Elon Musk, Dogecoin and Other Memecoins Spoke About! Made Unexpected Statements

Tesla CEO Elon Musk likened memecoins to a "casino" in his latest speech on "The Joe Rogan Experience," reigniting debates within the cryptocurrency community.

In the past, Musk, known for supporting Dogecoin and other digital assets, issued a strong warning about the speculative nature of these cryptocurrencies, cautioning investors against risky investments.

Musk, who said 'This is a casino or something like it. Then people apply the big stupid theory and, like a game of musical chairs, whoever sits last loses,' drew attention to the unpredictable and often volatile nature of meme coins. Musk's words reflect growing concerns about the sustainability of such assets, where sharp declines often occur after sharp rises.

Despite his skepticism, Musk acknowledged the fundamentals of Dogecoin, a project he once openly supported. Referring to the project's fun origins as "like a joke cryptocurrency involving jokes and dogs." However, his recent statements indicate a change in tone, calling on investors to be cautious rather than blinded by excitement.

Podcast host Joe Rogan, echoing Musk's concerns, referred to the meme coin craze as 'crazy.' Especially when the crypto market is facing increasing turbulence, he questioned the logic behind real money being poured into highly speculative assets. The recent collapse of numerous Solana-based meme coins, including the much-discussed Libra meme coin, has raised concerns and contributed to a broader market correction. Analysts suggest that investors are starting to become disillusioned and many are beginning to realize the excessive influence of insiders on market dynamics.