Elon Musk who is well known for his influence on Dogecoin cautions investors about investing in the meme coin. The Twitter CEO spoke at The Wall Street Journal’s CEO Council Summit held on Tuesday, May 23.
The world’s second-richest man warns crypto entrepreneurs about the risks associated with investing in Dogecoin. He told investors not to stake everything in the meme coin.
Regardless of his warning, he openly expressed his fondness for the coin. He acknowledged Dogecoin as his personal favorite digital currency in the market. Backing this, he attributed his likeness to DOGE to its characteristic humor and its canine motif.
It is no news that Musk’s influence on Dogecoin has raised it significantly as one of the top cryptocurrencies in the market. He played a major role in elevating the coin’s value. In 2021, DOGE rose exponentially thanks to Elon Musk’s endorsement tweet.
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Despite the high volatility risk associated with the coin, Musk still finds it his favorite ascribing it to the connection to humor and dogs.
Elon Musk’s Twitter Dogecoin influence
Following his purchase of Twitter, members of the Dogecoin community anticipated a significant rise in the price and value of the coin especially with the expected integration of DOGE as a payment method on the platform.
However, this was not the case as the payment integration never came to be which obviously disappointed some members of the community. Furthermore, in April, Musk changed the iconic Twitter bird logo to the Dogecoin meme which drove the price of DOGE up by 8%. This change didn’t last long as the bird logo was reinstated.
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His most recent action was the selection of Linda Yaccarino as Twitter’s new CEO. She was formerly in charge of global advertising and partnerships at NBCUniversal. The likelihood of Twitter integrating Dogecoin decreases as a result of this.
Dogecoin (DOGE) price today
According to live data from CoinGecko, the price of DOGE today is $0.071426. It is currently down 1.87% in the last 24 hours. What’s more, Dogecoin is ranked #9 on CoinGecko’s chart with a live market cap of $9,962,493,243.
Source: CoinGecko
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.