Elon Musk, during an interview on The Joe Rogan Experience podcast, likened the meme coin market to a casino and warned investors about the risks of speculative trading. Musk, while acknowledging the origins of Dogecoin, cautioned against the broader frenzy around meme coins, especially in light of the recent collapse of Solana-based tokens that raised concerns about market manipulation. He emphasized that traders should not risk their life savings on meme coins, which are highly volatile and unpredictable. Musk compared this trend to a ‘greater fool theory’ and a ‘game of musical chairs’ where the last person loses. These remarks came after the recent turmoil in the Solana meme coin sector, where tokens like Libra plummeted, wiping out millions of dollars of investors’ capital. Analysts believe internal manipulation and hidden transactions by individuals behind projects play a crucial role in these rapid price fluctuations.
