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11 May, 2021 14:47

Just a big pump-and-dump scheme? RT’s Boom Bust delves into latest dogecoin saga

Just a big pump-and-dump scheme? RT’s Boom Bust delves into latest dogecoin saga

The value of dogecoin, the cryptocurrency inspired by the popular Shiba Inu meme, sank  shortly after the long-anticipated appearance of Elon Musk on popular US television variety show ‘Saturday Night Live’.

Dogecoin lost more than a third of its value this week after Musk, whose tweets caused a huge price spike in the meme-based crypto this year, suddenly called it a “hustle.”

RT’s Boom Bust talked to Tobin Smith of Transformity Research to understand whether there’s any value to the cryptocurrency that was heavily boosted by the eccentric billionaire’s tweets.

READ MORE: ‘It’s a hustle’: Elon Musk DESTROYS Dogecoin as he brings crypto memes to his episode of SNL

“It’s a good sentiment indicator, that’s exactly what it is,” Smith said, stressing that sentiment is one thing and value is another.

For more stories on economy & finance visit RT's business section