Elon Musk has done more than anyone else to boost the popularity of cryptocurrencies over the past year, but the Tesla boss is now urging people to be cautious about their investments.

Musk has tweeted repeatedly about Dogecoin and Bitcoin, declaring to his 53 million followers that he is a "Dogefather" and that "SpaceX is going to put Dogecoin on the literal moon." In his latest message, however, Mask issued a very different message.

In a tweet shared this morning ahead of his appearance on "Saturday Night Live" tomorrow, Saturday, May 8, Musk said, "Cryptocurrencies are promising, but invest carefully!"

He tweeted.

He also shared a video of an old interview with TMZ, in which he said, "People should not invest their life savings in cryptocurrencies, to be blunt. I don't think that's wise."

Indeed, he then goes on to say, "If you want to speculate and have fun ... . there is a good chance that cryptocurrency will be the currency of the future of the planet," he continued, but the message from the billionaire is still mixed.

Dogecoin investors, in particular, were eagerly awaiting Musk's appearance on SNL. They were hoping that he would further express his love for memecoin, which was initially created as a joke about Bitcoin but has now grown to become one of the top cryptocurrencies by market capitalization.

Dogecoin started the year with a value of $0.005, but has risen sharply in recent months and is now worth $0.61. This represents an incredible growth rate of 12,000% in 2021, with a market capitalization of approximately $80 billion.

Pundits speculate that it could soar even higher if Musk speaks about Dogecoin during the SNL slot. It is also a delicious irony that the joke currency will eventually become the biggest of all cryptos, as Musk himself has stated.

In a February interview with TMZ, he said, "The point is that Dogecoin was essentially invented as a joke to make fun of cryptocurrencies. Fate loves irony. What would be the most ironic outcome? A currency that starts out as a joke actually becomes a real currency. To the moon!"

However, Dogecoin still has quite a ways to go before it replaces the largest cryptocurrency.

So how high could Dogecoin go? It is hard to say, but some experts believe it could exceed $1 by the end of this year and eventually reach $10. Critics, on the other hand, counter that Dogecoin will fall victim to inflation and will not be able to maintain its current trajectory because of its unlimited supply.

Time will tell on this point, but one thing is clear: if Musk speaks out about Dogecoin on SNL, it will rise, at least in the short term.