Doge Coin (DOGEUSD) Lands At Sage FX
A new coin has been making waves in the industry. Learn about the exciting new coin whose value is skyrocketing with every day that passes. Should you trade Dogecoin? What financial opportunities does it present to you?
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- Why should you trade Dogecoin?
- How can you increase the potential for profit with this new crypto?
- Where can you trade Dogecoin?
New crypto coins are a dime a dozen with new coins sprouting out every couple of months. In fact, as at January 2021 ore than 4000 cryptocurrencies are in circulation.
So, apart from the king of crypto; Bitcoin, which ones are worthy of your attention? Is there opportunity for profitability when you avert your gaze to other altcoins? In our article here we highlighted the new coins that you should be watching in 2021. However, in the last few months, a new coin has been making waves in the industry.
In this article we introduce you to the exciting new coin whose value is skyrocketing with every day that passes. Should you trade Dogecoin? What financial opportunities does it present to you?
Should you trade Dogecoin?
Big names have endorsed this coin, hailing it as the new Bitcoin. Multi-millionaires such as Elon Musk and Mark Cuban are avid fans and have influenced its jump in value. Popstar icons such as Snoop Dog and singer of legendary 70s band Kiss, Gene Simmons have also joined them into hailing it as a crypto success. When influential people such as these, start jumping on the bandwagon every trader starts to wonder; what’s in it for me?
History of Dogecoin
The story behind this meme-inspired coin sounds ludicrous, to say the least. The two software engineers who created this coin in 2013 could not have predicted the level which the Dogecoin would reach. Billy Markus and Jackson Palmer decided to poke fun at the new coins that were being created daily, taking their inspiration from the Shiba Inu meme that was popular at the time. In 2021 alone, Dogecoin surged from less than half a penny to a record of nearly 75 cents. To put you in the picture, its market capitalization is now up to $62 billion, placing it at a higher value than Ford or Twitter.
So, when did this coin stop being a joke and started becoming a bona fide altcoin?
Cryptocurrencies have enjoyed a surge in popularity lately as they gained credibility worldwide. The popularity that Doge has definitely benefited from. Apart from this, a series of tweets by billionaire Elon Musk helped to jumpstart its value as more and more people started investing in it. Another phenomenon that pushed this crypto to the top was an episode similar to what happened to GameStop. This saw the coin soaring as enthusiasts pumped it up on a Reddit group. As of May 2021, the coin is now ranked 10th worldwide which is no mean feat given there are 4000 coins in circulation.
As with any popular currency, the potential for profit always exists. Doge was definitely not created as an investment coin as we have seen. However, that may be the exact reason why you should trade this cool coin. It is ideal for frequent transactions given it has a much faster speed than Bitcoin. Moreover, unlike other cryptocurrencies, you do not need to worry about hyperinflation given the mining period is now over.
How can you Increase the Potential for Profit?
So you are now convinced that Doge presents great opportunities for your financial future and you have decided to buy some coins. When should you sell them? We have 3 tips for you that might help you!
Tip #1: If it goes Past your Target, Sell it
Investopedia’s Ryan Fuhrmann swears by this strategy and claims it is one of the best strategies for selling your stock or currency. Most traders, when buying any currency have a target price or at least a range. He also adds that when you buy a stock or currency, ideally you analyze what it is worth, making sure that the current price is at a substantiated discount of this estimated value.
Tip #2: Wait for the Next new Altcoin
It might be contradictory but as the coin reaches new heights, it means that it will have to start falling. Investors are always on the lookout for the next new cryptocurrency. While Doge is enjoying its place in the sun right now, other altcoins might be on the rise tomorrow. Make sure you keep updated with the latest news via our News section, to make sure you buy and sell coins at the right time.
Tip #3: When Something Changes
This is the basic rule of trading. Keep observing stocks and currencies and see what changes. With Doge, the support is strong at the moment however keep a lookout to see whether the focus will shift to something else. Speculators are forecasting a few shifts that may improve the bull case, such as Doge price predictions of above $10.Doge tokens are not limited. New coins are created every day, inhibiting them from growing in value. However, if developers address this, reducing its inflation, this could change. Another reason to sell would be if nothing is done to address this.
Where to Trade Doge?
Not every broker is offering Doge at the moment, however here at Sage FX we love bringing you a vast array of opportunities. Amongst a number of crypto symbols, we are now offering you the chance to trade DOGE/USD. Don’t let this opportunity pass you by! Log in to your Sage FX account or sign up now.