Elon Musk warns against counting too much on Dogecoin

Billionaire Elon Musk advised investors not to make overly large bets on the meme cryptocurrency Dogecoin (DOGE) and not to put all their money into the asset.

During The Wall Street Journal summit in London, he said that DOGE remains his favourite cryptocurrency. He regards the coin as the best among digital assets because it has ‘great humour’ and ‘dogs’.

“I would not advise anyone to buy cryptocurrency or rely on Dogecoin,” Musk added.

The billionaire has been promoting the meme token for some time. In April 2022 he proposed lowering the price of Twitter Blue subscription and giving users the opportunity to pay for the premium service in DOGE.

In June, American Keith Johnson accused SpaceX and Tesla, as well as their chief, of promoting a ‘cryptocurrency pyramid’ Dogecoin and sought compensation of $258 billion.

Later, Musk’s lawyers described the claims from the investor as a whimsical fabrication. The billionaire asked the court to dismiss the suit.

In February 2023, the meme cryptocurrency rose in price following a series of Musk’s tweets. The entrepreneur introduced his Shiba Inu dog named Floki as Twitter’s CEO and a new member of the company’s board of directors.

In May, Binance chief Changpeng Zhao stated that Elon Musk had ‘brought Dogecoin back to life,’ which could have ‘disappeared long ago’.