Elon Musk Issues Warning About Memecoins

In the latest episode of the podcast “The Joe Rogan Experience,” Tesla CEO Elon Musk gave a blunt warning about memecoins, comparing them to a gamble in a casino.

“It’s like walking into a casino. I’m not sure you should place your trust in that,” he said.

Musk emphasized that investors should not risk their entire assets on memecoins, as the market is highly speculative and volatile. Interestingly, this warning comes from someone who has been an outspoken supporter of Dogecoin—the original meme cryptocurrency.

“Dogecoin started off as a joke, just a meme about a dog, something humorous and not serious,” he admitted.

Meanwhile, the crypto market has been shaken by the collapse of numerous memecoins on the Solana blockchain. According to 10xResearch, this has been one of the main factors behind the recent price correction in Bitcoin and altcoins. The deeper issue lies in growing investor awareness that many memecoins are manipulated by insiders, causing the speculative frenzy to lose momentum.

Related: Pepe Coin Outperforms DOGE and SHIB, Eyes 80% Rally After Retest

Joe Rogan, the host of the podcast, agreed, calling the memecoin craze “insane.”

“It’s crazy that people are willing to pour real money into these coins,” he said.

While Musk once played a key role in turning Dogecoin into a phenomenon, he now strongly advises investors not to treat memecoins as a serious investment. His warning serves as a sobering reminder to stay rational amid the temptations of the crypto boom.