Dogecoin has lost more than 3% of its value over the past 24 hours after Elon Musk issued a warning for crypto investors looking to go all in on memecoins. Despite being popular for his interest in Dogecoin, the billionaire businessman warned crypto traders to not bet their life savings on the memecoin.

Elon Musk’s comments came at The Wall Street Journal’s CEO Council Summit in London. According to a report by WSJ, Musk attended the summit virtually and shared his thoughts on Dogecoin and the recent Dogecoin narrative stating, “I’m not advising anyone to buy crypto or bet the farm on Dogecoin.”

Musk’s comments came as a surprise to supporters of Dogecoin and the broader crypto community, given that his support for the memecoin is well known. The billionaire businessman has been vocal in his support for DOGE, going as far as enabling DOGE payments for one of his online ventures called The Boring Company.

Elon Musk’s support for DOGE made headlines earlier this year after the memecoin’s mascot was put on the Twitter homepage of some users. On several occasions, Musk has hinted that Tesla may start accepting DOGE payments for some of the EV maker’s merchandise. In January last year, the billionaire businessman urged the fast-food chain McDonald’s to start accepting Dogecoin for payment.

At the time of writing, DOGE was trading at $0.071. The memecoin’s 24-hour chart shows a clear drop from when news of Musk’s latest comment broke online. Dogecoin’s market capitalization has dropped by almost $300 million over the past 24 hours. Ironically, DOGE’s daily trading volume surged by $36 million after Musk warned the memecoin’s investors.