The price of the Dogecoin electronic currency fell, on Sunday, after Elon Musk described it on the "Saturday Night Live" program as a "clamor", according to a report published by Reuters.
Its prices have fallen below 50 cents, after it was over 65 cents, before the program.
And unlike Musk’s tweets during the past months, which were causing an increase in the price of Dogecoin, however, his statements on the comedy show were apparently surprising to those dreaming of wealth, after he said that “Dogecoin” is the future of the currency. It is an unstoppable financial instrument that may take over the world. ... it's a hustle. "
Musk has tweeted more than once to support the trend of cryptocurrencies, criticizing the classic monetary system for having negative real interest rates.
"The cryptocurrency is promising, but please invest with caution," Musk said on Twitter, adding in a video clip, "The cryptocurrency has a good chance of becoming the future currency of the earth."
The price of Dogecoin rose 800 percent over the past month, and became one of the largest digital currencies, with a market value of more than $ 73 billion.
And for those wishing to invest in this electronic currency, in which some investors have made huge profits, you must know five things about it, according to a report published by Forbes magazine.
First: it is unlimited
Dogecoin unlike other electronic cryptocurrencies, it does not adhere to a certain limit for its number, for example the number of Bitcoins will not exceed 21 million units, but in the case of Dogecoin there is no ceiling.
According to the latest figures, there are currently more than 129 billion Dogecoin units.
Second: It is useless
The Dogecoin process is not feasible, and it is not linked to clear-cut projects or contracts, as you will not be able to use it to buy and sell, at least for the time being.
Third: Difficulty selling
In theory, the process of selling cryptocurrencies may be easy, but this is not always the case with Dogecoin, you may find that the sale order may take time to materialize, in order to be able to monetize the currency.
Fourth: Senior players
Major shareholders or owners of Dogecoin may easily control its price, as there are about 28 percent of it in the hands of large buyers, and this means that they are able at any time to move market trends up or down.
Fifth: useless for investment
Investing in Dogecoin is like buying a lottery or gambling in Las Vegas, as its rise in price or its decline is not related to real reasons, and it is more like investing in hope.
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