Elon Musk, the controversial CEO of the electrical automobile firm Tesla, is the world’s richest man, boasting a internet value of $230 billion. So when he helps a specific asset, it might pay to search out out why. However whereas Dogecoin (CRYPTO: DOGE) has been spectacularly rewarding for its early backers, buyers ought to suppose twice earlier than blindly following Musk’s lead. Let’s focus on why.
Elon Musk first tweeted about Dogecoin in April 2019: “Dogecoin may be my fav cryptocurrency.” And his timing was excellent. If you happen to purchased $100 value of DOGE on the time of Musk’s first tweet (when it traded for $0.002552), you’ll have 39,185 cash value roughly $2,500 on the present worth of $0.0639. However whereas that is a fairly epic return, previous efficiency isn’t any assure of future efficiency.