Tesla CEO Elon Musk mentioned Dogecoin during “Saturday Night Live” on May 8. So what does that mean for the future of Dogecoin?
- 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.
Dogecoin advice
Cramer, who often gives money management advice for TheStreet, said Dogecoin’s rise in value shouldn’t be taken lightly. But it’s important to sell out while you can.
Dogecoin technically has no supply. So it’s best to sell out quickly and invest in other opportunities, he said.
- “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.”