The key to trading is focusing on what moves markets.

Over the past quarter century, I’ve followed many catalysts, from economic data releases to presidential speeches to earnings calls with management.

Yet, I never imagined I would stay up until 11:30 p.m. on a Saturday night to see what Elon Musk said about Dogecoin.

That’s exactly what happened over the weekend as the Tesla founder and renowned Dogecoin bull hosted Saturday Night Live.

The World’s First Social Media Ponzi Scheme

Created in 2013 by a couple of bitcoin developers with a sense of humor, Dogecoin is based on a popular internet meme of a shiba inu dog with a judgmental look.

The cryptocurrency is an offshoot of Litecoin, which itself is an offshoot of bitcoin.

And yes, I still would avoid it.

Unlike its predecessors, Dogecoin has unlimited supply. There’s no scarcity value, and there are currently over 128 billion coins in circulation.

There are no institutions buying Dogecoin,…

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