- Traders should not “guess the farm” on dogecoin or different cryptocurrencies, Elon Musk mentioned Tuesday.
- The Tesla CEO is a longtime backer of the meme token – and as soon as known as it “the way forward for forex”.
- Dogecoin at the moment trades at a value 90% decrease than its all-time excessive of 68 cents.
Elon Musk supplied a phrase of warning about dogecoin Tuesday, saying that traders should not pour all their wealth into the meme token.
“I am not advising anybody to purchase crypto or guess the farm on dogecoin,” the Tesla CEO mentioned at a convention in London hosted by the Wall Street Journal. “Possibly it’s best to, however let me advise you that may be maybe unwise.”
The world’s second-richest man added that the memecoin remains to be his most popular cryptocurrency as a result of it has “one of the best humour” and “it has canine”.
Musk’s assertion in London marks a uncommon event the place he is downplayed his assist for, relatively than pumped, the dog-themed token.
In April 2021, he known as himself “The Dogefather” in a promotional tweet for an episode of Saturday Night time Reside by which he mentioned the token was “the future of currency”.
Musk additionally briefly modified Twitter’s brand to a Shiba Inu canine final month, fueling a short-lived 20% spike within the value of dogecoin.
The token – which was created as a joke and has no sensible use instances – surged in reputation through the crypto growth of 2021 however has cratered since then, with digital property struggling as a result of rising rates of interest and the dramatic collapse of high-profile companies like FTX.
Dogecoin at the moment trades at simply over 7 cents – 90% beneath the 68 cent excessive it hit on Might 8, the day earlier than Musk’s SNL look.
Learn extra: Elon Musk calls the meme-crypto Dogecoin the ‘future of currency,’ predicts it will ‘take over the world’ on ‘SNL’
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