Elon Musk Sticks with Dogecoin as Top Crypto Pick

Elon Musk Sticks with Dogecoin as Top Crypto Pick

Elon Musk reveals Dogecoin as his favorite cryptocurrency due to its humor and dogs, but cautions against betting big on it, impacting the price.

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.”

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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

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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%.


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