Elon Musk Breaks Silence on Crypto, Warns Against Dogecoin Speculation

The Tesla co-founder advised against going all-in on dogecoin, but said it’s still his favorite cryptocurrency


kovop/Shutterstock, modified by Blockworks


Tech billionaire Elon Musk has maintained an air of intrigue with his prolonged silence regarding his position on crypto assets for months now.

Musk’s silence on crypto led some investors to interpret it as either a signal of waning interest or a strategic pause, waiting for the opportune moment to take action.

He briefly touched upon the topic of cryptocurrencies during the Wall Street Journal’s CEO Council Summit in London this week, with a specific emphasis on dogecoin.

“I’m not advising anyone to buy crypto or bet the farm on dogecoin,” he said in a virtual conference, and cautioned against investing one’s life savings into the meme-inspired digital currency.

However, he did reiterate his fondness for dogecoin (DOGE) as his favorite cryptocurrency, citing its inherent humor and inclusion of dogs. He didn’t share any further insights or opinions on any other digital assets.

Musk’s engagement with dogecoin enthusiasts was earlier something of a spectacle, with a noticeable connection observed between the price of DOGE and the Tesla founder’s tweets.

Between 2019 and 2022, Musk tweeted about the memecoin multiple times, often resulting in temporary price increases.

In June 2022, investor Keith Johnson took legal action by filing a substantial $258 billion lawsuit against Musk, alleging his involvement in a pyramid scheme designed to manipulate the price of DOGE.

But Musk’s lawyers hit back, saying “there is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.”

Crypto enthusiasts were keen to know whether Musk would integrate crypto into Twitter after he assumed the role of CEO. While he hasn’t been open about any crypto-related plans, he made a temporary alteration to the micro-blogging site’s logo in April by replacing it with the iconic Shiba Inu image associated with the dogecoin meme. 

This unexpected move too resulted in a surge in the price of DOGE.

DOGE last traded around 7 cents on Wednesday, and is down more than 9% in the last month, according to data from Blockworks Research.

Get the day’s top crypto news and insights delivered to your email every evening. Subscribe to Blockworks’ free newsletter now.

Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief.

Can’t wait? Get our news the fastest way possible. Join us on Telegram and follow us on Google News.


upcoming event

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. This year’s event will be held in our nation’s capital, where industry leaders, policymakers, and institutional experts will come together to discuss the latest developments and challenges in the ever-evolving world of cryptocurrency. […]

upcoming event

MON - WED, SEPT. 11 - 13, 2023

2022 was a meme.Skeptics danced, believers believed.Eventually, newcomers turned away, drained of liquidity and hope.Now, the tide is shifting and it’s time to rebuild. Permissionless II is the brainchild of Blockworks and Bankless. It’s not just a conference, but a call […]

recent research

Curve's Stablecoin and Lending Market


AMMs are at the root of everything elegant and useful in DeFi.That's why Curve put LLAMMA at the center of its lending protocol.



Criminal behavior will get you to the bottom of this list


As markets teeter with uncertainty, both gold bugs and bitcoin aficionados are perking up, spurred by murmurs of a potential change in policy


OKX has also filed to become a Digital Asset Service Provider in France, which could take up to six months, according to the company


Several firms have sought to launch leveraged bitcoin futures products, and one such company intends to launch its proposed ETF on June 13


While the rest of the crypto world is focusing on frivolous non-issues, Brazil is where developers could actually make a difference


Following community backlash, Metaplex promptly back-pedaled from initial plans, removing some, but not all of the proposed fees