Billionaire Elon Musk has warned investors to be cautious when investing in the meme-cryptocurrency Dogecoin (DOGE), and urged them not to invest all their money in the asset during the Wall Street Journal summit in London.
Musk praised the coin, citing its “great humor” and “dogs”, but insisted that no one should “rely on Dogecoin.”
Musk has been promoting the token for a while, as he proposed in April 2022 that Twitter Blue subscriptions could be paid in DOGE.
American investor Keith Johnson had accused Musk and his companies, Tesla and SpaceX, of promoting DOGE as a “cryptocurrency pyramid” and demanded $258 billion in compensation, a claim which the billionaire’s lawyers called “a bizarre hoax.”
Musk has asked the court to dismiss the lawsuit.