Dogecoin Cryptocurrency Slumps

Dogecoin Cryptocurrency

The Dogecoin cryptocurrency has been struggling recently, with prices down five-fold in a week. The crypto-coin has been trading on popular mainstream apps and crypto exchanges, and the price of Dogecoin has gone from close to $1 in early May to below $0.50 this week. While the recent volatility has raised questions about the long-term stability of the crypto market, the recent surge has also helped drive the game store’s stock up by social media.

The Bitcoin-based currency began as a joke, but now has become a mainstream internet meme. The currency is up 20,000% in one year. Elon Musk cited Dogecoin on Saturday Night Live, claiming that it is helping to fund the launch of his new lunar satellite with SpaceX. Although Bitcoin has been up 1.7% on Monday, it is still well behind its record high of $64,870 in April, which the coin hit only two months after it was launched.

Despite the recent plunge, the cryptocurrency is still worth investing in. The Bitcoin market is expected to increase by almost five percent this year, as more investors are making their first investments. But before you dive into the crypto market, you need to understand how cryptocurrencies work. And don’t forget that the Dogecoin price hasn’t moved much this week. In the meantime, you should keep your eye on the news and keep a close watch on your investment portfolio.

Dogecoin Cryptocurrency Slumps

In the first month of 2018, the Dogecoin price fell by one-third. The cause of the drop was a number of factors. The popularity of the Shiba Inu coin, a pet, and the development of Robinhood, an online trading app, helped the cryptocurrency to grow. It was also credited for driving the stock of GameStop. If you want to invest in the cryptocurrency market, you should be careful of scammers and fake accounts.

The biggest risk associated with cryptocurrencies is the loss of money. Since the currency can cross international borders, the risks are low. As a result, you should always make sure you’re not investing more money than you can afford to lose. Even though the price of a currency can increase, you should not hold it for longer than you need to. Then, you can buy and sell it with confidence. This way, you’ll have more cash to spend on other things.

In May, the price of Dogecoin spiked to an all-time high of $0.74. However, it has subsequently fallen again in the last month. The rise was helped by Elon Musk, founder of SpaceX and Tesla, who promised to improve the technology and took aim at rival crypto currencies for slow transaction times. Its continued price drop has led to concerns that the cryptocoin will not remain popular for long.

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