Elon Musks Favorite Cryptocurrency Is Dogecoin: Heres Why

Elon Musks Favorite Cryptocurrency Is Dogecoin: Heres Why


Elon Musk talks about Dogecoin as his favorite crypto in an interview with WSJ, but cautions against buying cryptocurrencies or betting on DOGE, while the influence of his meme tweets on the price of the crypto seems to have diminished.

Elon Musk (Tesla & SpaceX CEO) is warning users that he does not advise anyone to buy cryptocurrency or bet on DOGE, but that Dogecoin (DOGE) is his favorite “because it has the best humor and it has dogs.” 

Elon Musk (Tesla & SpaceX CEO) talks about Dogecoin (DOGE) without advising anyone to buy cryptocurrency or DOGE

In an interview with WSJ, the Tesla, Inc. CEO talked about Dogecoin (DOGE) as his favorite cryptocurrency, stressing that he is not advising anyone to buy digital currencies or bet on DOGE

In this excerpt from the interview, it is highlighted that Musk wants continuation to talk about his cryptocurrency Dogecoin but limited himself to expressing his opinions on it, cautioning the audience that what he does is not “ financing advice.” 

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In particular, when requested if he still likes digital currencies, Musk said:

“I’m not advising anyone to buy cryptocurrency or bet the farm on Dogecoin.”

And then, after this sort of “disclaimer,” Musk added:

“ Dogecoin (DOGE) is my favorite because it has the best humor and it has dogs.”

Does Elon Musk (Tesla & SpaceX CEO) still influence the price of Dogecoin?

It is trending by now how influential Musk’s Meme Coin tweets about Dogecoin (DOGE) had been on the price of DOGE, at least in the past. 

1 example that makes the case is when, back in November 2022, Musk had tweeted about new plans for Twitter, the social network he became the owner of. 

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Despite the fact that Dogecoin (DOGE) had not even been mentioned, investors had nonetheless associated this news of his with the likelihood that the cryptocurrency may be integrated in some way, thus causing the price of Dogecoin (DOGE) to jump 25%

However, in the previous day since the interview, Dogecoin (DOGE) has not experienced any extraordinary price pump. In reality, at the time of publication, the price of Dogecoin (DOGE) is $0.07042, a 1.36 percent fall from yesterday. 

The class action lawsuit over Dogecoin 

Musk’s “disclaimer” in the interview, refers to the incidents related to the class action filed against him last June 2022, alleging that he promoted Dogecoin

In essence, a year ago the plaintiffs allegedly hired an expert witness to explain to the court how and why Dogecoin (DOGE) is a pyramid scheme, including listing all of Musk‘s tweets that allegedly invited his followers to buy DOGE. 

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Not only that, Musk is accused of driving up the price of Dogecoin (DOGE) by greater than 36,000 % in two years and letting it plummet

The previous  30 days, Musk himself wanted to take steps to end this lawsuit worth as much as $258 billion. With strong legal backing, Musk was able to show that his tweets were as well “vague” to indicate financing advice or to facilitate an allegation of fraud. 

At the moment, the lawsuit is still pending an official ruling from the judge.



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