Elon Musk Discourages Betting One's Financial Future On DOGE; Meme Coin Sinks

Tech billionaire Elon Musk suggested investors against betting their financial future on Dogecoin, but maintained that DOGE is his favorite cryptocurrency. The Tesla CEO's remarks led to a considerable drop in the price of the world's first-ever meme coin.

In a virtual appearance at The Wall Street Journal's CEO Council Summit in London this week, Musk talked about cryptocurrency, with special emphasis on Dogecoin. "I'm not advising anyone to buy crypto or bet the farm on dogecoin," he said, advising the public against investing life savings into the meme-inspired crypto asset.

"Maybe you should, but let me advise you that would be perhaps unwise," he added. The tech billionaire further said that Dogecoin "is my favorite cryptocurrency because it has the best humor and has dogs," professing his fondness for the crypto asset that was originally created as a joke.

Following the tech billionaire's statement, DOGE saw a 2.59% loss over the past 24 hours and was trading in the red zone at $0.071.

Musk could be credited for Dogecoin's price rally in the past and to prove his love for DOGE, he had even momentarily changed the Twitter logo to the Shiba Inu dog, which is the meme coin's mascot. That particular move last month pushed the price of DOGE to surge by over 20% but after a week, Musk decided to restore Twitter's logo, which led to the meme coin's price plummeting by almost 10%.

Between 2019 and 2023, the tech billionaire who expressed his interest in integrating crypto payments on the micro-blogging social media platform, tweeted about DOGE several times resulting in the coin's temporary price surge.

Musk's latest remarks, however, did not sway the price of Dogecoin to an uptrend since the meme coin is seemingly moving along with the broader crypto market. It was also one of the rare occasions where the world's second-richest man downplayed his support for the meme coin instead of pumping it up.

In 2021, Musk proclaimed himself as "the Dogefather" in a promotional tweet for a Saturday Night Live episode where he said that the crypto asset was the "future of currency."

Dogecoin saw a 0.89% loss and was still trading in the red zone at $0.07063 over the past 24 hours with a 24-hour volume of $241,054,119 as of 1:10 a.m. ET on Thursday, according to the latest data from CoinMarketCap.