Billionaire Elon Musk advised investors to “not bet too much” on the Dogecoin (DOGE) meme-cryptocurrency and not invest all the money in the asset.
During the Wall Street Journal summit in London, he revealed that DOGE is still his favorite cryptocurrency. He considers the coin to be the best among other digital assets because it has “great humor” and “dogs”.
“I don’t advise anyone to buy cryptocurrency or rely on Dogecoin,” Musk added.
The billionaire has been promoting the meme token for a long time. In April 2022, he proposed lowering the cost of a Twitter Blue subscription and allowing users to pay for the premium service in DOGE.
In June, American Keith Johnson accused SpaceX and Tesla, as well as their head, of promoting the “cryptocurrency pyramid” Dogecoin and demanded compensation in the amount of $258 billion.
Musk’s lawyers later called the claims from the investor “a bizarre hoax.” The billionaire asked the court to dismiss the lawsuit.
In February 2023, the price of the meme-cryptocurrency reacted with growth to a series of tweets by Musk. The entrepreneur introduced his Shiba Inu dog named Floki as the CEO of Twitter and a new member of the company’s board of directors.
Recall that in May, the head of Binance, Changpeng Zhao, said that Elon Musk “extended the life” of Dogecoin, which could “disappear a long time ago.”
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