Tesla CEO Elon Musk has just taken to Twitter to post a TMZ video of him claiming that Dogecoin could be "the future of currency."
The billionaire writes that cryptocurrency is "promising," but urges his followers to "invest with caution."
Dogecoin, the joke coin that enjoys excessive attention from Musk, skyrocketed to a new all-time high of $0.69 earlier this week, turning TikTokers into overnight millionaires. The meme cryptocurrency is currently trading at $0.58 after a modest correction.
Musk, the self-proclaimed "Dogefather," is widely expected to give Dogecoin another boost during his much-anticipated "Saturday Night Live" hosting debut that is going to take place on May 8.
While it's unclear whether the entrepreneur has exposure to the Shiba Inu-inspired coin, he previously confirmed that had personal Bitcoin holdings. Tesla also made a $1.5 billion bet on the chief crypto in February before taking some chips off the table to prove the asset's liquidity.