Yerevan (CoinChapter.com) – Raoul Pal, the founder, and chief executive of Global Macro Investor (GMI) research publication, confessed to Crypto Banter that he owns some Dogecoin, shocking his host Ran Neuner.
Raoul Pal has previously talked about his fascination with the crypto market and how he thought it’s a ”whole universe built in front of our eyes”. As Mr. Pal is a veteran investor, it was surprising for the Crypto Banter host to learn that he dabbed into Dogecoin as well. The CEO commented on the meme coin back in April, when Doge surged by 400 percent in a week.
“This is either a stupid bubble or something we don’t understand,” he had said.
Apparently, he chose the latter approach. However, Mr. Pal also warned beginner traders against giving in to the fad. “Don’t get crazy,” he said, which seems like fair advice, seeing how volatile Dogecoin can get.
Any crypto that can surge by 400 percent in a week, and jump by 30 percent from a single tweet, does not inspire much confidence. However, it is admittedly fun for many traders to watch the rollercoaster. Is it wise to invest, though? Mr. Pal, like many experts, warned traders not to invest more money than they can afford to lose, especially when it comes to Doge. The GMI CEO was clearly aware of the risks.
The meme-cryptocurrency is infamous for its volatility. Doge’s mood swings mostly depend on how much hype its supporters create on social media platforms. One proponent comes to mind, the CEO of Tesla and SpaceX Elon Musk. He gets a kick out of the meme coin for no obvious reason. When asked about it on Twitter, he replied:
While the answer was obviously a joke, things get very serious when the CEO makes financial decisions concerning Dogecoin. SpaceX is going to launch a mission to the moon, paid for in Doge, as Mr. Musk announced in mid-May.
Also, the meme crypto has been listed on Coinbase, the alpha crypto exchange platform. Other exchanges also listed the meme token, like Binance and Robinhood. The latter even decided to allow Dogecoin transfers to third-party wallets.
Dogecoin was consolidating at $0.31 price margin in the early European session Friday.
A veteran investor like Raoul Pal obviously did not buy Dogecoin because he thought “Doge will be the currency of Earth,” like Mr. Musk. He warned beginner traders about the volatility of the coin and the risks that come with investing in it. Admittedly, the SpaceX CEO also mentioned the risks many times himself but kept promoting Dogecoin all the same.