Invest in Dogecoin Cryptocurrency? Everything You Need to Know About Dogecoin…

This video goes over the reason for all the hype behind Dogecoin and why you need to be careful with this cryptocurrency.

Why was Dogecoin started in the first place?
Dogecoin was pretty much started as a joke back in 2013. Dogecoin is based on an old internet meme. It became popular because of how ridiculous it was. At the beginning of 2018, it hit almost $0.01 and was up 5,000% percent before crashing along with most other cryptocurrencies.

Why did Dogecoin go up so much recently?
From July 5th – July 7th, Dogecoin had doubled in value. Dogecoin is being pumped due to a TikTok video that went viral. The creator of the video is promoting people to invest in dogecoin until it hits $1. That way, “everyone can get rich” that invests in it. In other words, it is turning into a pump and dump. At the peak last week, the trading volume was up 2,000% from normal.

What would it take for Dogecoin to be worth $1?
Currently, Dogecoin has a market cap of $400 – $500 Million dollars. There are about 120 billion Dogecoins in circulation. So for Dogecoin to reach $1, it would need a market cap of $120 B dollars. At that point, it would have a bigger market cap than huge companies like Wells Fargo, Lowes, and Starbucks. If Dogecoin made it to $1 it would become more valuable than Bitcoin which currently has a market cap of a little under 120B. So the odds of it ever reaching $1 is very unlikely unless enough people fall for the pump and dump enough to put 119 Billion more dollars into Dogecoin. Not to mention, if it even got close to $1, it would have a historical dump and the price would drop crazy fast.

Why you need to be careful.
When someone tells you to do something so that “we can all get rich”, that alone should scream pyramid scheme. Or in stock market terms “pump and dump”. It is a classic game of speculation or pump-and-dumping. Buy low, manipulate the price upward, sell, and leave some other sucker “holding the bag,” as it were. The only thing that can make the price of dogecoin go higher, is if more people put their money in it. So the people that are already in it in hopes to get rich quickly, they want you to put your money in it so that their dogecoins become worth even more.

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*DISCLAIMER!!
I am NOT a financial adviser and am not responsible for any advice taken from this video. If you do use the advice taken from this video, use it at your own risk. I am NOT responsible for any losses related to this video. ALL of my videos are for entertainment purposes only.
*Do your own due diligence

Invest in Dogecoin Cryptocurrency? Everything You Need to Know About Dogecoin…

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Kane Dane