Elon Musk is known for his exceedingly bullish tweets on Dogecoin — but now, he appears to be taking a much more cautious approach.
The Tesla CEO has tweeted a video posted by TMZ, where he was surrounded by fans and discussing the current state of the crypto markets.
In the clip, he was asked whether one issue with DOGE lies in how it doesn’t have a capped supply like Bitcoin. He replied:
“I think people should not invest their life savings in cryptocurrency, to be clear. I think that’s unwise … but if you want to speculate … there’s a good chance that crypto is the future currency of Earth.”
Musk went on to stress that gaining exposure to crypto should be considered as speculation at this stage — and that people shouldn’t go “too far” when it comes to making purchases.
Reflecting on what DOGE’s trajectory might be going forward, he added:
“Dogecoin was invented as a joke — essentially to make fun of cryptocurrency. And there’s an argument that fate loves irony and the most entertaining outcome is probably the most ironic outcome. The currency that was invented as a joke in fact becomes the real currency.”
A Big Weekend
All eyes are on Musk as he prepares to host Saturday Night Live tomorrow.
DOGE is expected to feature prominently in the program — and this additional awareness could cause prices to rise in the short term.
However, as reported by CoinMarketCap Alexandria, some analysts believe that DOGE could be on the verge of a whiplash-inducing crash — one that may end up hurting retail investors who joined the party too late.
One Twitter user wrote:
“Each of DOGE’s major rallies this year has been smaller and less aggressive. What took 18 hours at first has been ongoing for 2 days now. I suspect this is the final push before it's all over for good. May 8th is the day to watch.”