In this blog, we are going to tell you should you invest in dogecoin or not? this is a big question that comes in every cryptocurrency investor, this blog will be definitely about it.
Dogecoin was started as fun by a software engineer named Billy Markus but it has gained a large amount of popularity and value in the past few months only because Elon Musk tweeted on it and many stars and personalities also expressed their opinion on dogecoin.
In 2015, Billy Markus sold all of his dogecoins to buy a Honda civic, and as of now October 25 dogecoin market cap is $35.03 billion and its trading volume is 5,104,649,216 which is a lot for a cryptocurrency that was made for fun.
We will tell you why you should invest and why you should not?
Should you invest in Dogecoin?
In the past few months, dogecoin value has shattered the roof if you’ve invested a few months ago then you’ve gained very much profit. The reason is that cryptocurrencies are very volatile and nobody can guess whether its value is going up or down.
If you will invest in dogecoin now then you can make some amount of profit and if you are lucky then you can make a good amount of profit. Another thing that I want to tell you is that don’t expect dogecoin as a long term investment think of it as a short term trade.
Why you should not invest in Dogecoin?
There are many reasons that you should not invest in dogecoin, first of all, it is not a long term investment because its value will fluctuate very much and that is only because it is highly volatile.
Dogecoin has not a strong foundation like bitcoin and ethereum and it is expected that it will collapse in a few months or years.
Dogecoin has also its rival that is Shiba Inu and the value of Shiba Inu is also going off the charts, so there is a slight competition between these two cryptocurrencies.
We have also made a blog on Shiba Inu. Click here to read it.