Musk likes the meme cryptocurrency and remains bullish on it. Musk affirmed that DOGE has potential as a currency in response to Billy Markus, co-founder of Dogecoin’s tweet. Tesla CEO Elon Musk recently made a bullish remark on Dogecoin despite the market-wide bloodbath. Coupled with the fact, SHORT-TERM INVESTMENTS ARE HIGHLY RISKY, we don’t see much light at the end of the tunnel right now. With the heat on social media where one question from a novice investor seeking knowledge on DOGE could lead to thousands of messages, the digital asset has traits of being a short-term investment that comes with instant gains. Unless Elon Musk starts the ball rolling in this bear weather, DOGE might as well be DEAD.
Speculative bets and market sentiment are likely not to be strong bases for long-term investments which should be based on the coin’s fundamentals.Ĭonsider that some businesses accept DOGE as an option of payment. In a recent tweet, Elon Musk announced his further support for the meme coin.ĭogecoin has proved to be a massively profitable investment for the short term. The association with Elon Musk has continuously driven the success of the coin. Interestingly, the “Doge” internet meme led to the creation of Dogecoin. Dogecoin is a decentralized digital currency based on peer-to-peer technology allowing users to transfer money online.
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