The U.S. Securities and Exchange Commission (SEC) has cautioned investors not to make investment decisions just because an investment has been recommended by “someone famous.”
“It’s never a good idea to invest in something just because someone famous says it’s a good investment”, SEC said in a tweet on Thursday.
The SEC’s statement came after Tesla’s CEO Elon Musk’s frequent endorsements on Dogecoin.
Widely known “Dogefather- Elon Musk, the CEO of Tesla and SpaceX, has been a key proponent in the latest rocketed value of dogecoin, according to analysts, as he consistently tweets about the cryptocurrency.
Following Elon Musk’s Saturday Night Live Appearance last week, Dogecoin’s price plummeted. Despite gains for Bitcoin and Ethereum, DOGE saw heavy losses.
Dogecoin is a cryptocurrency created by software engineers in 2013 who sought to build a payment system that would be fast, friendly and fun.
It goes by the ticker DOGE and the symbol “Д and its name derives from the Japanese “doge” meme. Billy Markus and Jackson Palmer, the co-founders, have since distanced themselves from the silly project due to what they called a “toxic” shift in the crypto world.
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