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The Elon Musk-backed cryptocurrency experienced an unprecedented rise the other day, inspired by the news of the Twitter takeover. The meme coin soared 45% on September 29 to $0.1213, lost slightly on September 30, 3.4% in value , and continued to rise to $0.1423 on November 1, adding 11.8%. For Wednesday 2 November the currency was down 9.9%. On Thursday, the currency trades at $0.1279, having lost another 2.21% overnight.
Source:TradingView
Dogecoin cryptocurrency can now be used to pay for Tesla products, Cryptocurrency payments are also possible on Twitter.
According to analysts who have researched the effectiveness of Dogecoin, the cryptocurrency meme will become a hugely profitable investment in no time.
Cryptocurrency rises
After the Coinbase exchange added Dogecoin to its list of traded cryptocurrencies, the coin’s value rose by 20%.
At the time Elon Musk announced his purchase of Twitter, the coin’s price soared 26% over the next 24 hours.
In March this year, Bit Pay, a major cryptocurrency payment system, added Doge to its list of supported tokens.
Following the announcement that Elon Musk had completed his acquisition of Twitter, the meme coin experienced an unprecedented rise, climbing 45% overnight.
BitGo’s wrapped wDOGE.
Cryptocurrency storage company BitGo said on Wednesday that it would soon introduce a special wrapped wDOGE that could be used for decentralized applications in the Ethereum ecosystem.
Self and professional storage for DOGE and wDOGE will also be made available by the end of the month. According to BitGo vice president Nuri Chang, the wDOGE bridge will extend the activity of DOGE owners to Ethereum and the decentralized finance ecosystem.
Is it worth investing in Dogecoin?
Many investors wonder if they should invest in such a risky cryptocurrency. At the same time, those who invested in the cryptocurrency in 2019 and held onto it until now would have increased their holdings 85-fold this year. However, there is now already a pullback in the price as traders who bought the coin before buying Twitter have taken profits.
DOGE lost 8.5% on Wednesday and dropped another 3.5% to $0.1275 on Thursday.
Before making a decision, all risks should be weighed against the outlook for Dogecoin. At the same time, the advantages of this cryptocurrency should not be overlooked – unlimited issuance in Dogecoin, at the same time you can always count inflation, and in case of fiat currencies, issuance will depend on central banks.
The potential for Dogecoin is enormous, if you calculate the total issuance to 2040, the expected rate of inflation is 2,31% per year. It is also clear that the cryptocurrency is at an all-time high due to the support of Elon Musk, and as long as that continues, you might consider investing in Dogecoin, but remember to risk only as much as you can easily dispose of by following the key rule of investing.
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