Dogecoin is one of the most popular altcoins among cryptocurrency investors. Dogecoin’s price movements exhibit pronounced volatility. When Dogecoin launched in 2013, the token traded for just fractions of pennies — hovering around $0.0002. Given its current price of roughly $0.12, Dogecoin has appreciated by a jaw-dropping 60,000%.
This means that even a modest investment of $1,000 at Dogecoin’s launch would be worth roughly $600,000 today. It’s fair to say that money can be made investing in Dogecoin. As the five-year price action shows, volatility is the defining theme; if you had invested in Dogecoin at almost any point over the last five years, there’s a good chance you’d now be in the red. Dogecoin is a meme coin whose price is largely driven by online narratives and hype on social media.
Given Dogecoin’s unpredictability, timing your buys is everything. Smart investors understand that timing the market is generally a fool’s errand. If you want to become rich by investing in cryptocurrency, you have a much better chance of doing so through established opportunities, such as Bitcoin, Ethereum, or even adjacent businesses like Coinbase or Robinhood Markets. In my eyes, riding Dogecoin’s momentum in hopes of becoming rich is extremely risky.
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