Musk Suggests Crypto Investor Caution

Cryptocurrencies have been trending in the investing world for quite some time now. Since the quarantine started, many have started looking into investing as a secondary income source. The influx of new traders has caused a disproportionate growth in digital currencies compared to traditional markets. Many have invested in them, hoping they’d be the next big thing, and many have made significant profits too.

After the recent depreciation in value, there’s been a bit of a scare since many crypto holders are new investors. However, as things seem to be turning back to normal, a new trend has emerged in Dogecoin. The so-called meme currency has displayed a massive jump in popularity and value, partially thanks to Elon Musk. Tesla’s CEO has been vocal about investing in the digital currency, and many have jumped on the train.

The price currently sits at about $0.6, which sounds quite modest but is a massive jump. Namely, at the end of 2020, the coin was worth only a measly $0.005. Early investors have already had the chance to cash out for significant gains, but many are holding on. Dogecoin users have high hopes for the currency and are banking on it reaching the price of $1 quite soon. The goal may not be far off since the coin has shown turbulent although consistent growth.

Although Musk has played a significant role in crypto popularization, he still advises smart investing. Although he still sees promise in digital currencies, he suggested cautious investing in a recent tweet. He singled out Dogecoin as a very volatile asset and warned people against investing their life savings in it. Elon Musk will soon host NBC’s late-night comedy show, Saturday Night Live. During the broadcast, many expect him to state something that’d affect the price of various digital currencies.