Elon Musk appeared to cool the hype on Dogecoin price while suggesting the meme coin’s fate was now in the hands of the gods.
Hours ahead of Elon Musk’s appearance on Saturday Night, the Tesla CEO appeared intent on cooling the flurry of Dogecoin price hype he had created around the meme cryptocurrency.
Months of light-hearted build-up led to a punchline on Thursday, as Musk reminded his Twitter that cryptocurrency investments remained speculative. Musk reposted a TMZ interview from February, in which he responded to whether he thought DOGE was made less valuable by the fact of its inflationary supply. Elon Musk conceded that this was the case at the time, adding:
“I think people should not invest their life savings in crypto, to be clear. I think that’s unwise.”
Elon Musk said he thought there was a chance that cryptocurrency could become the primary currency used on earth, but knowing which one it would have remained guesswork.
“There’s a good chance that cryptocurrency is the future currency of earth… and then it’s like: Which one is it gonna be? And maybe it will be multiple. But it should be considered price speculation at this point,” Musk said at the time.
Dogecoin became one of the crypto stories of the year following Musk’s decision to adopt what was already a joke meme coin gone astray. Doge’s price subsequent 14,000% surge in 2021 was helped in part by Elon Musk’s social media posts and the desire by traders to pump a near-dead coin in a manner similar to stocks like GameStop and AMC.
Even as Elon Musk reminded investors to be wary, the dollar value of DOGE price rebounded 23% early on Friday morning, after losing a quarter of its value following the mid-week price surge to $0.69. The coin price jumped from price $0.52 to $0.64 in the hours immediately after Elon Musk posted the TMZ video on Twitter, accompanied by the warning:
“Cryptocurrency is promising, but please invest with caution!”
However, Elon Musk proposed that the most entertaining outcome could be the one that ultimately takes hold. In reference to Dogecoin, Musk said:
“Fate loves irony. Like, what would be the most ironic outcome? That the Cryptocurrency that was invented as a joke, in fact, becomes the real top currency.”
Reporters bombarded Elon Musk with claims that his tweets had caused their Dogecoin price investments to go up a general trend that’s backed by more than a degree of evidence.
Elon Musk had previously claimed he would welcome any official investigation into the effect of his tweets on the price of DOGE, but when asked about the potential to see one more Dogecoin price-moving tweet from him, the Tesla CEO responded in the negative.
“No,” said Musk, getting into his car. “Well, that’s it,” he added. “Don’t take too much risk on crypto.”
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