By Christiana Ioannou
Dogecoin, a cryptocurrency that started as a joke in 2013, has spiked more than 20,000% in the last year. It is the fifth most valuable Cryptocurrency that witnessed a retreat of 73 cents from (falling to $.46) its all-time high after the billionaire Elon Musk (the world’s second-richest person with a net worth of $183.9 billion) referred to it as ‘a hustle’ on 8th May 2021.
Dogecoin hasn’t gone below $.50 since 4th May.
Dogecoin, named after a meme of a Japanese dog breed Shiba Inu, started as a satirical alternative to bitcoin’s unfading craze in cryptocurrency investors. Its market cap was $67 billion when traded at a $.52 price.
It is speculated that Dogecoin might reach the $1 mark or leave its investor with no money left in their accounts.
NEW PREDICTIONS FOR THIS MEME-BASED CRYPTOCURRENCY
Dogecoin was created in 2013 and had a circulating supply of 117 billion coins. Out of this, 113 billion coins have already been mined. It was out at a fraction of a cent.
Even after falling and reaching the $.46 rate, the crypto is still giving back a 10,000% return to its investors.
Rising continuously in the past few days, Dogecoin is becoming more valuable than other major companies like Twitter, Ford, and Snap.
According to the predictions of DigitalCoinPrice, the price of this crypto may hit $1 in early 2022.
As for the CoinPriceForecast, DogeCoin may hit the $3 rate by the end of 2021.
WHAT LURES PEOPLE TO INVEST IN DOGECOIN?
According to crypto expert Adam Morris, the co-founder of the Crypto Head, why people like investing in Cryptocurrencies like Dogecoin is the quick turnaround time of the money invested into large amounts.
THE DOWNSIDE OF DOGECOIN
According to Morris, although the high spike attracts investors, crashing down fast is inevitable. Even though there is no real utility of this crypto, the backup of celebrities is fuelling the gambling mentality of the new investors.
However, you need to be on the pulse and understand the risk involved before investing in this crypto.
Antony Portno, founder of the Traders of Crypto, a website entailing cryptocurrency information, informed the Deseret News that investing in Dogecoin would necessarily leave you in tears in case the Cryptocurrency does not pull the right way.
IS DOGECOIN WORTH INVESTING IN?
According to cryptocurrency experts, Ethereum and Bitcoin are much more worth investing in than Dogecoin. The other cryptos have longer staying power and offer better ROI.
Tesla’s Elon Musk has urged crypto investors to refrain from putting their life savings into it, being an unwise decision.
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