Elon Musk advises against cryptos and questions his support for dogecoin (DOGE)

Many thought that Elon Musk was a big fan of crypto and the famous memecoin Dogecoin (DOGE). But, the Tesla boss challenged that belief at a recent summit. This is the Wall Street Journal’s CEO Council Summit which took place in London. During his speech, Elon Musk, who has a particular influence on the market, issued a warning to crypto investors. Here is what it is.

Is Musk just avoiding trouble with US justice?

Elon Musk, who previously replaced the Twitter logo with Dogecoin, has just made a surprising statement. Indeed, the boss of Tesla said: “I do not advise anyone to buy cryptos or bet on Dogecoin“. He found that he is a fan of the famous memecoin for only two reasons. On the one hand, Dogecoin has the best humor, and on the other hand, it has dogs.

Musk’s words are surprising when you consider that the billionaire has a long relationship with the memecoin. For starters, he promoted Dogecoin on Saturday Night Live. In the meantime, he acquired the samecoin for his son. Then he announced that he would like to contribute to a wider adoption of DOGE.

However, Musk’s cautious advice may be explained by the fact that he wants to avoid further problems with US regulators. Indeed, the billionaire had to pay the American SEC, in 2018, a penalty of 20 million dollars. The US regulator blamed him for inflating Tesla’s stock price through a nasty joke.

Musk’s warning comes after Changpeng Zhao made a statement on Dogecoin (DOGE) last week. Indeed, the CEO of Binance has expressed amazement that the memecoin continues to exist. He indicated that Musk may have had a hand in extending the lifespan of Dogecoin. Meanwhile, memecoin has seen an increase in transaction volume with the launch of the DRC-20 standard. Although this is good news for Dogecoin (DOGE), some remain concerned about its future. Back in April, senior macro strategist at Bloomberg McGlone made an alarming prediction about Dogecoin (DOGE). He described memecoin as a speculative engine that needed to be gotten rid of to clean up the crypto market.