By Robert Hart Forbes Staff

Tesla CEO Elon Musk urged people to be wary when investing in cryptocurrencies Friday as his upcoming appearance on Saturday Night Live spurred investors to pile into ‘joke’ cryptocurrency dogecoin this week, leaving it the fourth most valuable cryptocurrency as its value soared to new record highs.

Cryptocurrencies are a notoriously volatile asset class. Dogecoin, a favorite of Musk, is particularly volatile due to its popularity among at-home traders, many using Reddit forums to inform their trading and its dual identity as a meme.

Some of the biggest spikes for dogecoin have come after the token was mentioned by Elon Musk on Twitter, often accompanied by memes.

Its value soared to new highs of 69 cents this week as traders continue efforts to take “doge to the moon,” code for $1 a token. 

Musk also wrote he is looking for a “shiba pup.” Dogecoin is inspired by the doge meme of a Shiba Inu dog. 

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