Our opinion of the currency is that it is only good for short-term investments. Even in the long run, risk no more than 2 percent of your wallet on Dogecoin. Remember that it is a very risky currency, you may end up losing all your money. doge calculator So Elon Musk can influence your investment decision, but he certainly won’t pay your bills. Dogecoin was extremely helpful in helping people change their perspective on cryptocurrency by showing a lighter side of the market.
The collaboration with Elon Musk has continuously stimulated the success of the coin. In a recent tweet, Elon Musk announced his additional support for the meme coin. On the other hand, if the market is again affected by external forces such as regulations or negative statements from influencers. That said, a balance in buying and selling pressure could bring the price to $0.1. Dogecoin is an easy-to-use cryptocurrency project that was launched on December 6, 2013. It is forked from Litecoin and is widely compatible with many wallets and exchanges.
Cryptobullsclub is a trusted Indian crypto community, followed by cryptocurrency traders and investors from all over the world. Read the latest news, events, reviews, videos, technical analysis and guides on cryptography. While you can include meme coins like DOGE in your portfolio, they should be a small part. It can be tempting to go in the hope that your chosen coin will go to the moon.
But remember that it can also, and more easily, become a currency of and be totally worthless. Finally, meme coins are usually fleeting and subject to the whims of their fan community. This means that the currency can skyrocket in price or fall to new lows on a whim. This constant dilution of the currency keeps the price per coin low. While a profit of 5,000% seems attractive, it is essential to remember that Dogecoin belongs to a subset of crypto currencies called ‘meme coins’.
In addition, it has a representative on the board of directors of the Dogecoin Foundation. The “Ducal Army” would like to see Musk revive cryptocurrency with support and tweets. However, it is far from certain that the price of dogecoin will reach last year’s highs, let alone $1.