Dogecoin: Expert discusses Elon Musk’s tweets
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Dogecoin, along with other cryptocurrencies, has soared in value in the past few weeks. The peak of the price came yesterday, April 20, when Netizens bought stocks in the cryptocurrency to celebrate ‘DogeDay’ – a joke holiday which they tried to create to celebrate the now serious crypto.
At its peak on April 20, the value of a Dogecoin reached roughly $0.42 (£0.30) per coin, representing a rise of almost 7000 percent since the start of the year.
Some forecasters believe it could hit upwards of $1 by the middle of the decade which would mark a truly meteoric rise for the cryptocurrency.
As with any currency, there will be fluctuations in the price of Dogecoin.
However, as there is limitless Dogecoin, as opposed to something like Bitcoin, its value will fluctuate rapidly.
According to experts, the hype around the coin and its volatile nature makes it a smart coin to invest in, however, the chance to make serious money may have passed by.
When asked by Express.co.uk as to how much money one can make off Dogecoin, Paddy Osborn, Academic Dean at London Academy of Trading, said: “In simple terms… a lot!”
He continued: “That said, the best opportunity for massive profits may already be gone since Doge has risen 7000 percent since the end of January 2021.
“The advantage for Doge is that its price is still numerically cheap (just $0.42 this morning, compared with $55,000 for Bitcoin), so psychologically this may attract further retail buyers.
“With any asset, high price volatility provides an opportunity for big profits and Doge is currently about as volatile as they come.”
Sam Onigbanjo, Founding Partner, Capital Markets Academy, described the coin’s meteoric rise and said he expects it to continue.
He told Express.co.uk: “On January 1, 2021, Dogecoin was valued at $0.00458, or in other words it was not worth 1 penny or a cent.
“Today, April 21, the same Dogecoin is worth $0.3125 or 31 cents.
“So for all the people that shy away from maths let’s keep it simple; this Coin has grown by percentage increase 6823 percent in three months.
“So If you put £1 in January today you would have £6,823 likewise £100 for £682,300.
“So for anyone not understanding why understanding and investing in the right cryptocurrencies is super important to wealth this is a simple example.
“The Good news however is this trend is very likely to continue.”
Mohit Tater is CEO of Black Book Investments, added: “Many investors across the globe are buying Dogecoins as they hope prices will continue to rise at the fast trend that it has.
“If Dogecoin reaches the speculative $1 mark before the end of 2021, you would get more than 100 percent return on your investment.”
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