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Elon Musk issued a surprising warning Friday, urging crypto fans to “invest with caution” as his Saturday Night Live appearance nears. The debut SNL host has sparked a surge in Dogecoin prices in recent weeks, as the Tesla founder is known for promoting the “meme” coin.
“To the moon” has been Musk’s staple phrase when discussing the famous Dogecoin, repeatedly joking about the crypto on Twitter. News of his SNL appearance pumped the “joke” coin to a whopping $0.69 this week, with many believing $1 is just around the corner. Investors are certain the price will skyrocket on Saturday once Musk takes the stage, as he’s likely to comment on cryptocurrencies as a whole, including his favorite: Dogecoin.
Cryptocurrency is promising, but please invest with caution! https://t.co/A4kplcP8Vq
— Elon Musk (@elonmusk) May 7, 2021
However, Elon Musk isn’t in favor of at-home investors dipping into their life’s savings. “Cryptocurrency is promising,” Musk reminded the world in his viral tweet Friday, “but please invest with caution!”
The tweet links to a TMZ interview he did where he warned about the volatility of cryptos, explaining that investing smart is the only way to go. Dumping savings into a random coin, even the popular ones, could end in huge losses.
The “Technoking’s” warning is surprising, especially as his Saturday Night Live debut is only a day away. He has used dozens of tweets to talk about the imminent rise of Dogecoin (among other cryptocurrencies), giving investors hopes while also convincing new buyers to pump up the price. It was expected that Musk would bring Dogecoin into the spotlight again during his SNL appearance, which many believed would bring Dogecoin prices to new heights.
It’s inevitable pic.twitter.com/eBKnQm6QyF
— Elon Musk (@elonmusk) July 18, 2020
Though some have been skeptical about his comedy prowess, believing his appearance is a mistake for a sketch comedy show, others have been anxiously awaiting his monologue.
Many think Dogecoin will hit the moon on Saturday once he starts making comments. However, others worry that things will not go as planned. Perhaps Musk is preparing for the worst and does not want to be blamed for a big drop.
Since 2020, Dogecoin is up more than 13,000 percent, from a measly $0.005 to its current $0.60 price. Much of that comes from Musk’s viral tweets and his company’s $1.5 billion investment into cryptocurrencies as a whole. Many have followed suit, and Dogecoin is one of the coins that have benefited.
Buyers are ready for Saturday when Dogecoin could reach historic heights. However, viewers may want to heed Musk’s words of wisdom. Cryptocurrencies are highly volatile, and Dogecoin is no exception.