With Dogecoin getting ever-closer to a market cap of $30 billion, more people are considering investing in the ‘meme coin’ than ever before. With endorsements from celebrity investors like Elon Musk, Dogecoin’s popularity has skyrocketed, some might even say it went straight to the moon.
But everyone has questions. Is Dogecoin a good investment? What’s the best way to invest in Dogecoin? Should I invest in Dogecoin now or later?
These are great questions to ask before you start investing in Dogecoin. And, lucky for you, we’re here to answer them in our brief but comprehensive guide.
The Pros and Cons of Investing in Dogecoin
So what are the ups and downs of putting your money into the most meme-worthy cryptocurrency to ever hit the market?
Well, the most obvious pro is that no one knows when Dogecoin’s value will plateau. You could invest 100$ and have it become $1000, $10000, $100000 in months or years. Considering Dogecoin’s value is based on the fervent hopes of its speculators (and celebrity endorsements), so long as the buzz around it continues, its value will continue to climb.
Of course, that brings us to the biggest con: Dogecoin’s value is based on buzz, not anything material or measurable. That’s no different from any other cryptocurrency (check out this from Byte Federal on Dogecoin vs. other cryptos). That $100 could become $0 if the buzz dissipates or the market moves onto a new trend.
So, all in all, only invest in Dogecoin if you have the money to spare for it! Don’t go investing your children’s college fund into it.
How Should I Invest in Dogecoin?
So you’ve got a bit of disposable income to spare and want to take the plunge, what’s the best way to start investing? You can’t just pop down to the Dogecoin store and pick some up, after all.
Well, the first thing you’ll want to do is set up an account on a crypto exchange: a stock market trading floor for cryptocurrencies. Kraken, Robinhood, Uphold, and several other exchanges all allow users to buy Dogecoin on their site, so they’re a good place to start.
But once you’ve bought your Dogecoin, you don’t want to just leave it lying on the exchange. It’s a good idea to buy a crypto wallet that you can use to store your new crypto securely and away from the prying hands of fraudsters and hackers.
And then, well, you wait. And you hope that your new investment continues to climb wildly in price rather than plummeting back down to Earth. Good luck!
To the Moon!
So there you have it, a quick but complete guide to investing in Dogecoin. Whether you saw it in a news story, heard about it through social media, or just read a tweet by Elon Musk, it feels like everyone is going bonkers for the Shiba Inu-mascoted coin right about now.
Let’s hope that continues for a long time to come!
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