FREE Live Course
With so many new people investing in cryptocurrency over the last 4 months, I’ve decided to do a FREE live course this week. where I go over the 3 Biggest Mistakes Cryptocurrency Investors Make. Grab your spot for either Thursday April 22nd at 7:30pm MT or Saturday April 24th at 10:00am MT. Spots are limited, so sign up today!
If you have FOMO and fear everyone is going to get rich without you, or you bought crypto recently and fear you might lose your money, or you fear that you are too late to the crypto game, this FREE class is for you!
To Doge or Not to Doge?!
Everyone is asking about Dogecoin! For full transparency, I don’t own any Dogecoin. I owned a small bit of Dogecoin back in 2020, but I did encourage my wife to buy Dogecoin back in March. She has since sold all of hers. This is also not financial advice!
Here’s what you NEED to know about Dogecoin.
Dogecoin, at the time of this writing, sits at $0.39. This means the total market cap for Dogecoin is over $50 Billion, making it the 5th largest cryptocurrency by market cap. Only Bitcoin, Ethereum, Binance Coin, and XRP are larger. It seems pretty crazy considering it was created as a meme. Here is a link to it’s Wikipedia page, which goes into the history and creation of the coin.
A few things have contributed to Doge’s meteoric rise. Back in March, Mark Cuban, of SharkTank and the Owner of the Dallas Mavericks announced that the Dallas Mavericks accept Dogecoin for payment. He recently posted that Mavs sales in Dogecoin have increased 550% over the past month and now sold more than 122k Doge in merchandise. And that they will never sell 1 single Doge ever!
In addition, just like there was a Reddit army that catapulted Gamestop to the moon, there’s a similar campaign occurring on TikTok with the mission to send Dogecoin to $1! If this happens, Dogecoin will have a market cap of $125 Billion dollars, which would make it the 3rd largest cryptocurrency and only half as big as Ethereum.
It should also be noted that Elon Musk and Snoop Dogg are all about Dogecoin as both of them have recently tweeted about it. If I’ve learned anything over the last year, you’re better off not betting against Elon.
All of this is happening, while almost ZERO development is happening on the platform. Dogecoin ranks #94 in cryptocurrency with the most Github commits as shown below.
And take a look at the amount of code that has been changed over the last 10 years. Almost nothing has changed in 3 years. Plus, unlike Bitcoin, the number of Dogecoin is not limited. This means the creators could create more Dogecoin out of thin air which could cause the price to plummet.
I say this not to dissuade you from buying Dogecoin! Go ahead and buy it till your heart’s content. I just want you to be aware of what you are buying. This is gambling and as long as you treat it that way, then you should be fine. I do my fair share of gambling, but you need to just do it with the right amount of money that makes sense for your situation.
At this point, I wouldn’t be surprised to see Dogecoin go to $1. I’ve seen crazier things happen in crypto. That said, there is still so much opportunity to make money in Bitcoin and Ethereum, that I wonder why bother with such risks like Dogecoin. If you’ve made money in Dogecoin, that’s great! My wife and my Mother-in-law both made really good money as well and I’m very excited for them. If you know someone that is currently in Dogecoin and you’re worried about them, feel free to send this to them! :)
Crypto Price Action
For those wondering about Bitcoin and Ethereum’s current price action. The most recent dip is still very normal in a bull market. If we expect the bull market to continue through the end of the year, we need 20% pull backs every so often.
I still expect Bitcoin to reach $100,000 in July. I also wouldn’t be surprised to see Ethereum hit $4,000 around the same time as well. Be Patient!
Hope you enjoyed my ramblings on Dogecoin!
Best,
Spencer