Elon Musk advises clients not to invest in cryptocurrencies or gamble on DOGE, but that Dogecoin is his favorite “because it has the best humor and it has dogs.”
Elon Musk issues a disclaimer to customers stating that he does not urge anyone to invest in cryptocurrencies or place bets on DOGE, but that Dogecoin is his favorite “because it has the best humor and it has dogs.”
Elon Musk discusses Dogecoin without encouraging people to purchase cryptocurrency or DOGE
The Tesla CEO mentioned Dogecoin as his favorite cryptocurrency in a WSJ interview while emphasizing that he is not urging people to purchase cryptocurrencies or place bets on DOGE.
This quote from the interview highlights how Musk wants to talk about his cryptocurrency Dogecoin more, but he stopped short of giving advice, warning the audience that what he does is not “investment advice.”
When questioned specifically if he still enjoys cryptocurrency, Musk responded:
I’m not advising anyone to buy crypto or bet the farm on Dogecoin.
Following this kind of “disclaimer,” Musk continued:
Dogecoin is my favorite because it has the best humor and it has dogs.
Does Elon Musk still have an impact on Dogecoin’s price?
By this point, everyone is aware of the impact Musk’s meme-related tweets had on DOGE’s price, at least in the past.
One instance that supports the argument is when Musk tweeted in November 2022 about new plans for Twitter, the social network that he bought.
Investors had nonetheless connected this news of his with the possibility that the cryptocurrency would be integrated in some way, causing the price of DOGE to increase by 25% despite the fact that Dogecoin had not even been mentioned.
However, DOGE hasn’t seen any unusual price pumping in the past 24 hours since the interview. In actuality, the price of DOGE is currently $0.07042, down 1.36% from yesterday.
The Dogecoin class action lawsuit
In the interview, Musk’s “disclaimer” relates to the occurrences surrounding the class action lawsuit brought against him in June 2022 on the grounds that he promoted Dogecoin.
Essentially, the plaintiffs allegedly engaged an expert witness last year to outline for the court the various ways in which Dogecoin is a pyramid scheme, including a list of all of Musk’s claimed tweets encouraging his followers to purchase DOGE.
Additionally, Musk is charged of inflating the price of DOGE by more than 36,000% in just two years while allowing it to decline.
Musk himself wanted to take action last month to settle this claim, which might be worth $258 billion. Musk was able to demonstrate, with strong legal assistance, that his tweets were too “vague” to be taken as investment advice or as evidence of fraud.
The judge has not yet issued a formal decision regarding the lawsuit.