Tesla CEO Elon Musk, known for his engaging statements and actions regarding cryptocurrencies, issued a warning about Dogecoin at The Wall Street Journal's CEO Council Summit.
Warning to Investors from Elon Musk: 'Don't Bet on Dogecoin'
The controversial entrepreneur warned investors not to invest everything in the meme cryptocurrency.
Despite this warning, he made it clear that Dogecoin holds a special place for him. Linking the lure of cryptocurrency to its characteristic humor and dog motif, Musk has reaffirmed Dogecoin as his personal favorite in the digital currency space.
Musk's relationship with Dogecoin has significantly increased Dogecoin's popularity. The self-proclaimed "Dogefather" Musk played a key role in the rise in the value of the cryptocurrency, which witnessed a sharp rise in early 2021.
The main reason for this was his tweets confirming the coin. He stated that his humor and connection to dogs made him particularly fond of the coin, despite the volatility and risks associated with such investments.
Musk's move to briefly change Twitter's iconic bird logo to Doge created excitement in April and increased Dogecoin's value by 8%. This decision was short-lived, however, and the bird logo was soon reinstated.
The appointment of Linda Yaccarino, former head of global Advertising and Partnerships at NBCUniversal, as Twitter's new CEO is his latest move. This makes Twitter less likely to integrate Dogecoin.
Regardless of Dogecoin's unrealized integration, Musk's influence on Dogecoin remains significant.
*Not investment advice.