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“I’m not advising anyone to buy crypto or bet the farm on Dogecoin,” mentioned Tesla and Twitter CEO Elon Musk throughout a digital convention hosted by the Wall Street Journal.
Musk additionally agreed that he stays a fan of Dogecoin meme coin, saying “Dogecoin is my favorite cryptocurrency because it has the best humor and has dogs.” However, he isn’t suggesting that anybody ought to put their life financial savings on crypto or Dogecoin.
Elon Musk Warns Investors of Putting All Money in Crypto or Dogecoin
During the Wall Street Journal’s CEO Council Summit in London, Elon Musk shared a uncommon piece of recommendation for buyers to keep away from placing all their cash on crypto or Dogecoin. Elon Musk advising crypto fanatics and Dogecoin followers is barely in distinction to his latest stance on crypto and Dogecoin.
Elon Musk simply gave his present views on crypto on an interview with WSJ
“Dogecoin is my favorite because it has the best humor and it has dogs” pic.twitter.com/QYDYbf0Yjo
— Sir Doge of the Coin ⚔️ (@dogeofficialceo) May 23, 2023
Elon Musk hinted at integrating Dogecoin for funds on Twitter and even accepting DOGE as cost for the Twitter Blue subscription. Dogecoin created as a joke now has a market capitalization of $10 billion, getting into the highest 10 cryptocurrencies.
He even changed the iconic Twitter logo from “blue bird” to Dogecoin brand lately to point out his assist for the meme coin. However, Musk’s large assist for Dogecoin prompted a $258 billion racketeering lawsuit accusing him Musk of operating a pyramid scheme. In April, he urged the court docket to dismiss the lawsuit.
In May, he appointed Linda Yaccarino as the brand new Twitter CEO, who’s believed to be additionally a supporter of Dogecoin, in addition to Shiba Inu.
Also Read: US Fed Officials Favor To Hike Rates Over 6%, Is Bitcoin Crash Imminent?
DOGE Price Trading Sideways
DOGE continues to commerce above the $0.70 stage, with dangers of falling beneath the assist stage amid uncertainty within the crypto market. The buying and selling quantity has additionally decreased, indicating a decline in curiosity amongst merchants.
DOGE price fell 3% after Musk mentioned to not spend money on Dogecoin, with the worth at present buying and selling at $0.071. The 24-hour high and low are $0.0713 and $0.0735, respectively. Bitcoin price additionally fell over 2% on the identical time, with the worth at present buying and selling at $26,760.
Also Read: Stocks And Crypto May Crash Within Weeks Of Debt-Ceiling Deal; Here’s Why
The offered content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.
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