Tesla CEO Elon Musk has always been a big fan of Dogcoin, and every move will cause the price of Dogcoin to skyrocket. However, it is not recommended that anyone invest their lifetime savings into it
Tesla CEO Elon Musk has always been a big fan of Dogcoin, and every move will cause the price of Dogcoin to skyrocket. However, it is not recommended that anyone invest their lifetime savings into it.
Musk stated at the CEO Council Summit of The Wall Street Journal on Tuesday:
I don't advocate for anyone to purchase cryptocurrency or pawn all their homes on Dogcoin.
Despite that, Musk said that the dog coin is still his "good idea" because it is related to "dogs" and has a "full sense of humor".
Twitter from ElonMusk
However, the price of dog coins has not been greatly affected, falling by 1.1% to $0.07263 in recent days. However, compared to the historical peak of breaking through $0.73 in 2021, it has dropped by more than 90%.
Although Musk often shows his love for Dogcoin on Twitter, attracting a large influx of retail investors, he denied advocating for people to invest in cryptocurrency last year and was once a fan: "Cryptocurrency has great prospects, but please invest cautiously", "I think people should not invest their lifetime savings in cryptocurrency. To be honest, I think this is not wise
However, Musk eventually got into a lawsuit and was sued by a group of dog coin investors, accusing him of intentionally inflating the price of dog coins and then allowing the coins to collapse and "cut leeks". Therefore, he demanded compensation of $258 billion. In response, Musk submitted a document to the court in April this year, requesting the rejection of this skyrocketing claim case, which also claimed that the claims made by Dogcoin investors were simply a "fantasy".
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