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Tech billionaire Elon Musk has maintained an air of intrigue with his extended silence regarding his stance on crypto assets for months now.
Musk’s silence on crypto has led some investors to interpret it either as a signal of waning interest or as a strategic pause, waiting for the opportune moment to take action.
He briefly touched on the topic of cryptocurrencies at the Wall Street Journals CEO Council Summit in London this week, with a particular focus on dogecoin.
I don’t advise anyone to buy crypto or bet the farm on dogecoin, he told a virtual conference, and warned against investing his savings in the digital currency inspired by the memes.
However, he reiterated his fondness for dogecoin (DOGE) as his favorite cryptocurrency, citing its inherent humor and inclusion of dogs. He did not share any other ideas or opinions on other digital assets.
Musk’s engagement with dogecoin enthusiasts was previously something of a spectacle, with a notable link seen between DOGE’s price and Tesla founders’ tweets.
Between 2019 and 2022, Musk repeatedly tweeted about the memecoin, often resulting in temporary price increases.
In June 2022, investor Keith Johnson filed a lawsuit filing a substantial $258 billion lawsuit against Musk, alleging his involvement in a pyramid scheme designed to manipulate the price of DOGE.
But Musks’ lawyers fired back, saying there was nothing illegal about tweeting words of support or funny images about a legit cryptocurrency that continues to hold a market capitalization of nearly $10. billions of dollars.
Crypto enthusiasts were keen to know if Musk would integrate crypto into Twitter after taking on the role of CEO. While he hasn’t been open about crypto-related plans, he temporarily changed the microblogging sites’ logo in April, replacing it with the iconic Shiba Inu image associated with the dogecoin meme.
This unexpected decision also led to a surge in the price of DOGE.
DOGE last traded around 7 cents on Wednesday and is down more than 9% in the past month, according to data from Blockworks Research.
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