Tag: Does Elon Musk like Dogecoin?

Based entirely on the fact that Dogecoin has no real-world utility, I don’t recommend investors buy it . With the price significantly down from its recent high, scooping up this meme coin might seem like a low-risk move with big upside.

Elon Musk, Tesla’s founder and CEO, again threw his weight behind the meme-inspired cryptocurrency dogecoin. In a tweet on Jan. 14, Musk announced that Tesla is accepting dogecoin —”people’s crypto“—as payment for some merchandise on its website.

While Dogecoin infamously started out as a joke, investors take it a lot more seriously now. However, it’s still a very risky investment . That’s why experts recommend investing no more than 3% to 10% of your portfolio in cryptocurrencies.