Elon Musk is reducing the Dogecoin hype as the DOGE price increases by 23%

Hours before Elon Musk showed up Saturday night live, Tesla’s CEO seemed determined to cool down the hype surrounding the meme Dogecoin (DOGE) cryptocurrency.

Months of joyful construction led to a sobering auction on Thursday. if musk remembered to his Twitter followers that cryptocurrency investments were still speculative. Musk republished a TMZ interview starting February, in which he replied if he thought Dogecoin had become less valuable due to its inflationary supply. Musk admitted that was the case at the time, adding:

“I think people shouldn’t invest their savings in cryptocurrencies to be clear. I find that inconsiderate. “

Musk said he thought there was a possibility that cryptocurrency would become the major currency on earth, but he knew which one was left as a guess.

Elon Musk is reducing the Dogecoin hype as the DOGE price increases by 23%
Elon Musk is reducing the Dogecoin hype as the DOGE price increases by 23%

“There’s a good chance that cryptocurrencies will be the future currency of the earth … and then what will it be? And maybe there will be several. But it should be considered speculation at this point.” Said Musk at the time.

Dogecoin became one of the crypto stories of the year after Musk decided to take on an already idiosyncratic joke coin. Doge’s subsequent 14,000% surge in 2021 was partly aided by Musk’s posts on social media and traders’ desire to value a near-dead coin similar to stocks like GameStop and AMC.

Although Musk reminded investors to be cautious, DOGE’s dollar value rose 23% early Friday morning after losing a quarter of its value to $ 0.69 after rising midweek. The price of the coin rose from $ 0.52 to $ 0.64 in the hours immediately following Musk publish TMZ’s video on Twitter accompanied by the warning: “Cryptocurrencies are promising, but invest with caution!”

However, Musk suggested that the most entertaining result might be the one that finally catches on. Regarding Dogecoin, Musk said:

“Fate loves irony. What would be the most ironic result? For a coin invented as a joke to actually become a real coin. “

Reporters bombarded Musk with claims that his tweets had increased his investment in Dogecoin, A general trend that is supported by more than one level of evidence.

Musk had previously stated that he would welcome any official investigation into the impact of his tweets on the price of Dogecoin.When asked about the possibility of seeing another tweet from him triggering a price change, the Tesla CEO reacted negatively.

“No,” said Musk, getting into his car. “Well it is,” he added. “Don’t risk too much with cryptocurrencies.”

Disclaimer: This article has been updated to reflect the correct timing of Elon Musk’s interview with TMZ

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