June 19, 2021

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Elon Musk Warns People To ‘Invest With Caution’ As Dogecoin Rallies Ahead Of His SNL Appearance

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Topline

Tesla CEO Elon Musk urged people to be wary when investing in cryptocurrencies Friday as his upcoming appearance on Saturday Night Live spurred investors to pile into ‘joke’ cryptocurrency dogecoin this week, leaving it the fourth most valuable cryptocurrency as its value soared to new record highs. 

Key Facts

Writing on Twitter, the billionaire crypto enthusiast said that while “cryptocurrency is promising” people should “invest with caution.” 

Musk, whose tweets and comments cause seismic shifts in crypto markets, is a long-time proponent of digital currencies and has invested $1.5 billion in bitcoin through Tesla. 

In a linked video from February, Musk said there is a “good chance crypto is the future currency of Earth,” emphasizing that it remains speculative at the moment.

Musk stressed that it would be “unwise” for people to invest their life savings in cryptocurrencies.

Key Background

Cryptocurrencies are a notoriously volatile asset class. Dogecoin, a favorite of Musk, is particularly volatile due to its popularity among at-home traders, many using Reddit forums to inform their trading and its dual identity as a meme. Some of the biggest spikes for dogecoin have come after the token was mentioned by Elon Musk on Twitter, often accompanied by memes. Its value soared to new highs of 69 cents this week as traders continue efforts to take “doge to the moon,” code for $1 a token. 

Surprising Fact

Musk also wrote he is looking for a “shiba pup.” Dogecoin is inspired by the doge meme of a Shiba Inu dog. 

Further Reading

Dogecoin Rockets Towards ‘The Moon’ — Meme Cryptocurrency Nears 70 Cents As Rally Continues (Forbes)

‘Joke’ Bitcoin Rival Dogecoin Found To Have ‘Remarkably Strong Fundamentals’ As The Price Hurtles Toward $1 And A $100 Billion Market Cap (Forbes)

The history of Dogecoin, the cryptocurrency that surged after Elon Musk tweeted about it but started as a joke on Reddit years ago (Business Insider)

Dogecoin Blasts Through 50 Cents Barrier To New All Time High (Forbes)

‘It’s Doge Time’: Dogecoin Surges As Reddit Traders Push To Make It The Crypto GameStop (Forbes)

Dogecoin Is Soaring—Near 10 Cents For First Time (Forbes)

‘I Am Become Meme, Destroyer Of Shorts’: Dogecoin Soars Again As Elon Musk Returns From Self-Imposed Twitter Exile (Forbes)

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