Tesla and SpaceX CEO Elon Musk warned investors not to bet everything on Dogecoin, stating that DOGE is his favorite coin.
At a London conference hosted by The Wall Street Journal, Elon Musk urged investors not to get their hopes too high for the memetic cryptocurrency DOGE.
Cryptoassets are characterized by high volatility, and such investments can entail risks, said the billionaire.
However, he openly admitted that among all digital assets Dogecoin is particularly appealing to him because it has a doggy theme and has elements of humor.
“I don’t advise anyone to buy cryptocurrency or bet on Dogecoin,” Elon Musk said at the conference.
Dogecoin was created in late 2013, becoming the first mock cryptocurrency.
However, over time, DOGE has gained popularity among traders, and now the coin is one of the ten major cryptocurrencies – the market capitalization of DOGE is almost $10 billion.
It is worth noting that Elon Musk has played an important role in increasing the popularity of this cryptocurrency, regularly publishing tweets about it, after which the rate of DOGE increased significantly.
The Dogecoin community was also hoping for strong growth in the coin following Musk’s purchase of the social network Twitter, in hopes that DOGE would be integrated into the platform.
In April, Musk changed Twitter’s bird logo to the image of the Shiba Inu dog after which the DOGE memcoin was created, pushing its value to $0.10.
A few days later, however, the social network returned the old logo, and the DOGE rate corrected sharply.