A new analysis shows that buying Dogecoin was a good idea for most investors. Should you invest now, as a top trader suggests?
Dogecoin – a good investment?
Dogecoin is once again the crypto currency of the hour. The meme token passed all the big coins last week, even leaving Bitcoin and Ethereum behind. The self-proclaimed “Dogecoin killer” Shiba Inu (SHIB) also posted massive profits.
According to Coinmarketcap.com, DOGE has grown by almost 30% within the last 7 days. Within the last 24 hours it is still 6%. Similar to SHIB: around 23% for the last week and almost 5% within the last day. DOGE is thus the big winner of the crypto top 10, because even BTC and ETH could not increase as much with 17.91% and 25% respectively. Is the time of meme coins beginning again now?
Anyone who has not sold their Dogecoins but kept them is very likely to be in the plus. Then: As a new analysis by the market researchers from “Into The Block” shows, around two thirds of all DOGE investors have made a profit with their investment. The researchers write: DOGE is back in the spotlight as a meme cryptocurrency. And:
“The majority of DOGE investors must be satisfied, because the in / out of the money analysis shows that over 66% of the addresses that DOGE currently hold are in profit.”
#Dogecoin is back in the spotlight as the meme cryptocurrency surged by 18.8% over the past 7-days.
The majority of $ DOGE Investors must be happy, as the In / Out of the money analysis reveals that over 66% of the addresses currently holding DOGE are in a state of profit. pic.twitter.com/j8tkOWdhG9
– IntoTheBlock (@intotheblock) August 9, 2021
Dogecoin enthusiast Matt Wallace commented: Even after the most recent run, which multiplied the DOGE course, Doge is the “most undervalued cryptocurrency” in the long term. But could it really be worth getting into DOGE now, as a popular crypto trader suggests?
Can DOGE reach $ 10?
While many doubt that Dogecoin can hold its value over the long term, there are also opposing voices. The popular trader “TheCryptoDog” for example (the name supposedly has nothing to do with the meme coin) writes to his more than 564,000 Twitter followers: He thinks it is the most lucrative trade to invest your entire net worth in DOGE. Although this may be irresponsible and unnecessarily risky, the pseudonymous analyst is making clear his assessment that Dogecoin could also hold some surprises in store for investors in the future. He writes:
“I could be wrong, it is not financial advice whatever, but I think that for now the best thing to do is to put all of your net worth into DOGE.”
Could be wrong, not financial advice, whatever, but I think the highest performing move right now is to put your entire net worth into $ doge.
– The Crypto Dog📈 (@TheCryptoDog) August 9, 2021
Dogecoin is currently trading at $ 0.26, and DOGE’s latest forecasts are expecting one surprisingly positive development: According to an analysis by the Finder.com portal, the meme coin could explode to prices between 1 and 10 dollars in the next few years! According to the experts surveyed, Dogecoin could be worth an average of $ 1.21 by 2025 and even $ 3.60 by 2030. Paul Levy, Senior Lecturer at Brighton Business School, even says the DOGE course has the potential to rise to $ 10 within the next four years.
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