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Why Elon Musk’s latest word could have DOGE and its holders confused

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Elon Musk’s tweets are closely watched by crypto traders looking to bank on the volatile meme token. His tweets often lead to a considerable appreciation in the price of Dogecoin.

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  • Tech billionaire Elon Musk’s recent warning for DOGE investors led to a 3% decline in the meme token’s price.
  • Musk clarified that DOGE still stood as his favorite crypto, but investors shouldn’t bet their life savings on it.

Popular tech entrepreneur Elon Musk’s recent comments have led to a considerable decline in the price of one of the most beloved meme tokens in the crypto space. In a virtual appearance at The Wall Street Journal’s CEO Council Summit, the Tesla CEO told DOGE investors that they shouldn’t bet their life savings on the meme token. 

Elon Musk: Don’t bet the farm on Dogecoin

According to a recent report by The Wall Street Journal, Elon Musk was still a fan of the dog-themed meme token. Musk stated that Dogecoin is his favorite due to its association with dogs and the general humor surrounding the meme token.

However, he warned crypto investors to exercise caution when dealing with Dogecoin. “I’m not advising anyone to buy crypto or bet the farm on dogecoin,” the billionaire businessman stated while addressing the CEO Council Summit. His comments prompted DOGE to tank more than 3%. 

Elon Musk’s warning regarding Dogecoin came as a surprise for the crypto community on Twitter, given his history with the meme token. Earlier this year, Musk-owned Twitter showcased DOGE’s dog mascot on the homepage for some users of the social media platform.

The tech billionaire also allowed DOGE payments for products that are sold through The Boring Company, one of his many ventures. In January 2022, Musk also made headlines after he urged McDonald’s to start accepting payments in DOGE. The Dogecoin army on Twitter constantly scopes Musk’s tweets for subtle hints regarding the meme token. More often than not, his DOGE-related tweets send the meme token soaring. 

DOGE, at the time of writing, was trading at $0.070, down more than 4% over the past 24 hours. The meme token’s daily trading volume came in at $198 million. With a market capitalization of $9.7 billion, DOGE ranked at #8 in terms of the largest cryptocurrency in the world. 

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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