Dogecoin continues to be a popular cryptocurrency, but the latest price prediction has some good and bad news for investors.
In these last few months, the Dogecoin value continued to spike across the market, making record-breaking high and low prices. If you're willing to gamble with the investment risk, Dogecoin has the potential to get you a lot of quick cash. However, being one of the most unstable markets, profit depends entirely on a few volatile factors.
Dogecoin Price Prediction
Dubbed as the "People's currency" by Yahoo Finance's Muslim Farooque, Dogecoin continues to gain popularity among retail traders, influencers, and investors. It currently has a market capitalization of over $50 billion, making it one of the "most-exchanged" cryptocurrencies.
Since Dogecoin is one of the recently marketed cryptocurrencies, early adopters or first-time investors could "grow up" together with the coin. Last May, with the help of billionaire Elon Musk's tweets, Dogecoin's value rose into a frenzy, racing to a $1 value.
As such, the meme coin can gain another spike of value in the coming days. Dogecoin could get another price spike anytime from a tweet by Musk or a viral TikTok video.
Note that the price spike will only last for a brief period while the trend lasts. Predictions says that Dogecoin value will eventually fall flat in the future, despite the wild trading swings it experienced recently.
Expert Issues Warning About Meme Coin
Unlike the secure markets on Bitcoin and Ethereum, Dogecoin relies on enthusiasts, trends, hype, and in some cases, misinformation. Despite its market price, the cryptocurrency Dogecoin does not offer real value for owners and investors in the long run, per Farooque.
Dogecoin could face regulatory crackdowns globally. For example, China has banned cryptocurrency use for its financial institutions. Other countries might follow the suit. Since Dogecoin's value relies on its audience, losing the support of one continent could be devastating to its price value.
For the U.S. specifically, the Treasury Department is reported to soon implement stricter cryptocurrency compliance and address the tax evasion risk. Any transfer over $10,000 will be reported to the IRS. Other countries are in the process of developing their own set of regulations. Without a secure system, Dogecoin's market value might be blocked by these technicalities.
For now, Dogecoin still has some market value investors can take advantage of while the trend still lasts.
YouTuber TheFinanceValueGuy gives an exciting prediction for Dogecoin in the next 24 hours! Dogecoin is currently at an upward trend in these last few hours. Prediction says the value might continue to rise, up to a $0.5 value. However, a warning indicator has been set on a $0.2 value, so if the Dogecoin drops value near that number, it's better to sell stocks immediately.
Note, however, to take this prediction with a grain of salt. The price value for Dogecoin is ultimately unpredictable and could change at any given moment.
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