DogCoin-booster Elon Musk warned investors to be wary of cryptocurrency ahead of a “Saturday Night Live” debut this weekend.
“Cryptocurrency is promising, but please invest cautiously!” Tesla CEO tweeted Friday morning.
Musk tweeted with over 53 million Twitter followers With a video Since February, obtained by TMZ, in which Musk told the outlet, “First of all, I think people should not invest their life savings in cryptocurrency to be clear.” I think it’s silly. “
He said that “there is a good chance” crypto becomes the main currency on Earth, but no one knows which digital coin will become the most important. He said that putting money into it “should be considered speculation at this point.”
According to CoinDoc data, the rare investment warning of musk comes as the price of Dogecoin – a cryptocurrency demonstrated by a Shiba Inu meme – has risen to around 60 cents per token. It has increased by 10,400 percent since January 1.
Musk has been preparing for his “SNL” debut in recent weeks as DogCoin has soared, which he says Announced in a tweet On April 28, “Dogfather SNL May 8.”
Some analysts have speculated that anticipating his appearance on the show is sending the price of Dogcoin higher.
“Dogecoin is on the rise as many cryptocurrency traders don’t want to stay out of any discussion stemming from Saturday Night Live’s hosting of Elon Musk,” Edward Moya, senior market analyst at Onda Wrote on tuesday.
Musk postponed DogCoin on Twitter for months, allowing other celebs to join him as well. Musk tweeted In December, “One Word: Doge.” And he also changed his Twitter bio to read, “Former CEO of Dogcoin.” The price of digital coins later rose by about 20 percent.
He went there again in February. He Tweeted an image A rocket going to the moon was followed by another tweet that read, “Doge.” He followed it up a few hours later with another series of tweeting cryptos.
The price of Dogcoin rose nearly 50 percent after those tweets, although Musk has insisted on his comment about the digital token.
Other celebrities have also started tweeting about Dogcoin.
Musk has also put the support of Tesla, the electric vehicle company behind the cryptocurrency, though not Dogcoin.
In February, Tesla announced that it had purchased $ 1.5 billion worth of bitcoins and would accept crypto as payment for its cars. Digital tokens quickly hit an all-time high.
In April, the company revealed that its bitcoin holdings had risen to around $ 2.5 billion even after it had earned about $ 100 million from selling some of its bitcoins.
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