Dogecoin falls to two-month low due to Elon Musk’s interest in artificial intelligence

According to CoinGecko, the value of the Dogecoin meme token fell by 1.7% per day and almost 10% over the week, hitting a two-month low of $ 0.073. As is often the case, the price of BTC $95,293.43 Bitcoin -0.56% Market capitalization $1.89 trillion VOL. 24 hours $2.49 billion was affected by Elon Musk’s actions.

According to users, due to the billionaire’s interest in artificial intelligence, he stopped talking about cryptocurrencies, Dogecoin in particular. Last week it became known that Elon Musk intends to create a direct competitor to the most famous chatbot. «Artificial intelligence is one of the biggest risks for civilization prospects ,» the businessman said during his speech at the World Government Summit in the UAE. But despite his warnings, Musk seems to be interested in competing with Google and Microsoft.

«I used to be in crypto, but now I got interested in AI»

— Elon Musk (@elonmusk) March 3, 2023

It should be noted that in most cases, Musk’s actions cause Dogecoin to grow. For example, on February 22, the Twitter CEO posted on his page an alleged confession of his involvement in the launch of DOGE. At that time, the cryptocurrency reacted with a 6% growth. «It's a good time to admit that I launched DOGE. I let the dogs out,» Musk wrote in his post.

In addition to DOGE, Musk also influences the value of the FLOKI meme cryptocurrency, which has grown by 485.2% in 30 days. Earlier, the billionaire posted a photo of his pet Floki, who allegedly solves social media issues. The dog’s T-shirt had the inscription «CEO» on it, the highest executive position in the company.