Is the DOGE losing its pedigree? In the world of cryptocurrencies, Elon Musk is a character as influential as he is unpredictable. And, his last statements concerning the Dogecointhe iconic cryptocurrency represented by a dog shiba inus, are no exception. So that until recently the billionaire was still barking the praises of the DOGE, not without waking up the sarcasm of the boss of Binanceit would seem that he now advises not to throw himself headlong into the purchase of memecoin.
“I don’t advise anyone to buy crypto” – Elon Musk
Elon Muskso the Tesla CEO recently said at the Wall Street Journal CEO Council Summit in London:
“I do not advise anyone to buy crypto or bet the farm on Dogecoin.»
Elon Musk – Source: Wall Street Journal
This stance marks a drastic shift in Musk’s traditionally optimistic speech for cryptocurrencies. The loyal friend of the DOGE has never hidden his love for dogs and his actions have regularly had beneficial repercussions for the price of the hairy cryptocurrency.
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Dogecoin is first and foremost a memecoin
In details, Elon Musk specifies, or rather recalls, that the Dogecoin was created as memecoina cryptocurrency derived from an internet meme, a joke.
“Dogecoin is my favorite cryptocurrency because it has the best humor and barks with dogs.”
Thus, recalling the DOGE comic origins, Musk emphasizes that we must not be fooled by his sympathetic image, a speech that clashes with that of recent months. Remember, the famous Shiba Inu dominated Twitter not so long ago, relegating the blue bird to the background. The situation therefore seems to be changing.
The current caution ofElon Musk vis-à-vis the Dogecoin could be perceived as an admission on the part of the business mogul, who may wish to calm things down. great influence on the market in the past earned him a $20 million fine from the U.S. Securities and Exchange Commission for a simple weed joke that sent Tesla’s stock price up 6%.
Let us also remember and to conclude that this influence still causes him some disappointments since Musk was again recently accused in a collective complaint of manipulating the price of Dogecoin. The victims ask him $258 million.
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