Twitter CEO Elon Musk, who had previously expressed his loyalty to memecoin Dogecoin, recently shocked the crypto community with a contradictory message. At the CEO Summit held in London, Musk advised the community to be wary of Dogecoin, although he also claimed it was still his favorite crypto. But what is Elon Musk up to?
Elon advises against investing in Dogecoin
So far, Elon Musk had captured the world’s attention with his deep affection for the Dogecoin. Recent events, such as the change of Twitter’s logo to that of the DOGE logo, were clear evidence of his unwavering support.
However, at the Wall Street Journal’s CEO Council Summit in London on Tuesday May 23, he took the community by surprise by actively discouraging people from investing in cryptocurrencies, including Dogecoin. Despite this, however, he confirmed that memecoin remained his preference due to its humorous nature and connection with dogs.
The statement is met with irony and surprise given his unwavering support for Dogecoin in the past. Since 2021, he has promoted this cryptocurrency on the Saturday Night Livepublicly expressing his desire to encourage mass adoption of Dogecoin. His passion for the currency even earned him the nickname ” Dogefather” .
However, Musk is not limited to the Doge: he has recently also been an active supporter of memecoins and NFTs. Every time he mentions an NFT or a cryptocurrency, their prices skyrocket. In fact, he was fined $20 million for price manipulation following one of his tweets.
Elon Musk’s sudden U-turn raises questions about his true intentions and the impact of his statements on the crypto market. Investors and Dogecoin enthusiasts are now wondering what Musk’s next step in this saga will be..
Coming from a journalism university background, I came across Bitcoin and cryptocurrencies not long ago.
The potential of the Blockchain seduced me and I made it my research topic.