Hours before Elon Musk appears on Saturday Night Live, it appears that Tesla’s CEO has begun to cool the hype surrounding the Dogecoin (DOGE) cryptocurrency meme.
Months of light income increased led to a realistic climax on Thursday when Musk reminded his Twitter followers that cryptocurrency investments were still speculative. Musk published an interview with TMZ in February in which he answered a question about whether he thought Dogecoin had become less valuable due to its inflationary proposal. Musk acknowledged that this was the case at the time, adding:
“I think people should not invest their savings in cryptocurrencies to be clear. I think it is unwise.
Musk said he believes there is a chance that the cryptocurrency will be the most important currency used on earth, but knowing which one is going to be a guess for some.
“There is a high probability that the cryptocurrency is the future currency of the earth … and then it is like this: What will it be? Or maybe there will be many. At that time,” Musk said at the time, “At the moment it should be looked at as speculation. ”
Dogecoin became one of this year’s cryptocurrency stories after Musk’s decision to embrace what was already a lost joke. Doge’s subsequent growth of 14,000% in 2021 was partly driven by Musk’s posts on social media and traders’ desire to pump out almost dead coins in the same way that stocks like GameStop and AMC do.
Although Musk reminded investors of caution, DOGE’s dollar value rose 23% early Friday after losing a quarter of its value after a mid-week jump to $ 0.69. The coin price jumped from $ 0.52 to $ 0.64 an hour after Mask tweeted a video by TMZ with a warning: “Cryptocurrency is promising, but please invest with caution!”
Musk, however, suggested that a more interesting discovery might be what finally takes over. As for Dogecoin, Musk said:
“Fate loves irony. Like what is the most ridiculous find? A coin that was invented as a joke actually becomes a real currency.”
Journalists are bombarding Musk with claims that his tweets increased their investment in Dogecoin – a general trend supported by more than some degree of evidence.
Musk previously claimed that he would welcome any official investigation into the effect of tweets on Dogecoin’s price, but when asked about the possibility of seeing another tweet about price action from him, the Tesla boss replied in the negative.
“No,” Musk said as he got into the car. “Well, that’s it,” he added. “Do not take too much risk with cryptocurrencies.”