Repeatedly, Elon Musk, the CEO of Twitter and Tesla, has demonstrated his fondness for Dogecoin (DOGE), a cryptocurrency that originated as a meme. Musk’s endorsements have enhanced the reputation of this original meme coin. However, is Musk’s opinion of DOGE as a profitable and secure investment unchanged? During a recent interview with the Wall Street Journal, Musk addressed the crypto industry and shared his thoughts on Dogecoin, stating, “I am not offering advice to purchase cryptocurrencies or to risk a significant amount on Dogecoin.”
It is worth highlighting that this is not the initial instance of Musk making such a statement. Back in the challenging bear market of 2022, he reiterated that he had never encouraged individuals to invest in cryptocurrencies. Additionally, he emphasized that,
“In the case of Tesla, SpaceX, and myself, we all did buy some Bitcoin, but it’s a small percentage of our total cash assets.”
The aforementioned comment was given in relation to the $258 billion lawsuit filed against Musk, alleging that he artificially inflated the value of Dogecoin. In more recent developments, Musk has requested a U.S. judge to dismiss the lawsuit. Over the past few months, Musk has been actively involved with the Dogecoin community; however, it is important to highlight that despite his interactions, no noteworthy collaborations or partnerships involving Dogecoin have been realized to date.
Dogecoin and Elon Musk: A Look into Their Current Relationship
Approximately a year ago, Musk elucidated the rationale behind his endorsement of Dogecoin, emphasizing that numerous individuals who are not financially privileged have expressed their support for him to invest in and endorse the cryptocurrency. Consequently, he clarified that his actions were simply a response to the sentiment conveyed by these individuals.
During his recent interview, he reiterated his fondness for the meme coin and confirmed that Dogecoin still holds the position of his favorite. He highlighted that the meme coin possesses “the best humor and it has dogs.”
Notwithstanding Musk’s recent statements, the value of DOGE has been declining. Over the past 24 hours, the meme coin has experienced a decrease of 2.84%. As of the latest update, it was being traded at a price of $0.07146. Furthermore, considering the current price of DOGE, approximately 50% of its holders were making profits, while 46.66% of the coin holders were facing losses.