Electric automobile boss Elon Musk has taken his time to offer candid financial advice to Dogecoin (DOGE) investors. Musk warned investors about staking all they have on the dog-themed memecoin. The Tesla Chief Executive Officer (CEO) spoke virtually at the Wall Street Journal’s CEO Council Summit on Tuesday in London. It was in this meeting that he made the bold declaration about DOGE.
“I’m not advising anyone to buy crypto or bet the farm on dogecoin,” said Musk while also emphasizing that DOGE holds a special place in his heart.
DOGE Came Off as a Joke
Musk cited the characteristic humor and the dog theme of the memecoin as some of its appeals despite the volatility and risks that may likely occur. Compared to any other cryptocurrency, DOGE has been his favorite since its creation. When DOGE was created in 2013, it was the first cryptocurrency that came off as a joke and a tool for speculation.
So far, it has grown significantly and now has a market capitalization of over $10 billion. Although, the recent memecoin carnival has presented several strong competition for the dog-themed coin including Pepecoin (PEPE), Miladys (LADYS), Floki Inu (FLOKI) and so many others
Tesla CEO Pitches DOGE Payments
This warning may surprise many, especially as it comes from Musk, the father of DOGE, otherwise known as Dogefather. The controversial serial entrepreneur who is notorious for his influence on cryptocurrencies has been pivotal to the popularity of the memecoin and the outstanding value that it has gained over time.
Last year, one of Musk’s businesses known as The Boring Company (TBC) began to accept DOGE as a payment option for its products and services.
This was one of the moves of the founder to show that he was walking the talk in connection to his hype and advocacy for DOGE. When Tesla launched its Cyberwhistle product, DOGE was the only means of payment accepted for its purchase.
Musk Propose DOGE For Twitter Services
Before his $44 billion buyout of Twitter, Musk had also tried to propose DOGE as payment for Twitter’s Blue subscription and other related services.
At that time his proposal was not implemented but after he became CEO of the social media platform, many crypto enthusiasts and Dogecoin community members expected that the integration would be made at once.
This was not the case and with Linda Yaccarino, the former chair of global Advertising and Partnerships at NBCUniversal, as Twitter’s new CEO, it is not likely that Twitter would integrate DOGE.