I don't want to hate on dogecoin, but if you're in this coin due to comments from Elon Musk, it might be a good time to get out at a profit. There are better cryptos to hold and I would be surprised if dogecoin can hold up for long in the top 10 market cap coins. There are several factors that make dogecoin not the best crypto investment idea, and I wouldn't want anyone to end up a bag holder.
It's possible Elon keeps talking about the coin and pushing it higher... maybe significantly higher. But IMO it is not worth the risk.
This is just my opinion, it's not investment advice, I'm not an investment advisor.
- Dogecoin was created as a joke. It's fun, it's a meme, but do you want your money in a joke?
- Dogecoin really has no developers and is not maintained. On the dogecoin official website it recommends two wallets--both don't sync and basically don't work anymore. Even the reddit sub suggests avoiding the wallets and using some very primitive and difficult to use tools to manage dogecoin. That is not good. You want a crypto that is easy to use and has developers working on it, building a future for the coin--Ethereum is #1 in developers, Bitcoin is #2.
- Supply of new dogecoin is unlimited and coming out rapidly. New coins are created every minute (compared to 10 minutes for bitcoin and 2.5 minutes for litecoin), and every minute 10,000 new dogecoin are created. Dogecoin are NOT rare.
It's possible Elon keeps talking about the coin and pushing it higher... maybe significantly higher. But IMO it is not worth the risk.
This is just my opinion, it's not investment advice, I'm not an investment advisor.
Comment:
To clarify, I wouldn't short dogecoin because it could get crazy, but I would sell it if I held it.