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.
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.
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