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The global crypto market cap is $1.11 trillion with a 24-hour volume of $35.69 billion. The price of Bitcoin is $26,427.60 and BTC market dominance is 46.2%. The price of Ethereum is $1,804.33 and ETH market dominance is 19.6%. The best performing cryptoasset sector is Entertainment, which gained 220%.
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Elon Musk takes a cautious yet affectionate stance on Dogecoin, as he calls it his favorite cryptocurrency for its humor, while advising against overinvestment at The Wall Street Journal’s CEO Summit.
Cover art/illustration via CryptoSlate
Elon Musk is still a fan of Dogecoin, even if he is choosing to be much more careful in how he expresses it.
Speaking at The Wall Street Journal’s CEO Summit in London, the Tesla and SpaceX CEO reaffirmed his affinity for Dogecoin while being careful not to promote it explicitly.
When asked if he was still “a fan” of crypto, Musk hedged his words. “I’m not advising anyone to buy crypto or bet the farm on Dogecoin, for example. Don’t bet the farm on Dogecoin!” he scolded before continuing with a grin: “Maybe you should. But let me advise you that would be, perhaps, unwise.”
While the back-and-forth in tone suggested that the billionaire entrepreneur has been made aware of the potential ramifications of such public comments, Musk appeared unable to completely reign in his affection for the original memecoin, calling Dogecoin his “favorite” crypto “because it has the best humor, and has dogs.”
When pressed on the fact that Dogecoin is still far below its 2021 highs, Musk deflected the question with a musing:
“You know, a friend of mine has saying: that the most ironic explanation is the most likely. And the most ironic outcome for currency would be that the thing that was made as a joke to make fun of cryptocurrencies…becomes the global currency.”
Musk’s more conservative stance sharply contrasts with his more inflammatory comments toward regulators. Perhaps most notable is an infamous 2018 60 Minutes interview in which he proclaimed, “I do not respect the SEC,” in response to charges that he had used Twitter to manipulate the price of Tesla stock.
Less famous, however, are the words he followed that comment with: “I respect the Justice system.” Musk settled the charges with the SEC that same year.
Musk’s acknowledgment of Dogecoin as his “favorite” crypto still had the effect of drawing attention to itself, though it did not affect the coin’s price in this instance — in fact, DOGE is down almost 3% since Musk’s comments yesterday.
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Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.
Tesla is a manufacturer of electric vehicles and a clean energy company led by billionaire Elon Musk.
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