Dogecoin and Elon Musk

[Imran Noori]

Dogecoin is one of the cryptocurrencies which was created as a joke but now it is supported by Elon Musk (The owner of Tesla, SpaceX and Twitter), he pumped Dogecoin's price several times just with a tweet.

Dogecoin is one of the cryptocurrencies which doesn't have any specific real world usage and this simply means that it doesn't worth to be a long term investment, I don't know the reason that why Elon Musk keeps supporting it.

If you want to invest in cryptocurrency then try to do your own researches before investing in a coin, always search for cryptocurrencies which are solving a real world problem and there are big projects behind it, in this way you can generate big profits.
(This is not a financial advice, do your own researches before investing)

Influencers should do the same, they should find big projects and cryptocurrencies with real world usages and give complete information about them to their audience that why are they supporting these cryptocurrencies.

What do you think? Does Dogecoin worth investment just because Elon Musk is supporting it?

 

[android]

I think buying dogecoin is a really stupid idea. The price is contingent on how elon musk is feeling that day. There is room for lots of profit to be made but it is ridiculously risky in my opinion.

 

[The crypto hustler]

While Elon Musk's support of Dogecoin and other cryptocurrencies can certainly influence the market and drive up prices in the short term, it's important to consider other factors that may affect the long-term value and viability of the cryptocurrency. These can include factors such as adoption, utility, and the overall health of the cryptocurrency ecosystem.

Ultimately, investors should conduct their own research and due diligence before making any investment decisions, and should not rely solely on the opinions or statements of others, even influential figures like Elon Musk.