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Elon Musk's Striking Analogy for Meme Coins: He Warned, Don't Expect Gains! - Coin Bulletin
Elon Musk warned investors against speculative risks by likening meme coins to a casino.
Tesla CEO Elon Musk warned speculative investors in the meme coin sector by likening it to a casino. Musk said, **"It's like a casino. People are applying the greater fool theory, it's like a game of musical chairs, and the last one standing loses".
Despite Musk's criticisms of the meme coin sector, he did not deny his past connection with Dogecoin (DOGE). The famous CEO reminded that Dogecoin was initially created as a 'a joke cryptocurrency based on memes and dogs'. However, he noted that over time, this fun initiative has become a huge phenomenon and has attracted investors by merging with internet culture.
Musk's remarks indicate that he is now more cautious towards meme coins. Previously, Musk frequently supported Dogecoin, but this time he emphasized the need for investors to be careful.
The host of the show, Joe Rogan, also agreed with Musk's views, describing the meme coin craze as “crazy.” Rogan said that he found it “absurd” for people to invest real money in such volatile and uncertain assets.
These statements reminded investors to be more cautious against speculative assets in light of the uncertainties in the cryptocurrency market in recent times.