In his latest comments, popular tech entrepreneur Elon Musk caused a significant decline in the price of one of the most beloved meme tokens in the crypto space. During a virtual appearance at The Wall Street Journal’s CEO Council Summit, the Tesla CEO advised DOGE investors against pouring their life savings into the meme token.
Elon Musk Beware Dogecoin
Elon Musk remains a fan of the dog-themed meme token, according to a recent report by The Wall Street Journal. Musk stated his fondness for Dogecoin due to its dog-related connection and the general humor surrounding the meme token.
However, he warned crypto investors to exercise caution when dealing with Dogecoin. The billionaire businessman said during his speech at the CEO Council Summit:
I’m not advocating anyone to buy crypto or transact on Dogecoin.
This comment from Musk resulted in DOGE losing more than 3% of its value.
Dogecoin’s Latest Status
Elon Musk’s cautionary note about Dogecoin came as a surprise to the crypto community on Twitter, considering his history with the meme token. Earlier this year, Twitter, which Musk owns, displayed DOGE’s dog mascot on the homepage for some users and replaced its official logo with it.
The tech billionaire also allowed DOGE payments for products sold through one of his many ventures, The Boring Company. Musk made headlines after he called on McDonald’s to accept DOGE as payment back in January 2022.
The Dogecoin army on Twitter continually scrutinizes Musk’s tweets for subtle hints about the meme token. Most of the time, his tweets related to DOGE result in a spike in the meme token’s value.
At the time of writing this article, DOGE was trading at $0.070, a decrease of more than 4% in the last 24 hours. The meme token’s daily trading volume stood at $198 million. With a market value of $9.7 billion, DOGE ranked 8th in terms of the world’s largest cryptocurrency.
