The head of Tesla and SpaceX, Elon Musk, said that he does not encourage anyone to invest in cryptocurrencies. Despite his love for the meme cryptocurrency Dogecoin (DOGE), he does not advise putting everything that an investor has on this coin either, the billionaire said at The Wall Street Journal conference in London, writes RBC Crypto.
He also recalled why he likes Dogecoin himself. According to him, this is his favorite cryptocurrency because it is associated with dogs and with great jokes.
The coin was launched in 2013 and traded below the $0.01 mark until spring 2021. But in April of the same year, Elon Musk announced that his company SpaceX was going to deliver the altcoin to the moon, after which the value of the asset went up sharply.
On May 8, 2021, DOGE hit an all-time high of $0.73 after Musk called himself “Dogefather” (Father of Doge). Since then, Memcoin has risen in price almost every time Musk mentions it, after which it rolls back in price.
According to CoinGecko, on May 24, 2023, the market capitalization of the asset is $9.9 billion, according to this indicator, DOGE ranks eighth among all cryptocurrencies.
The billionaire previously explained his love for DOGE by the fact that “Doge has memes and dogs, while other cryptocurrencies do not have this.”
In the summer of 2022, American Keith Johnson sued Musk, his companies SpaceX and Tesla, as well as the developers of the Dogecoin Foundation, claiming that he was deceived by the “Dogecoin financial pyramid”. He demanded $258 billion, a ban on Musk and his companies from promoting the coin and recognizing trading it as a game of chance.
At the end of March, Musk asked the court to dismiss this lawsuit. His lawyers said that the plaintiffs do not explain how the billionaire was going to deceive anyone, what risks he was hiding, and his jokes about Dogecoin do not correspond to the fraud claim.
Following the news of Musk’s announcement, Dogecoin fell 2% from $0.0726 to $0.0711.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
