Tesla and Twitter CEO Elon Musk issued a warning to traders and investors not to invest in Dogecoin and not to rely on this cryptocurrency in general.
He stated, "I do not advise anyone to buy cryptocurrency or bet on Dogecoin."
Musk made this statement during an online conference hosted by the Wall Street Journal.
Elon Musk explained his words: "Dogecoin remains my favorite cryptocurrency. I remain a fan because it combines humor and dogs". At the same time, he warns and advises against investing your money in cryptocurrency in general and in Dogecoin in particular.
The Wall Street Journal held a board summit in London, where Elon Musk decided to share his own experience with investors. Musk warned crypto enthusiasts and Dogecoin fans not to invest all their money in Dogecoin.
Interestingly, this is fundamentally different from his recent stance on cryptocurrency and Dogecoin.
As a result, the price of the Dogecoin cryptocurrency (DOGE) dropped by 2.7% overnight. At the time of writing, the price of the cryptocurrency had settled at $0.071337.
Earlier, we reported about the second chance for FTX and whether the revival of the bankrupt crypto exchange is possible.