Dogecoin Is A 'Scam' That 'Ends Very Badly,' Says Ric Edelman

Meme cryptocurrency Dogecoin DOGE/USD was termed as a “scam” by Ric Edelman, executive chairman of Edelman Financial Engine, in an interview with Yahoo Finance on Wednesday.

What Happened: Edelman said he would completely ignore Dogecoin as it is “nothing more than a joke” and advised investors to pay the most attention to cryptocurrencies such as Bitcoin BTC/USD and Ethereum ETH/USD.

“It's a scam and it's going to be something that ends very badly,” Edelman told the interviewers.

See also: How To Buy Dogecoin (DOGE)

The analyst noted that while there are no exchange-traded funds, people can invest in funds offered by Bitwise, Grayscale and Osprey that allow them to invest in specific coins such as Bitcoin, Ethereum or Polkadot DOT/USD. These funds trade over-the-counter (OTC), he added.

See Also: Dogecoin Is Now More Popular Than Bitcoin Among US eToro Users

Why It Matters: Dogecoin’s surge to prominence this year can be attributed to endorsements from Tesla Inc. TSLA CEO Elon Musk and other celebrities. However, the meme cryptocurrency is down 70.3% from the all-time high of $0.7376 it touched in May.

Dogecoin has returned 3765% year-to-date, as of press time.

Edelman had said in June that he is “strongly opposed” to Dogecoin and even called the cryptocurrency a “victim of a pump and dump scheme” orchestrated by Musk.

Price Action: Dogecoin is down 5.6% during the last 24 hours, trading at $0.2194 at press time.

Read Next: Bitcoin, Ethereum, Dogecoin Take A Breather But These Cryptocurrencies Are Striking Massive Gains

Market News and Data brought to you by Benzinga APIs
Price Target
Posted In: Analyst ColorCryptocurrencyNewsMarketsAnalyst RatingsMediaBlockchainMeme CoinsRic Edelman
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!