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Elon Musk

<p class="is-style-lead">Elon Musk recently said DOGE is his favorite cryptocurrency but warned investors to exercise caution when dealing with investments in the crypto space.</p>



<h2 class="wp-block-heading" id="elon-musk-warns-against-heavy-investments-in-crypto">Elon Musk warns against heavy investments in crypto</h2>



<p>Despite liking <a href="https://crypto.news/elon-musk-a-dogecoin-supporter-reportedly-building-new-ai-company-called-x-ai/">dogecoin</a>, multi-billionaire Elon Musk recently noted that he would not advise anyone to bet huge on crypto. Elon Musk was speaking at an interview with the Wall Street Journal.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Elon Musk just gave his current views on crypto on an interview with WSJ<br><br>“Dogecoin is my favorite because it has the best humor and it has dogs” <a href="https://t.co/QYDYbf0Yjo" target="_blank">pic.twitter.com/QYDYbf0Yjo</a></p>&mdash; Sir Doge of the Coin ⚔️ (@dogeofficialceo) <a href="https://twitter.com/dogeofficialceo/status/1661087434950467584?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 23, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Musk was asked whether he still has enthusiasm for the cryptocurrency space. The billionaire noted that he still likes cryptocurrencies, mentioning that DOGE is his favorite owing to the use of memes, humor, and dogs.</p>



<p>However, as part of his response, Musk said, “I’m not advising anyone to buy crypto or bet the farm on dogecoin.”</p>



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<iframe title="Elon Musk on AI, China, Tesla and Succession Planning | WSJ" width="1020" height="574" src="https://www.youtube.com/embed/PDy7s1SDDn4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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<p>In recent years, Musk has been seen by crypto investors as a key opinion leader. Starting his relationship with bitcoin and investing heavily in the coin, Musk seemingly found a new gem in dogecoin.</p>



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<p><a href="https://crypto.news/elon-musks-twitter-adds-support-for-crypto-and-stocks-trading/" target="_blank" rel="noreferrer noopener">Elon Musk</a> has in the past self-proclaimed himself as the Dogefather. The community has therefore been looking to him and watching his every statement about crypto.</p>



<p>The billionaire’s <a href="https://crypto.news/elon-musks-latest-tweet-boosts-doge-price/">words</a> have always been proven to have an impact within the dogecoin community, even impacting other meme coins.</p>



<p>Last month, Elon Musk went a step further, using DOGE as the Twitter logo for a day. The move was considered great for dogecoin, contributing to massive increases in the coin’s prices.</p>



<h2 class="wp-block-heading" id="doge-price-action">DOGE price action</h2>



<p>The recent comments from the entrepreneur triggered some negative price action for DOGE. Before the words, DOGE was trading at just about $0.074. However, since the announcements, the coin has been trading in the red, trending downwards.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="https://crypto.news/app/uploads/2023/05/image-62-1024x576.png" alt="Elon Musk tells investors to be careful in crypto investments, still likes DOGE - 1" class="wp-image-14160923"><figcaption class="wp-element-caption">DOGE price action | Source: <a href="https://www.coingecko.com/en/coins/dogecoin" target="_blank" rel="noreferrer noopener">Coingecko</a></figcaption></figure>



<p>At press time, DOGE was trading around $0.07. The data indicates that DOGE has plunged by over 5.4% in value since the announcement. </p>



<p>Looking at the weekly charts, DOGE has been trending downward for most of the past week. The coin seemed to make a recovery on May 22, but on 23, after Musk’s words, the coin took a sharp downturn.</p>



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Elon Musk tells investors to be careful in crypto investments, still likes DOGE

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