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SNEAK PEEK
- At a recent conference, Elon Musk advised people to not invest in crypto or Dogecoin.
- Musk has time and again shown support towards certain cryptocurrencies.
- Dogecoin still remains his favorite owing to its humor.
Elon Musk isn’t popular for a well-established public image and is known for being straightforward about almost everything. However, a day before, i.e., May 23, he gave financial advice to Dogecoin fans and crypto enthusiasts.
In a statement at a conference by the Wall Street Journal, he said that he isn’t advising people to purchase crypto or risk their life savings on Dogecoin.
Elon’s words hint at his departure from his habit of boosting the token. Dogecoin was launched in 2013 and is the first memecoin. Gaining popularity with time, its current market capitalization is beyond $10 billion, with each coin worth over seven cents.
Whenever Musk posted his dog’s picture or tweeted about crypto, the market cap of crypto spiked. In April, he changed the social media platform’s logo from a bird to an image of a Shiba Inu, i.e., the dog breed that’s represented in the Doge meme. As a result, the price of crypto went up.
Musk’s repetitive citations and support for the memecoin prompted investors to file a class action lawsuit against him. He was accused of operating a scheme to increase the price of Dogecoin. However, his standing by DOGE is still as strong as before.
On May 23, despite clarifying that he is not urging people to invest in Dogecoin, Musk didn’t refrain from calling the coin his favorite, as it has the best humor and dogs. Recently, Musk made headlines when he tweeted an image of a Milady NFT, which resulted in the collection’s floor price skyrocketing within hours. For instance, within 24 hours, the collection jumped by around 5,250%.
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- Source: https://investorbites.com/elon-musk-warns-investors-to-not-risk-money-on-dogecoin/
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