Elon Musk warns users that he does not advise anyone to buy crypto or bet on DOGE, but that Dogecoin is his favorite “because it has the best humor and it has dogs.”
Elon Musk talks about Dogecoin without advising anyone to buy crypto or DOGE
In an interview with WSJ, the Tesla CEO talked about Dogecoin as his favorite crypto, stressing that he is not advising anyone to buy cryptocurrencies or bet on DOGE.
In this excerpt from the interview, it is highlighted that Musk wants to continue to talk about his crypto Dogecoin but limited himself to expressing his thoughts on it, cautioning the audience that what he does is not “investment advice.”
Specifically, when asked if he still likes cryptocurrencies, Musk said:
“I’m not advising anyone to buy crypto or bet the farm on Dogecoin.”
And then, after this sort of “disclaimer,” Musk added:
“Dogecoin is my favorite because it has the best humor and it has dogs.”
Does Elon Musk still influence the price of Dogecoin?
It is well known by now how influential Musk’s meme tweets about Dogecoin had been on the price of DOGE, at least in the past.
One example that makes the case is when, back in November 2022, Musk had tweeted about new plans for Twitter, the social network he became the owner of.
Although Dogecoin had not even been mentioned, investors had nonetheless associated this news of his with the likelihood that the crypto could be integrated in some way, thus causing the price of DOGE to jump 25%.
However, in the last 24 hours since the interview, DOGE has not experienced any extraordinary price pump. In fact, at the time of writing, the price of DOGE is $0.07042, a 1.36% drop from yesterday.
The class action lawsuit over Dogecoin
Musk’s “disclaimer” in the interview, refers to the incidents related to the class action filed against him last June 2022, alleging that he promoted Dogecoin.
In essence, last year the plaintiffs allegedly hired an expert witness to explain to the court how and why Dogecoin is a pyramid scheme, including listing all of Musk‘s tweets that allegedly invited his followers to buy DOGE.
Not only that, Musk is accused of driving up the price of DOGE by more than 36,000 percent in two years and letting it plummet.
Last month, Musk himself wanted to take steps to end this lawsuit worth as much as $258 billion. With strong legal backing, Musk was able to show that his tweets were too “vague” to indicate investment advice or to support an allegation of fraud.
At the moment, the lawsuit is still pending an official ruling from the judge.