency on an interview with WSJ
“ Dogecoin (DOGE) is my favorite because it has the best humor and it has dogs” pic.twitter.com/QYDYbf0Yjo
— Sir Dogecoin (DOGE) of the Coin ⚔️ (@dogeofficialceo) May 23, 2023
The words from Musk himself should give clarity to investors often aping in on cryptocurrency and non-fungible crypto token (NFT) projects. Most projects, particularly Meme Coin coins, are hype-based and may fade away with time.
Impact on Price Unexpected
The bulk of mentions of Dogecoin (DOGE) by Elon Musk (Tesla & SpaceX CEO) have resulted in wild moves in price. On the other hand, this time, Dogecoin (DOGE) is moving in correlation with the broader cryptocurrency market
As of writing, the coin is currently worth $0.071, down by about 2.59 percent in the past 24 hours.
The previous 30 days, when Musk replaced the Twitter logo with a Dogecoin (DOGE) logo, the price surged by greater than 20%. Then after a week, Musk restored the original Twitter logo, resulting in DOGE’s price sliding by nearly 10%.
