Tesla CEO Elon Musk has reaffirmed his interest in Dogecoin (DOGE) while advising the public not to invest their entire funds in cryptos.
Indeed, at the CEO Council Summit organized by the Wall Street Journal in London, Elon Musk issued a warning against investing in cryptos. The Tesla CEO made it clear that he does not recommend buying cryptos or betting exclusively on Dogecoin.
“I’m not advising anyone to buy crypto or bet everything on Dogecoin,” he said. However, Elon Musk stressed that DOGE remained his favorite digital currency because of its “incredible humor and dogs”.
As a reminder, Elon Musk has promoted Dogecoin on numerous occasions, going so far last April as to replace the logo of the social network Twitter with the Dogecoin logo. This event sent the DOGE share price soaring, as is often the case with statements made by Tesla’s CEO, who is followed by 141 million people worldwide on Twitter.
Surely, due to his large subscriber base, the American billionaire often causes turbulence on the crypto market, particularly when it comes to the Dogecoin price.
His apparent support for this “meme coin” has led some investors to take legal action against him, accusing him of manipulating the crypto’s price. The billionaire’s lawyers asked for the lawsuit to be dropped in early April, calling the allegations “fanciful fiction”.