<p><span data-preserver-spaces="true">Tesla CEO Elon Musk said he isn't encouraging anyone to go heavily in on crypto, even dogecoin — despite his rampant love for the token.</span></p> <p><span data-preserver-spaces="true">"I'm not advising anyone to buy crypto or bet the farm on Dogecoin," said Musk, speaking virtually at The Wall Street Journal's CEO Council Summit in London, </span><a class="editor-rtfLink" href="https://www.wsj.com/livecoverage/stock-market-today-dow-jones-05-23-2023/card/don-t-bet-the-farm-on-dogecoin-elon-musk-says-3w5HNJM4zaycGPD5CNKd" target="_blank" rel="noopener"><span data-preserver-spaces="true">according</span></a><span data-preserver-spaces="true"> to the WSJ.</span></p> <p><span data-preserver-spaces="true">Musk has had a long relationship with dogecoin, having promoted it on Saturday Night Live, bought it for his son and even offered to work with its developers to make it more suitable for wider adoption. He even </span><a class="editor-rtfLink" href="https://twitter.com/elonmusk/status/1642976364080041984?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1642976364080041984%7Ctwgr%5Ecdd0db2c9d022a25ef5bf02ae21e77a1fad0bc97%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.indy100.com%2Fscience-tech%2Felon-musk-dogecoin-twitter-logo" target="_blank" rel="noopener"><span data-preserver-spaces="true">followed through</span></a><span data-preserver-spaces="true"> with his commitment to temporarily turn the Twitter logo into a dogecoin image after buying the company.</span></p> <p><span data-preserver-spaces="true">In the conference, he also </span><a class="editor-rtfLink" href="https://twitter.com/cb_doge/status/1661088510827466758?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1661088510827466758%7Ctwgr%5E3f156402b8afbbbc5af802b068243d44287e86c0%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.dlnews.com%2Farticles%2Fdefi%2Fwhat-did-elon-musk-say-about-dogecoin-twitter%2F" target="_blank" rel="noopener"><span data-preserver-spaces="true">explained</span></a><span data-preserver-spaces="true"> why he was such a fan. "Dogecoin is my favorite cryptocurrency because it has the best humor and has dogs," he added.</span></p> <p><span data-preserver-spaces="true">Last week, Binance CEO Changpeng Zhao </span><a class="editor-rtfLink" href="https://www.theblock.co/post/231331/binance-cz-musk-dogecoin" target="_blank" rel="noopener"><span data-preserver-spaces="true">expressed surprise</span></a><span data-preserver-spaces="true"> that dogecoin had not yet faded away and said Musk might have played a role in extending the memecoin's lifespan.</span></p> <p><span data-preserver-spaces="true">Musk's cautious advice may be in light of his particular influence on the market. In 2018, he paid a $20 million penalty to the U.S. Securities and Exchange Commission for making a weed joke about Tesla's stock price and inadvertently pumping it by 6%.</span></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>