Dogecoin (DOGE) was termed a “bad boy of crypto” by Ric Edelman, founder of Edelman Financial Engines in an interview with Yahoo Finance on Monday.
What Happened: Edelman told interviewers that he is “strongly opposed” to Dogecoin, which he pronounced “Doggy-coin,” because it was “invented as a joke.”
See Also: How To Buy Dogecoin (DOGE)
“It has no legitimate use case. It is not something that I think is doing the crypto community any good in its efforts to generate credibility and legitimacy in the financial marketplace, or approval by the [U.S. Securities and Exchange Commission].”
Edelman said Dogecoin fell into the category of fad or what he said could be argued as fraud, reported Yahoo Finance.
“It's a victim of a pump and dump scheme by certain very famous wealthy individuals who shall be nameless here on the program. Elon Musk,” said Edelman.
DOGE traded 1.14% higher at $0.33 at press time over 24-hours. The Shiba Inu-themed cryptocurrency traded 2.6% lower against Bitcoin (BTC). BTC traded 3.84% higher at $40,395.50 at press time.
Why It Matters: Edelman said in the interview that the SEC “isn’t doing its job by providing the oversight it does to [exchange traded funds],” reported Yahoo Finance.
“That's creating the environment for people to do crazy things in crazy chat rooms, creating a bump and dump environment of people who are trying to get rich quick.”
The analyst advocated the inclusion of cryptocurrencies in portfolios since they are broadly non-correlated to other major asset classes. He claimed to have invented the 1% asset allocation strategy for Bitcoin.
Bitcoin is picking up steam once again and was up 23.44% on a seven-day basis driven higher by Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s tweet on Sunday and some other key factors.
Read Next: Shiba Inu Outperforms Dogecoin As Meme Coins See Rekindled Social Media Interest
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