Do not get carried away with the popularity of Elon Musk’s favorite cryptocurrency Dogecoin. There are elements who are making the most of that opportunity.
According to Dogecoin’s microblogging post, it is warning users of the potential scammers. The post stated, “A word of warning: Do not send coins to people claiming they will double, triple or otherwise multiply your coins. Those are scams. We can not return your money to you either. Please watch out and remember if something sounds too good to be true, it likely is.”
This post came after Elon Musk’s Saturday Night Live (SNL) appearance. In addition, the cryptocurrency which touched an all-time high before Musk’s SNL show witnessed a slump after he called it a 'hustle' during the show.
Post the SNL show, many took to Twitter to express their displeasure over Musk's skit not praising Dogecoin rather calling it a 'hustle'.
The market capitalisation of Dogecoin is $67.19 billion. It had touched an all-time high of $0.74 recently. At 6.08 pm IST, the meme-based currency was trading at $0.51, according to Coindesk.