In a recent interview, billionaire investor Mike Novogratz explained why he feels that it is “dangerous to short” Dogecoin ($DOGE) these days.

Novogratz, who is a former Goldman Sachs partner, as well as Founder, Chairman, and CEO of crypto-focused merchant bank Galaxy Digital, made his comments about Dogecoin earlier this week when he was interviewed by Andrew Ross Sorkin on CNBC’s Squawk Box.

When asked to comment on Dogecoin, Novogratz said:

Dogecoin speaks to a lot of the same movement that GameStop did. There is a kind of crazy excitement around very young investors, around meme coins and meme ideas. It’s shocking to me that GameStop continues to hold any value… Dogecoin is even more bizarre in that respect.

He went on to add:

I’ve been wrong about DOGE. I’ve told people over and over that I would not be long it… But it’s that same energy. Retail has the bit between its teeth in lots of ways. They’re not giving up on GameStop. They’re not giving up on Dogecoin right now. So, dangerous to be short, wouldn’t be long.

According to data by CryptoCompare, currently (as of 21:40 UTC on April 24), Dogecoin is trading around $0.2715, up 13.93% in the past 24-hour period, making it today’s best-performing cryptoasset among the top 20 (by market cap) coins/tokens.

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.