Dogecoin: Expert explains why you shouldnt invest in Doge

“If you don’t like it or think it’s a fad, don’t invest in it.” An illustration of a dog bowl with coins in it, a hint at Dogecoin.

Those who want to invest in different digital coins should assess where they stand with other personal finance and investing goals to determine if they have some extra money to put into a risky asset. Of course, Weiss is a supporter of investing in cryptocurrencies and dogecoin, and recommends that all investors hold some digital coins, even if it’s just a small slice of one’s portfolio. He also cautioned first-time cryptocurrency buyers from diving right into dogecoin without having invested in any other coins.

Yes, Dogecoin looks like the hot new thing, but that doesn’t mean Dogecoin is going to survive for the long haul. The College Investor is an independent, advertising-supported financial media publisher, focusing on news, product reviews, and comparisons. There’s still a lot of news hype around Dogecoin, which is helping to drive up its price.

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Bitcoin has a 10-year track record at this point, which makes it a different risk level than investing in a newer alternative coin. According to CoinGecko.com, it’s what is winerz currently worth about $0.45 and has a market cap of $10,383,370,714. In comparison, Bitcoin has a market cap of $832,167,825,180, or over 80X that of DOGE.

Unlike some other cryptocurrencies, there’s no cap on Dogecoin. For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. TheCollegeInvestor.com strives to keep its information accurate and up to date.

Instead, it has been fueled by excitement on Twitter andReddit threads. When it comes to a token like dogecoin whose value is extremely volatile, don’t invest any money that you aren’t prepared to lose entirely. That’s significantly more than other cryptocurrencies like bitcoin and ether, which grew 95% and 369% over the same time period, respectively. A $1,000 bitcoin purchase would be worth $1,953.88 as of Wednesday, while ether would be worth $4,686.58.

TheCollegeInvestor.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The College Investor does not include all companies or offers available in the marketplace. And our partners https://cryptolisting.org/ can never pay us to guarantee favorable reviews . “Yes, you can make a quick buck if you time it right, but timing the market is a terrible thing to try to do. It does not work.” If you bought dogecoin at the beginning of the year you’ve enjoyed massive gains over the past four months.

First, the price of gold looks as if it’ll be buoyed or head higher in the years to come. A combination of historically low lending rates, ongoing quantitative easing measures, a ballooning money supply, and the prospect of higher inflation, are all favorable for the lustrous yellow metal. It’s easy for gold stocks to thrive when the primary asset they produce and sell nets more revenue per ounce.

So should you buy Dogecoin?

When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you’ll be logged-in to this account. Once you’ve purchased Dogecoin, you’ll move it from the exchange to your wallet. Simply supply your wallet address to get your coins out of the exchange.

If you don’t already have a crypto wallet, you might want to get that first. A wallet allows you to store your crypto securely and get it off of an exchange. Exchanges are prime hacking targets, so there is good reason to store your crypto yourself. You also have full control over your crypto when it’s in your wallet.

For instance, the company’s all-in sustaining cost of $846 per gold ounce in the first quarter equates to a nearly $1,000 per ounce operating margin. Kirkland three operating mines have consistently been among the most-efficient, with respect to AISC. Though it could use economic expansions as an opportunity to generate interest income and fee revenue, not being a lender means it isn’t directly exposed to credit delinquencies during recession. Not having to set cash aside for delinquencies is why Visa rebounds so quickly from economic downturns.

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Credit card — This is the easiest and fastest method for buying crypto but also the most expensive. If you’ve been following all of the excitement around the amazing stock run and collapse of GameStop , you’ve probably seen some related media coverage coming from Elon Musk. Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services. And Mastercardaveraged 700 million transactions daily in 2018, per the Nilson Report. An illustration of a dog bowl with coins in it, a reference to Dogecoin. “If you like Dogecoin and think it could be a viable currency in the future, or are fans of the idea and the movement, go ahead and invest in it,” he said.

Unfortunately, Dogecoin isn’t as widely available as other coins such as Bitcoin, Litecoin, or Ethereum. Traders may be disappointed to find that many popular cryptocurrency exchanges such as Coinbase and BlockFi don’t currently support DOGE. If it did, DOGE would have had a market cap worth more than Bitcoin.

It was below $0.01 in January 2021, when it started its massive rise. The latest rally has come in the lead-up to Tesla CEO Elon Musk hosting NBC’s “Saturday Night Live” this weekend. Musk has long praised the digital token to his 52 million Twitter followers, and some speculate that a mention of dogecoin on national television could spark even more demand. Sean Williams owns shares of Kirkland Lake Gold Ltd. and Mastercard. The Motley Fool owns shares of and recommends Bitcoin, Innovative Industrial Properties, Mastercard, and Visa. Second, there are company-specific reasons it’ll head higher.

• Many crypto novices don’t understand the difference between the respective price increases of bitcoin and dogecoin.
• Yes, Dogecoin looks like the hot new thing, but that doesn’t mean Dogecoin is going to survive for the long haul.
• But, given that the coin doesn’t seem to have any practical use, it’s hard to envision it having a lasting future.
• There’s also a hunt out for the next great cryptocurrency that could spur heavy interest, so Dogecoin might soon be old news.

Another thing to consider is that Visa controls more than half of all credit card network purchase volume share in the U.S. — the U.S. is the No. 1 market for consumption in the world. It also has no shortage of regions to expand to which remain underbanked, such as the Middle East, Africa, and Southeastern Asia. Well, except for Adam Zadikoff, COO of BRD, a popular cryptocurrency wallet platform. Sign Up NowGet this delivered to your inbox, and more info about our products and services. “Throw some money into it and kind of let it stay in there and season for a while,” she said.

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“You see the power in social media to move people to do something en masse,” Zadikoff says of dogecoin. “This is the flash-in-a-pan thing that people are getting behind right now.” As of May 5, 2021, IIP owned 69 properties spread across 18 legalized states. All 6.2 million square feet of this rentable space was fully leased, with a weighted-average lease length of 16.7 years.

Why Dogecoin rises quickly

Crypto wallets typically integrate into browsers or mobile apps. Wallets also come with a password which you’ll want to keep in a safe place and not forget. Hardware wallets, which cost between $70-$100, are also an option.

Reasons to Ditch Dogecoin and Buy These Stocks Right Now

You can learn more about him on the About Page, or on his personal site RobertFarrington.com. At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners. Any investing information provided on this page is for educational purposes only. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.