Elon Musk Cautions Crypto Traders After Dogecoin’s Incredible Week
Tesla CEO and tech entrepreneur Elon Musk is issuing a warning to crypto investors ahead of his stint on Saturday Night Live.
Dogecoin (DOGE) has been rallying again after it was confirmed that Musk would be hosting the popular sketch comedy show Saturday Night Live (SNL).
Since the announcement DOGE has hit new heights, topping out at $0.721 on Friday.
“Cryptocurrency is promising, but please invest with caution!”
Within the tweet, Musk references a previously released TMZ video in which the tech billionaire says crypto investors “should not invest their life savings in cryptocurrency.”
Within that same video, however, Musk reasons that there is a “good chance that crypto is the future currency of Earth.”
Alex Saunders of Nugget’s News recently bet that Musk’s SNL gig would likely be a “sell the news event,” meaning that DOGE may rally leading up to the airing, but that the bubble will pop prior to his SNL debut.
“Elon Musk has been one of the people tweeting about Dogecoin a lot. He’s on Saturday Night Live which is a massive show in America and so now there’s all this speculation that he’s going to talk about Dogecoin and there’s a bit of a trending meme that’s, ‘Dogecoin to a dollar.’
That actually started when Dogecoin was a couple of cents and now today I think we’ve hit $0.60 something or $0.70 so it’s incredible. It’s in a bubble at the moment. It is going to pop, but I wouldn’t be surprised if it’s a sell-the-news event, so maybe we do hit a dollar, but I think it’s going to pop before this Saturday Night Live that everyone is looking forward to and hyping up.”
At time of writing, DOGE is sitting at $0.68, maintaining the fourth spot on the list of top crypto assets by market cap.