Should you buy Dogecoin? Based entirely on the fact that Dogecoin has no real-world utility, I don't recommend investors buy it. With the price significantly down from its recent high, scooping up this meme coin might seem like a low-risk move with big upside.
Elon Musk, Tesla's founder and CEO, again threw his weight behind the meme-inspired cryptocurrency dogecoin. In a tweet on Jan. 14, Musk announced that Tesla is accepting dogecoin—”people's crypto“—as payment for some merchandise on its website.
Dogecoin has one of the largest and most active communities in the cryptocurrency world. This community has come together to fund a number of charitable efforts and other projects. They even managed to sponsor a NASCAR. One of the most common uses for Dogecoin today is as a tipping service.
You might be asking yourself, “how much Dogecoin should I buy?” Well, Dogecoin is almost certainly not a good investment in any traditional sense of good investing, but that might just be the reason to buy it. Dogecoin was created by software engineer Billy Markus in only 3 hours.
When asked why he supports Dogecoin, Musk responded on Twitter: "Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren't financial experts or Silicon Valley technologists. That's why I decided to support Doge – it felt like the people's crypto."
Any asset at least theoretically holds the potential to make $1 million. You might have to invest an extraordinarily large initial amount and/or have to wait a really long time for it to happen, though. From that standpoint, both Bitcoin and Dogecoin could still be millionaire-makers over the long term.
While Dogecoin infamously started out as a joke, investors take it a lot more seriously now. However, it's still a very risky investment. That's why experts recommend investing no more than 3% to 10% of your portfolio in cryptocurrencies.
Determining how much money you will get if dogecoin hits $1.00 is as simple as multiplying the initial investment amount by the ratio of $1.00 over the initial buying price.
Dogecoin is a cryptocurrency altcoin that trades under the DOGE ticker symbol against USD and other cryptocurrencies like Bitcoin. It was created in December 2013 as a “joke” and was named after the popular meme based on a Shibu Inu dog “Doge.”
The current market cap of DOGE at the time of writing is about $37 billion. There are currently 130.8 billion DOGE in circulation.
A good benchmark for deciding when to sell Dogecoin is if you've doubled, tripled, or quadrupled your initial investment. Given Dogecoin's volatility, if you've already made a sizable profit, cashing out around 50% of your holdings could make sense.
DOGE is a good investment for beginners because holding DOGE for an extended period can give investors a view into what crypto investing is about. Volatility and profits are a part of the course, but investors must be willing to weather the storms.
Dogecoin forecast suggests the Dogecoin's price can climb up to $0.27 within a year and further rise to $0.55 by 2025. According to its bullish support by market price predictions, the expected increase can be +103.7%.
Dogecoin - which is trading below $0.20 per token, is one of the best cheap cryptocurrency to buy in 2022. This popular meme coin went from a price of $0.005 in January 2021 to highs of $0.74 in July of the same year. Since its mid-2021 highs, Dogecoin has dropped in value by over 80%.
No, Dogecoin can not reach 10000 dollars. Digital currencies have a lot of potentials but Dogecoin may never be able to surpass the US Dollar for world trade and strength. There are also so many cryptocurrencies in the market, each one has its advantages and disadvantages.
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PricePrediction offers a similar forecast. It estimates the meme token to break past the $1 barrier in 2026 and its DOGE prediction for 2030 on average is $4.20.
According to DOGE forecasts for 2022 provided by cryptopredictions.com, DOGE will start 2022 trading at US$0.233447. During the first quarter, the forecasted minimum price is 0.198430. The price growth is expected to rise through February, averaging US$0.234112 in the month.
For those wondering how to use Dogecoin, there four easy ways to buy stuff and pay with Dogecoin.
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DOGE is a lot closer to $1 today than it was at the start of 2021. At the time of writing, it is trading at roughly $0.13 and would need to rise more than 669% to reach the dollar milestone. The DOGE price hitting $1 would give the cryptocurrency a total market cap of $131bn; the current dogecoin market cap is $17bn.