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Elon Musk Owns Dogecoin: Should You?

Elon Musk, the controversial CEO of the electric car company Tesla, is the world's richest man, boasting a net worth of $230 billion. So when he supports a particular asset, it can pay to find out why. But while Dogecoin (CRYPTO: DOGE) has been spectacularly rewarding for its early backers, investors should think twice before blindly following Musk's lead. Let's discuss why. 

Elon Musk first tweeted about Dogecoin in April 2019: "Dogecoin might be my fav cryptocurrency." And his timing was perfect. If you bought $100 worth of DOGE at the time of Musk's first tweet (when it traded for $0.002552), you would have 39,185 coins worth roughly $2,500 at the current price of $0.0639. But while that's a pretty epic return, past performance is no guarantee of future performance. 

Image source: Getty Images.

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