Elon Musk urged to be cautious about Dogecoin cryptocurrency

Tesla and SpaceX CEO Elon Musk said that he does not urge anyone to invest in cryptocurrencies. Despite his love for the Dogecoin (DOGE) memtoken, the billionaire advised investors to be cautious about the digital asset. Musk spoke about this at The Wall Street Journal conference in London.

«I don’t advise anyone to buy cryptocurrency or make a big bet on Dogecoin,» Elon Musk said.

The businessman also reminded why he prefers Dogecoin among other cryptocurrencies. According to Musk, it is his favorite cryptocurrency because it is «associated with dogs and great jokes.» The billionaire has previously explained his love for DOGE by saying that «Doge has memes and dogs, and other cryptocurrencies don’t have that.»

According to CoinGecko, at the time of writing, the asset’s market capitalization is $ 9.8 billion, which ranks DOGE 9th among all cryptocurrencies. In terms of value, the token is trading at $ 0.070, down 4.9% over the past week.

on May 8, 2021, DOGE hit an all-time high of $ 0.73 after Musk called himself the «Dogefather» (father of Doge). Since then, memecoin has risen in price almost every time Musk mentions it, and then falls again.