Tesla CEO Elon Musk has issued a warning against the popular meme cryptocurrency Dogecoin (DOGE).

Responding to the tweets posted by Mishaboar on Twitter, Musk emphasized that this was a good post and stated that he actually confirmed the same warnings.

Mishaboar tweeted that some cryptocurrency holders started seeking help after their leveraged accounts were liquidated.

Mishaboar emphasized that DOGE investors are trading heavily leveraged and as a result there is liquidity. For this reason, the investor, who actually called to warn people about how risky leveraged transactions are, compared it exactly to approaching the fire with gasoline.

Mishaboar emphasized that leveraged transactions are even confused with gambling and underlined that the situation is much more than that. The prominent member of the Dogecoin community emphasized that only successful and skilled traders should make leveraged transactions.

Musk also revealed that he approved them with his comment.