Renowned entrepreneur Elon Musk, CEO of Twitter and Tesla, continues to attract attention with his stance on Dogecoin (DOGE). Musk’s frequent endorsements have provided a credibility boost to the original meme coin. However, despite his previous support, does Musk still consider DOGE a profitable and secure investment? In a recent interview with the Wall Street Journal, Musk shared his thoughts on the cryptocurrency industry and Dogecoin.
He stated, “I’m not advising anyone to buy crypto or bet the farm on Dogecoin.”
It is important to note that this is not the first time Musk has made such a statement. During the challenging bear market of 2022, he clarified that he had never encouraged people to invest in crypto.
He also highlighted, “In the case of Tesla, SpaceX, and myself, we did purchase some Bitcoin, but it represents only a small percentage of our total cash assets.”
This statement came amidst a $258 billion lawsuit against Musk, accusing him of artificially inflating the price of Dogecoin. Recently, Musk requested a U.S. judge to dismiss the lawsuit.
While Musk has been actively engaging with the Dogecoin community in recent months, it is worth noting that no significant collaborations or partnerships have materialized thus far.
Has Dogecoin lost its appeal to Musk? Around a year ago, Musk revealed the reason behind his support for Dogecoin, highlighting the encouragement he received from individuals who are not financially affluent. He stated that his actions were a response to the sentiment expressed by these individuals.
In his latest interview, Musk reiterated his fondness for the meme coin and confirmed that $DOGE remains his favorite. He pointed out that the coin possesses “the best humor and it has dogs.”
Despite Musk’s current sentiments, Dogecoin has experienced a decline. Over the past 24 hours, the meme coin has dropped by 2.84%. At the time of reporting, it was trading at $0.07146. Furthermore, with $DOGE’s current price, approximately 50% of its holders were enjoying profits, while 46.66% were facing losses.
Elon Musk’s views on cryptocurrency continue to capture global attention, particularly regarding his support for Dogecoin. As the market reacts to his statements, investors are left to ponder the future prospects of this popular meme-based digital asset.
Written by Agbo Obinnaya.
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