Dogecoin is still Elon Musk's ‘favorite' crypto, but he's careful not to endorse it

Elon Musk is still a fan of Dogecoin, even if he is choosing to be much more careful in how he expresses it. Speaking at The Wall Street Journal's CEO Summit in London, the Tesla and SpaceX CEO reaffirmed his affinity for Dogecoin while being careful not to promote it explicitly.

Timeline of Dogecoin

Despite being a high-profile and consistent supporter of the popular meme cryptocurrency Dogecoin (CRYPTO: DOGE), Tesla CEO Elon Musk made it clear he is not recommending people plunge headlong into it or any other form of digital currency. Musk expressed caution about cryptocurrency investments during his digital appearance at The Wall Street Journal's CEO Council Summit in London.

Elon Musk's tweets are closely watched by crypto traders looking to bank on the volatile meme token. His tweets often lead to a considerable appreciation in the price of Dogecoin.

Litecoin was a notable mover on Wednesday, as the token dropped by as much as 6% in today's session. The decline came as a red wave swept through the crypto market, leading to the global cap falling by 2% at the time of writing. Dogecoin also dropped, hitting a two-week low.

Billionaire Elon Musk has been a long-time supporter of Dogecoin and he has not been shy when it comes to talking about his love for the meme coin. Usually, when Musk talks about DOGE, the price tends to go up as investors rush to capitalize on the publicity.

A top Dogecoin (DOGE) whale transferred more than $396.8 million worth of the memecoin to another top wallet across a series of transactions on Monday. The unknown whale sent a total of 5.44 billion DOGE across seven transactions that all occurred in less than 10 minutes on Monday afternoon, according to crypto data website BitInfoCharts.

In the ever-evolving world of cryptocurrency, Elon Musk's tweets have become catalysts for both excitement and speculation. The Tesla CEO has shown a fondness for Dogecoin, a meme-inspired digital currency that gained popularity in recent years.

“I'm not advising anyone to buy crypto or bet the farm on Dogecoin,” said Tesla and Twitter CEO Elon Musk during a virtual conference hosted by the Wall Street Journal. Musk also agreed that he remains a fan of Dogecoin meme coin, saying “Dogecoin is my favorite cryptocurrency because it has the best humor and

Tesla CEO Elon Musk, known for his intriguing remarks and actions related to cryptocurrencies, issued a warning about Dogecoin at The Wall Street Journal's CEO Council Summit on Tuesday.

Major DOGE-themed Twitter account @Tdogewhisperer has published data, indicating that the original meme coin DOGE has reached a historic peak in daily transactions over the past 24 hours.

The recent surge in meme coins has caught the attention of the crypto community. While the overall state of the crypto markets cannot be described as bubbling at the moment, meme coins like Shiba Inu (SHIB) or Dogecoin (DOGE) have unexpectedly gained traction, reports crypto intelligence portal Kaiko.