Elon Musk, the CEO of Tesla and a vocal proponent of Dogecoin, recently warned people against making big bets on the meme-inspired cryptocurrency. Musk cited a change in his perspective about the digital asset, stating that he believes it should only be viewed as a fun and light-hearted form of currency.

Musk's comments come after a series of tweets in which he expressed concern about the concentration of Dogecoin ownership among a few individuals. He also criticized the energy consumption of Bitcoin mining, causing a significant drop in the cryptocurrency's value.

The remarks prompted a sharp sell-off in both Bitcoin and Dogecoin, with the latter dropping more than 30% in just a few hours. This episode highlights the impact that influential figures like Musk can have on the cryptocurrency market, and the need for investors to be cautious when making investment decisions.

While Dogecoin has gained significant attention and support from celebrities and retail investors in recent months, its long-term outlook remains uncertain. As with any investment, it is important to conduct thorough research and assess the risks before committing capital.