[ad_1]
- Buyers 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 referred to as it “the way forward for forex”.
- Dogecoin at the moment trades at a worth 90% decrease than its all-time excessive of 68 cents.
Elon Musk supplied a phrase of warning about dogecoin Tuesday, saying that buyers 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. “Perhaps you need to, however let me advise you that might be maybe unwise.”
The world’s second-richest man added that the memecoin continues to be his most well-liked cryptocurrency as a result of it has “the most effective humour” and “it has canine”.
Musk’s assertion in London marks a uncommon event the place he is downplayed his assist for, somewhat than pumped, the dog-themed token.
In April 2021, he referred to as himself “The Dogefather” in a promotional tweet for an episode of Saturday Night time Stay during 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 worth of dogecoin.
The token – which was created as a joke and has no sensible use circumstances – surged in recognition throughout the crypto growth of 2021 however has cratered since then, with digital property struggling as a consequence 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% under the 68 cent excessive it hit on Could 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’
NOW WATCH: In style Movies from Insider Inc.
Loading…
[ad_2]
Source link
