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Cryptos

As dogecoin price tops 60 cents, Elon Musk says ‘please invest with caution’ ahead of ‘Saturday Night Live’ guest-host gig

Brendan Smialowski/AFP/Getty Images

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Elon Musk has issued the crypto community perhaps a rare word of caution.

In a tweet Friday, Musk, the CEO of Tesla Inc. TSLA, +1.09% and SpaceX, said that crpytos were promising but advised investors to be cautious.

His tweet was linked to a Feb. 16 YouTube video where the billionaire futurist warned that there are limitations to dogecoin DOGEUSD, -1.63% and said that buyers shouldn’t invest their life savings in doge.

Musk will host NBC’s late-night live television comedy sketch show, “Saturday Night Live” this weekend and his upcoming appearance has already drawn cheers and jeers.

Musk has been one of the biggest cheerleaders for dogecoin and crypto broadly. The self-appointed “Technoking” of Tesla TSLA, +1.09% has been mostly using his massive social media following to pump up the price of doge, tweeting back on April 1 that he would use his SpaceX rockets to put a physical Doge coin on the literal moon, echoing the social media goal of taking the coin’s price “to the moon.”

Many are anticipating that Musk will make comments on Saturday that could lift the price of dogecoin if not bitcoin BTCUSD, +2.55% and other crypto assets.

Doge devotees have very publicly set a target of $1 for the coin in 2021, a number that might seem extremely modest at first glance but not when viewed through the prism that Doge traded at $0.005 on the final day of 2020.

On Friday, dogecoin prices were up 1.8% at 62.07 cents on CoinDesk and is up more than 13,000% so far in 2021.

Gains in traditional assets have been pedestrian set against dogecoin. Gold futures GC00, -0.29%  are down 4% so far this year, the Dow Jones Industrial Average DJIA, -1.58% and the S&P 500 index SPX, -1.31% are up by at least 11% in 2021, while the Nasdaq Composite Index COMP, -0.92% has gained about 6% so far this year.

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