A $10,000 loss in value in a week? This is only possible with Bitcoin. After hitting a new all-time high of just under $65,000 last week, the price fell to around $53,000 over the weekend. While BTC buyers started the weekend in a bad mood, the situation was different for Dogecoin fans: The hype coin (meme token) posted a price gain of +500% and thus climbed to 5th place in the coin table.
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Be Patient and Watchful
But on the contrary. Apparently, many investors are using the short price drop to buy more Bitcoin. Investors bought the most important crypto exchanges empty in 2021, just like on an open Sunday: on April 18, more than 62,300 bitcoin units went over the wallet counter. And lo and behold: on Monday at noon, the prices regenerated and are in the green zone – with a plus of almost 3%.
But why did the price collapse? A week ago there was a mining accident in the Chinese province of Xinjiang – the province is known for a large number of miners. WuBlockchain, a crypto reporter, tweeted on April 16 that there could be a connection between the sharp hash rate drops in primarily Chinese mining pools.
From the Pit to Olympus: Dogecoin
The weekend looked very different for one of the best cryptocurrencies in 2021 , Dogecoin. These can namely record gains of up to +500%. And who is to thank? Once again it is Tesla boss Elon Musk who is heating up the course of a cryptocurrency with a tweet. And once again a meme is to blame. Musk posted the painting of a dog barking at the moon on April 15 and captioned the image, “Doge Barking at the Moon.” The tweet went viral and the Dogecoin price exploded.
Buy Dogecoin: A hype coin (meme token) with potential
The Dogecoin is the meme token that has probably had the most hype in recent months. The reason for this: the courses went up when other cryptocurrencies tended to go down. Dogecoin usually develops against the current and has a high potential to make profits, at least in the short term. We explain to you where you can buy the Dogecoin and what advantages and disadvantages the purchase entails.
Consider this before buying Dogecoin
The current course of the Dogecoin is shown here to the minute – of course, there are also reviews and course developments. Unfortunately, we cannot look into the future yet.
It all started with a meme: a dog meme. But the coin, invented as a joke, gradually developed into an increasingly serious currency. Especially since the IPO and listing on major crypto exchanges like Bitpanda (find our Bitpanda Review here ), it is clear that this is no longer a hoax. Nevertheless, you should of course take into account the considerable price fluctuations if you want to buy the cryptocurrency.
How to buy Dogecoin?
In order to be able to buy cryptocurrencies such as Dogecoin, you must first register with a crypto exchange of your choice. In our overview, you will find all exchanges and can then choose according to your taste. But be careful: Not all exchanges have Dogecoin listed, so make sure before registering that Dogecoin can also be bought and sold. If the right exchange has now been selected, the registration process must be completed. Please have your personal data and ID card ready for this. Authentication may take a few minutes.
Next step: deposit money. Before buying cryptocurrencies, you need to deposit fiat money in order to be able to exchange them. Most exchanges also offer credit card payments in addition to SEPA transfers. If you have already bought digital assets, you can also exchange them for Dogecoin. Once money has been deposited, you are only a few clicks away from your purchase: Select Dogecoin Wallet and buy the desired amount of Dogecoins. The meme token is in your virtual wallet within seconds. Now the only question left is: whether to hold it or sell it quickly with the price fluctuating all the time? This is for you to make the decision according to the situation.
Read More About: What is a MEME Token?
Conclusion: Buy Dogecoin, or not?
Initially, nobody really took the Dogecoin seriously, and in fact, it wasn’t meant to be. However, cryptocurrency, especially meme tokens are becoming a real hit if you look at the price table. It has easily made it into the TOP 5 of the best cryptocurrencies in 2021. Nevertheless, one must not forget that the cryptocurrency lives from hypes and above all from hypes by Elon Musk – as soon as he tweets a “To the Moon”, the prices go towards the moon. Conclusion: A very volatile asset with which one can quickly make profits, but probably cannot benefit from it in the long term.