With the great fuss arise when one of the richest persons on the planet Elon Musk Tweeted about cryptocurrency Dogecoin, which, after that, had huge growth, the question is what happened, and what next?
What is Dogecoin?
Dogecoin is a cryptocurrency created by Doge meme lovers. At first, its purpose was merely for fun causes, and to be used as meme material. Also, you could see its value prediction, which was saying that it will never reach $1. Now it is $0,3 with constant growth, some will say that will be even more than $1 at the end of the year. This happened when Elon Musk Tweeted about this cryptocurrency, and after this, it had massive turmoil. But what to do next?
Should you buy Dogecoin?
There are two answers to this question, each of those depend on your investing strategy till now.
- The first scenario is you are starting with cryptocurrencies. In this case, you should avoid massive buy of Dogecoin, since it probably won’t have that kind of growth anymore. For now, it will have a slow pace of growth, and you can invest some money in it, but don’t go for an all-in. If you are going for big investments, perhaps it is a better option to focus on some less popular currencies.
- The second scenario is if you already have a rich portfolio of cryptocurrency investments. In this case, you can buy some of it, because of its steady growth trend, it can help you to enhance your portfolio, and also if it gets hit by Crypto winter, you have the rest of your crypto investments.
The thing that you should do for sure is following Elon Musk’s Twitter account since his Tweets are responsible for everything that Dogecoin did until now. Also, you should follow trusted investment websites to catch up with the latest info. An example of it you can find here.