Dogecoin has increased by over 3,200% since the beginning of 2021. What are the primary drivers behind such a price increase? What are the merits of investing in DOGE?
Lots of people are optimistic about the future of Dogecoin for investors. This cryptocurrency is now an attractive option for traders. Who is just getting started, as well as those with established businesses? So, here’s a quick overview and why it’s worth investigating further.
Day Trading Doge is Profitable
One of the strengths of investing in DOGE is that it’s cheap to buy, sell, and trade cryptocurrency. Making money from volatility is also an option, so it’s wise to consider DOGE if you’re seeking to diversify your portfolio.
Buying DOGE when you research cryptocurrency and know its future potential can prove to be a smart move. Find out what will happen with the currency and how it’ll perform, then convert it back to USD later on in case your prediction is correct.
When the price of a stablecoin begins to fall, you can simply convert it back into DogeCoin. A shift in market sentiment would lead to more stablecoin being purchased by the shorts, and so your DogeCoin value will increase.
It is often more profitable to invest in a risky asset if you have expertise in that field and can predict its future performance. Take stock trading for example, even if the price changes by 3% each day, these small price changes can still make tremendous gains over a period of time.
Engaging Social Media Fans
DOGE has gained a lot of supporters across websites like Reddit, WallStreetBets, Twitter, and Facebook. They alert you when the price of DOGE changes and give you a better idea of where it might be heading. Some of their comments are interesting to read too!
There are other comments that inform you of a drop in price, which is not favorable to short-term investors. That decrease in price can also cause an upward trend as the currency, DOGE reaches new high lows. Much interest in the price is created and it touches a new high point.
Elon Musk’s Positive Dogecoin Comments
One of the pros of investing in dogecoin is Elon Musk. You can see how much he’s attached to cryptocurrencies by looking at the many recent interviews or tweets he’s shared about them.
This allows you to invest with a level of transparency and specifics that you wouldn’t get otherwise as crypto prices are sort of hidden behind market manipulation.
Unfortunately, the Dogefather has helped to make DOGEs an accepted currency in many places across the globe. The publicity his promotion has caused also led to a number of exchanges listing DOGE for trade. Elon has had an impact on a number of topics, but his endeavors in the auto industry may be one of the most extreme.
On April 1st, 2021, SpaceX will attempt to put a Dogecoin token on the moon. Dogecoin opened at $0.05365 and reached a high of $0.07011. It closed at $0.06199.
The price of ETH skyrocketed overnight, catching the market’s attention and leading to a record-breaking trading volume. The trading volume increased by 30% in 8 hours and 24 hours.
Dogecoin Has a Humanitarian and Friendly Feel to it
DOGE is an easy-to-use cryptocurrency. That can be used on popular social media platforms like Instagram, Twitter, and YouTube. It helps people to provide rewards for great content and has direct involvement in many charitable activities.
Some of them are dogecoin being used to raise funds for a Bobsled Team from Jamaica for a total of $50,000 for the 2014 Winter Olympics held in Sochi, Russia.
Dogecoin has been around for a few years now and has inspired the use of virtual money. One notable case is the sponsorship of Shiva Keshavan. Rajinder Singh, Jr., one of Dogecoin’s followers, stepped up to fund his pilot through a fundraising feature.
Although not a currency itself, many digital currencies are using the meme-inspired project as an avenue to draw traders and investors. A recent study even found that users with a sense of humor favor entering into meme-inspired assets.
There Are Several DOGE Available For Purchase
Unlike other cryptocurrencies, Dogecoin is infinitely mineable. There is no limit to its supply. This also enables every person who wants to buy DOGE either as a fun thing or as a serious investment deal can purchase it across numerous exchange platforms.
More liquidity means more activity, which means more transactions. The huge number of transactions involving DOGE shows us this is a legitimate cryptocurrency. With many people interested in it.”
Trade Volumes Are Soaring Through the Roof
On May 7th and 9th, DOGE reached a $700 billion dollar market cap. On May 10th, another spike brought the volume of trades to a record high proportionately.
Make sure you’ve got a proper plan in place for the most up-to-date metrics on your business. Recording numbers makes it easier to notice changes and there are more helpful tools for you to make important decisions with.
More Exchanges Have Started Listing Dogecoin
Dogecoin saw new listings on some of the most popular cryptocurrency exchanges and brokerages on May 1st, which is another success in its continued development.
eToro announced that they will list Ethereum on their platform because of the demand from their clients and there is a high demand for the company to offer more cryptocurrencies. eToro serves more than 20 million clients, and through its DOGE reminder service, DOGE has added 4,852 to its clientele.
Starting on May 4th, 2019, the Gemini cryptocurrency exchange added DOGE to its listings. DOGE is seen as an option for investment by many cryptocurrencies. Teasers because of its growing adoption.
Investors have seen various rewards from the recent cryptocurrency market, but DOGE has managed to set a new all-time high of $0.73 on May 8th, 2021. DOGE was previously trading for $0.084 and started gaining traction in Q1 2018 when its trade volume and market capitalization increased by 100%.
Dogecoin scales relatively faster than Bitcoin
The community of cryptocurrency users really took to DOGE, and it has been circulating as a popular cryptocurrency for several months due to its use with cryptographically secure transactions.
It’s important to understand what types of cryptocurrencies are available and how they work in order to benefit from them. One type of cryptocurrency is Doge.
This currency uses a specific algorithm called SCRIPT. Which helps with the speed of the currency. It’s seen as faster than BTC in particular. This could help its integration into everyday life and online payment systems.
DOGE has the potential to move from its tipping and non-currency status. With exposure to institutional partners, this coin that currently supports millions of customers a day will become a real digital currency.
Could Benefit from More Mainstream Partnerships
In 2021, Dogecoin experienced renewed interest in cryptocurrencies and digital assets as a whole. DOGE was recognized by COVCARE. One of the world’s leading medical suppliers. Which led to an influx of new customers choosing our currency for transactions on their platform.
From a trusted celebrity like Mark Cuban. Cryptocurrencies are gaining a lot of credibility and legitimacy. His “digital asset” website and team are proof. That the cryptocurrency is being taken seriously. Not just by an individual but by the world at large.
Although Bitcoin was once seen as a joke. It’s now been adopted by millions of people around the world. It has also proven to be very versatile and convenient for use and is friendly enough to be used in transactions.
Dogecoin Is Based On Its Cultural Value
Buying cryptocurrencies is a risky investment that is constantly changing and difficult to predict. Based on the current trend, it’s best to hold onto investments like stocks and bonds, which are regulated.
Many investors and traders are asking questions about what dogecoin is and the reason why it is so popular. Their purpose is to help provide relevant information to these professionals and make trading easier.
You can purchase Doge as it is a lucky coin. It could provide great returns if you don’t. You are involved in something that is greater than just making money. It has allowed people to take their own privacy and independence back.
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