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Is Dogecoin a Good Investment? Elon Musk Continues Supporting Meme Cryptocurrency, But Experts Say It's Risky
Elon Musk is a big proponent of cryptocurrency and Dogecoin, in specific. The Tesla CEO has been very vocal about his belief in the cryptocurrency on Twitter but is investing in this meme coin a sustainable pursuit?
Elon Musk's Dogecoin Tweets
Over the last few weeks, the meme cryptocurrency that first started out as a joke in 2013 is now a serious contender in the crypto trading market. This is all thanks to Elon Musk and other famous personalities, like Snoop Dogg and Mark Cuban, who back the cryptocurrency.
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(MarketWatch) â âThis Saturday is going to be a total make-or-break for dogecoin,â Beesetti told MarketWatch in a phone interview.
âIf he can really get the messaging right, dogecoin can really take offâ¦or itâs going to crash to wherever itâs going to crash to,â she said.
The 25-year-old investor is one of a number of relatively young traders who are piling into speculative altcoins like dogecoin as the so-called joke asset mints millionaires and draws some concerns about a bubble forming in the nascent crypto complex.
Musk will host NBCâs late-night live television comedy sketch show, âSaturday Night Live,â this weekend and his coming appearance has already drawn cheers and jeers.
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