What is Dogecoin?
Dogecoin (DOGE), released in 2013, is a parody cryptocurrency based on the Shiba Inu dog viral internet meme. Initially, the crypto project was created merely as a mockery of other cryptocurrency projects launched at the time.
From these aspects, DOGE . has been abandoned
- Compared to the price of Bitcoin in the second half of this year
The price of Dogecoin fell by 43% in the six months from June 1 to December 1 of this year, while the price of Bitcoin increased by 54% at the same time. The cryptocurrency market continues to rise in general, with the majority of assets trading in green while DOGE is showing a bearish trend overall.
- Musk’s “emotional recharge” of DOGE trading has faded
At the beginning of this year, Dogecoin was launched aggressively by Tesla CEO Elon Musk, sparking an excited community.
On February 4, Musk sent multiple tweets in support of DOGE, followed by the result that Dogecoin was up 50%. Then, influenced by Musk’s constant call for orders and the participation of retail investors, DOGE once set a solid record of over 900% in a single day. In May this year, DOGE hit an all-time high of $0.73.
However, based on the general trend of Dogecoin this year, the high volatility is astounding. Having reached the highest price in history, DOGE failed to continue its upward trend and turned sharply downwards. It fell to its lowest point at $0.17 in two months, 76% below its highest point. Based on today’s price of Dogecoin of $0.21, the price of DOGE is down more than 60% compared to its highest point. Different from the “community enthusiasm” half a year ago, most people consider Elon Musk’s decisions a “joke” now.
- DOGE plunges into competition in the market
Under Musk’s crazy propaganda, Shiba Inu, the biggest competitor as well as an “imitator” of DOGE, copied the insanely high DOGE road. In October of this year, the price of Shiba Inu rose from an opening of $0.00007 to a high of $0.000086, with a maximum increase of nearly 1130%. By the end of November this year, SHIB had more than one million holders, which includes a lot of original DOGE users. DOGE has become a “legacy influencer”.
- It is easy to manipulate dogs
According to Coindesk, the top ten Dogecoin holders held about 41.35% of all Dogecoin traded, which means that a small number of DOGE investors can easily control the price of DOGE. It also directly reduces the liquidity of the DOGE market and facilitates the occurrence of market extremes.
How to buy Dogecoin?
Since the market capitalization of Dogecoin is very low now, it is difficult to get high profits through normal spot trading and you are even more likely to lose money in the current bear market. In the meantime, the market remains volatile with a fluctuation of around 5% in a single day. Faced with such a volatile market, have you ever thought about how to take profits?
Do not worry, let me introduce one of the most popular investment methods at the moment: trading futures with a leverage of 100 times, which can increase your profits by 100 times. With the help of this tool, even small fluctuations in a short period can bring very big profits. Most importantly, you can either buy up (buy) or sell down (sell), which means you can take profits whether the market goes up or down.
How does 100x leverage work?
Now, the Bexplus exchange provides 100 times leverage for all investors to trade DOGE and other cryptocurrencies. If we use 10,000 Dogecoin to open a short contract on Bexplus at $0.22 and close it when Dogecoin is trading at $0.21, our profit will be ($0.22 – $0.21) * 10,000 DOGE * 100x / $0.21 = 50,000 DOGE, which makes ROI than 500%.
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Learn more about Bexplus
Bexplus is a leading crypto derivatives trading platform that offers up to 100x leverage in trading different trading pairs: BTC, ETH, ADA, DOGE, XRP, etc., which is popular with over 800,000 traders from more than 200 countries/regions. In addition, it is safe to be certified by MSB (Money Services Business). Moreover, it also has the following features:
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