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As this article is being written, DOGE has gained close to 80,000% since its creation, despite the recent large pullback in the market. Price is bound to recover from here as the market moves higher.
You can make money from Dogecoin this year. Many investors have made money lots of money from that coin since it was created and many more will make money this year, even if they are newcomers.
For most of 2021, the overall bias on DOGEUSD is bullish, and while there would be large or minor pullbacks along the way, the market would quickly or slowly recover. Price might reach 1.00 USD and possibly reach 1.5 USD before the end of this year.
There are active crypto traders who make money from DOGEUSD by buying it when the RSI period 14 reaches the oversold region of less than level 30. They also sell the coin when it reaches the overbought territory of the RSI 14 level 70 on the daily chart, raking in huge gains as they ride DOGE price southwards.
Also, investors who buy the current pullback and hold till the end of December 2021, will have nice profits to show for their patience.
At the end of 2021, I would dump Dogecoin completely and convert the gains on it to cash or a stablecoin.
But I won’t hold Dogecoin (DOGE) for the long-term
Most cryptocurrencies are scams because they do not serve unique purposes or solve unique problems. Even certain cryptos that are believed to solve real problems have disappointed investors.
A number of coins which used to be household names and very promising some years ago have now become almost worthless. Some coins/tokens made money years ago, and they lost more than 90% of their value and have not recovered anything since then, even though cryptos generally went upwards in 2020 and 2021.
I will give examples of these coins in another article.
Some experts once thought that coins in the top 50 or the top 100 were to be trusted. Nonetheless, in the last 14 months, a considerable amount of coins got pushed out of the topmost 100; and while certain coins did not get pushed out too far, some coins got pushed too far, even close to the topmost 1000.
Why Dogecoin (DOGE) is not a good long-term investment
There is no way you can liken DOGE to ADA or ETH. There are huge differences. You can never compare DOGE to BTC. Yes, if one is a gem, the other is paper.
For instance, while BTC has limited/maximum supply by design, about 10,000 units of Dogecoin are created per minute. If Dogecoin reaches the resistance line at $1.00, its total value would be in the region of $129 billion, which will make it the number 3 crypto coin in the word in terms of market cap.
I quote a veteran, professional coach for traders and investors:
“..I personally think that DOGE is probably one of the worst cryptos even though it is currently ranked #5 in market cap. It was formed as a joke, so at least it’s not a Ponzi scheme. DOGE is based upon a meme and has no reason to have any value except that young people think it’s real and important. If you talk to most people in their 20s, DOGE is the only crypto they own because it’s all over social media.
Elon Musk might be brilliant at owning tech companies but he certainly isn’t an authority on investing in other people’s companies. He’s been talking and joking about DOGE lately but I recently learned that he has been working with the DOGE developers since 2019. Could that be more joking? Either way, I don’t trust people who get sued (repeatedly) for tweets that impact the price of their company’s stock (Tesla). Tesla stopped accepting BTC as payment for their cars. It will still keep its large BTC investment even though it burns a lot of electricity. Musk is accepting DOGE payment for his space X project but DOGE is also a proof of work coin that burns a lot of energy too…” – Van K. Tharp, PhD
Please let the fact above sink in.
I also quote Sir John Hargrave of Bitcoin Market Journal:
“What are you buying? You’re buying a joke currency that depreciates in value (10,000 new units of dogecoin minted every minute). It already has a higher market cap than Polkadot, Cardano, and Algorand, which are actual blockchain platforms where people build things. If it gets to $1.00, it will surpass Binance coin, which powers the largest crypto exchange in the world.
To me, it’s clear that Dogecoin is a bubble, fueled by the same kind of meme mania that has driven up GameStop stock. It’s not really an investment, it’s a gamble, and I hate gambling. So I wouldn’t touch Dogecoin with a 10-foot leash, simply because of the tokenomics…”
Dogecoin to collapse in 2022
Dogecoin is doomed to become worthless in the future, starting somewhere in 2022, and investors who don’t cash out by the end of this year will deeply regret it.
To hold coins for a long period of time, do not bet your sweat on tokens that serve no real purposes other people’s fantasies. It is better to stick to cryptocurrencies that have stood the test of time.
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