Elon Muskย (Teslaย &ย SpaceX CEO) isย warning users that he does not advise anyone to buy cryptocurrency or bet on DOGE, but that Dogecoinย (DOGE) is his favorite โbecause it has the best humor and it has dogs.โ
Elon Muskย (Teslaย &ย SpaceX CEO) talks about Dogecoinย (DOGE) without advising anyone to buy cryptocurrency or DOGE
In an interview with WSJ, the Tesla,ย Inc. CEO talked about Dogecoinย (DOGE) as his favorite cryptocurrency, stressing that he is not advising anyone to buy digitalย currencies or bet on DOGE.
Elon Muskย (Teslaย &ย SpaceX CEO) just gave his current views on cryptocurrency on an interview with WSJโ Dogecoinย (DOGE) is my favorite because it has the best humor and it has dogsโ pic.twitter.com/QYDYbf0Yjo
— Sir Dogecoinย (DOGE) of the Coin
(@dogeofficialceo) May 23, 2023
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 opinionsย on it, cautioning the audience that what he does is not โ financing advice.โ
Inย particular, when requested if he still likes digitalย currencies, Musk said:
โIโm not advising anyone to buy cryptocurrency or bet the farm on Dogecoin.โ
And then, after this sort of โdisclaimer,โ Musk added:
โ Dogecoinย (DOGE) is my favorite because it has the best humor and it has dogs.โ
Does Elon Muskย (Teslaย &ย SpaceX CEO) still influence the price of Dogecoin?
It is trending by now how influential Muskโs Memeย Coin tweets about Dogecoinย (DOGE) had been on the price of DOGE, at least in the past.ย
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.ย
Despiteย theย factย that Dogecoinย (DOGE) had not even been mentioned, investors had nonetheless associated this news of his with the likelihood that the cryptocurrency mayย be integrated in some way, thus causing the price of Dogecoinย (DOGE) to jump 25%.
However, in theย previousย day since the interview, Dogecoinย (DOGE) has not experienced any extraordinary price pump. Inย reality, at the time of publication, the price of Dogecoinย (DOGE) is $0.07042, a 1.36 percent fall from yesterday.
The class action lawsuit over Dogecoin
Muskโs โdisclaimerโ 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, aย yearย ago the plaintiffs allegedly hired an expert witness to explain to the court how and why Dogecoinย (DOGE) is a pyramid scheme, including listing all of Muskโs tweets that allegedly invited his followers to buy DOGE.
Not only that, Musk is accused of driving up the price of Dogecoinย (DOGE) by greaterย than 36,000 % in two years and letting it plummet.
Theย previousย 30ย 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 asย well โvagueโ to indicate financing advice or toย facilitate an allegation of fraud.ย
At the moment, the lawsuit isย still pending an official ruling from the judge.
