According to a crypto analyst, Dogecoin is the “bad boy of crypto” and a victim of Elon Musk’s “pump and dump” scheme.
The said cryptocurrency started out as a joke. However, it is considered to be one of the leading cryptocurrencies in the market as of 2021. Dogecoin started at a conversion rate of one cent in 2021, but peaked at $ 0.74 in May. It is the sixth largest cryptocurrency based on market capitalization.
In the crypto market, the amount of a cryptocurrency varies daily – even hourly. However, some analysts believe Dogecoin isn’t worth the hype.
Dogecoin: Doggy coin
In a Yahoo Finance interview on Monday June 14th, Ric Edelman stated that he firmly opposes Dogecoin, a made-up cryptocurrency.
Edelman, the founder of Edelman Financial Engines, refused to pronounce the name of the cryptocurrency properly and only referred to it as “doggy coin” because, in his opinion, it was made a joke. Therefore, he cannot take it seriously. Edelman said theDoggy-coinn is actually the bad boy in the entire crypto community.
He added that Dogecoin has no legitimate use and that it is doing the crypto market and the community no good, despite their efforts to build their legitimacy and credibility in the financial market and seek approval from the SEC.
Dogecoin was developed in 2013 as an alternative crypto option to Bitcoin. Software engineers Billy Markus and Jackson Palmer teamed up to develop the cryptocurrency, but Palmer decided to leave the project after a while.
The name of the cryptocurrency comes from a Shiba Inu internet meme that people called “Doge”.
Dogecoin: victim of Elon Musk?
Dogecoin continues to hold onto its highly speculative asset, and it’s not new to the crypto world to experience 20 to 30% volatility on a daily basis Base.
Edelman claimed that the cryptocurrency could get too close to the scam area and will be dangerous. He further said that Dogecoin is a victim of the “pump and dump” scheme of Elon Musk and other wealthy people.
During the first week of June, Musk tweeted several Bitcoin memes after publicly admitting that the cryptocurrency and Tesla are not working together.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
– Elon Musk (@elonmusk) May 12, 2021
After that, Musk posted two memes about the value of Bitcoin.
– Elon Musk (@elonmusk) June 4, 2021
The memes even became a point of contention between Musk and the notorious hacker group “Anonymous”.
Also read: ‘Anonymous’ hacker group threatens Elon Musk after Musk’s tweets affect Bitcoin value
The effect of Dogecoin on investors
Benzinga reported that, according to Edelman, Dogecoin unfortunately fell into a fad. He even argued that this could be viewed as a scam and could create a problematic environment where people participate in crazy things in their chat rooms.
As a result, Edelman said it is creating a bump-and-dump environment in the market that is slowly filling up with people aiming to get rich quick. He added that there is a big difference between Bitcoin and Ethereum and a “joke like doggy coin”.
Related article: Cryptocurrency continues to climb amid troubles as the world’s riskiest asset
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Written by Fran Sanders
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