- The joke came during the opening speech of “Saturday Night Live” when Elon Musk brought out his mother, Maye. She said she hoped Elon brought her a Mother’s Day gift and that it wasn’t Dogecoin.
- “It is,” Elon Musk replied.
Later in the show, Musk appeared as a “financial expert” during the Weekend Update segment. Musk said he should be called the “Dogefather.” He was asked continuously to define Dogecoin. He explained how it had an origin as a meme and how it became a valuable cryptocurrency that could be traded for new money.
- So “Weekend Update” host Michael Che said, “Oh, so it’s a hustle?”
- Musk said, “Yeah, it’s a hustle.”
- He then celebrated the cryptocurrency, saying, “to the moon!”
So what does this mean for Dogecoin? Well, we don’t really know. Naturally, there will be a heavy social media discussion so it might rise in value. But Money management expert Jim Cramer has some advice for those who are investing in Dogecoin — sell out while it’s hot.
- “The reason why it ends badly is that when there are no sellers whatsoever that means there is going to be a moment when there’ll be nothing but sellers. So, it’s good to scale out if you own some Dogecoin,” he said.
- The term “scale out” refers to “selling off portions of total held shares while the price increases,” according to Investopedia.
Is Dogecoin a risky investment?
BRD chief operation officer Adam Zadikoff told CNBC that Dogecoin is a risky investment because the market is so volatile. It relies on social media hype and discussion in order to gain popularity, as I wrote for the Deseret News.
- “It’s great if you have some disposable income and you’re playing around and you’re having fun with it,” he said. “The danger is you’re the last person holding the bag.”