Elon Musk warns: Meme coins are like gambling, don't go All In with thousands of k! It's foolish to try to get rich with memes.

TSL CEO Elon Musk may be one of the most well-known supporters of DOGEcoin, but he warned on Friday that meme coins are similar to gambling, and one should not invest their life savings in meme coins. Expecting to make money from meme coins is just too silly. (Background: Good news - the U.S. SEC determines that meme coins are 'not securities', did Trump offend himself in advance?) (Background: Celebrities launch coins to cut suckers, Rug Pulls rampant... Will the meme coin cycle never return?) TSL CEO and head of the Department of Efficiency (DOGE) Musk appeared on the podcast hosted by American comedian Joe Rogan on Friday, where they discussed meme coins. Joe Rogan criticized buying meme coins as gambling in a casino and couldn't believe that meme coins are still legal. People actually invest real money in these coins, and then you can easily Pump and sell for profit, it's too absurd. Musk likened trading meme coins to playing a game of high winds, and he cautioned: If you expect to make money from meme coins, that's just too silly, you can't win money on meme coins, if you just want to play, then go ahead... but don't bet all your assets on meme coins. Musk also mentioned DOGEcoin, pointing out that DOGEcoin was initially a meme coin, but more like a joke Cryptocurrency involving memes and DOGE. In recent months, several meme coins have briefly gained popularity, only to quickly collapse, especially celebrity meme coins, which usually allow insiders to profit quickly but leave external investors holding the bag, resulting in losses for later investors. U.S. President Trump and First Lady Melania Trump recently launched $Trump and $Melania, Argentine President Javier Milei voiced support for $Libra, Central African Republic President Faustin-Archange Touadéra issued $Car, but the prices of these meme coins have plummeted significantly in the past month, leading the market to believe that the meme coin craze has come to an end. SEC confirms that meme coins are not securities. It is worth noting that the U.S. Securities and Exchange Commission (SEC) stated on Thursday that most meme coins are 'more like collectibles' and do not meet the definition of securities, therefore, investors who purchase or hold meme coins are not protected by federal securities laws. However, the SEC also added that some meme coins issuance and sales that do not match the description of the SEC, or products packaged as meme coins, may constitute securities, and related fraudulent activities may also face enforcement sanctions. Related reports: Meme coin bubble - Pump.fun volume plummets 95%, with only 2nd-generation coin market cap exceeding 1 million euros. Federal Reserve Chairman Powell: BTC is like digital gold; meme coins reward empowerment and are linked to BTC prices. Wall Street Bernstein: Meme coin fever cooling down, funds will shift towards Decentralized Finance, chain games, and NFTs, BTC expected to rise to $200,000 by the end of the year. (Musk's warning: Meme coins are like gambling, don't go All In! It's too foolish to rely on meme for wealth) This article was first published on BlockTempo, the most influential blockchain news media.