Tesla CEO Elon Musk mentioned Dogecoin during Saturday Night Live on May 8th. What does this mean for the future of Dogecoin?
- The joke came during Saturday Night Live’s opening speech when Elon Musk introduced his mother, Maye. She said she hoped Elon had brought her a Mother’s Day present and it wasn’t Dogecoin.
- “It is,” replied Elon Musk.
Later on the show, Musk appeared as a “financial expert” during the Weekend Update segment. Musk said he should be called the “dog father”. He was constantly asked to define Dogecoin. He explained how it got its origin as a meme and how it became a valuable cryptocurrency that could be exchanged for new money.
- So “Weekend Update” host Michael Che said, “Oh, is it a hustle and bustle?”
- Musk said, “Yeah, it’s a rush.”
- Then he celebrated the cryptocurrency and said, “To the moon!”
What does this mean for Dogecoin? Well we don’t really know. Of course, there will be a heated discussion on social media so the value could go up. But money management expert Jim Cramer has some advice for those investing in Dogecoin – sold out while it’s hot.
Dogecoin advice
Cramer, who often gives money management advice to TheStreet, said Dogecoin’s appreciation in value should not be taken lightly. But it’s important to sell out while you can.
Dogecoin is technically out of stock. So it’s best to sell out quickly and invest in other opportunities, he said.
- “The reason it ends badly is that there will be a moment when there are only sellers when there are no sellers at all. So it’s good to scale when you own Dogecoin, ”he said.
- According to Investopedia, the term “scale-out” refers to the “sale of part of the total number of shares held when the price rises”.
Is Dogecoin a Risky Investment?
Adam Zadikoff, BRD’s chief operations officer, told CNBC that Dogecoin was a risky investment because the market is so volatile. It relies on hype and social media discussion to gain popularity, as I wrote for the Deseret News.
- “It’s great when you have some disposable income, play around and have fun with it,” he said. “The danger is that you will be the last person holding the bag.”
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