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

Meme cryptocurrency Dogecoin (CRYPTO: DOGE) 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 (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

“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 (CRYPTO: DOT). 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. (NASDAQ: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.

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.