My Opinion About Dogecoin and Cryptocurrencies: "Investors Should Be Careful"

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Avatar for jamesmichelea
3 years ago

Elon Musk said cryptocurrencies could be the currencies of the future, and Dogecoin, ironically, could become the future of cryptocurrencies.

Following these ambitious statements, Tesla billionaire Elon Musk used a slightly more sober style in her tweet, which she sent to millions of followers on Friday: "Cryptocurrencies are really promising, but please invest carefully!"

Crypto Currencies Are Highly Likely To Be The Currencies Of The Future

Musk also added a video of his own website TMZ, which shares the news of celebrities, in his Tweet. In the video, Musk warns: "First of all, I don't find it right for people to invest their money in cryptocurrencies that they have saved over many years, I think it would be really unreasonable."

He then added the following comments: "If you want to create some kind of speculation or I don't know, maybe you are looking for some fun, so cryptocurrencies are quite likely to be the currencies of the future."

Dogecoin Created As Irony But Fate Loves Irony

On questions about Dogecoin, Musk answered: “Dogecoin is actually a coin created as a joke to make fun of cryptocurrencies. But fate also likes irony, so what would the most ironic result be? With the cryptocurrency generated as a joke, becoming a real currency in the future. "

However, after these statements, Musk also admitted that there were some problems with Dogecoin. To the question about whether Dogecoin's unlimited supply poses a price risk compared to a crypto currency that has a fixed supply like Bitcoin, Musk replied "Yes, it can pose a danger." Then, Dogecoin repeated the motto of its investors: "To the moon."

Musk, the founder and CEO of Tesla, the electric car manufacturer, is the second richest person in the world. Musk is known as one of the important actors playing a role in the rise of crypto money in 2021.

With Tesla's announcement that he bought $ 1.5 billion worth of Bitcoin in February, there was a huge rally in Bitcoin prices. Musk's frequent tweets about Dogecoin is one of the sources of intense interest in this "joke coin".

Coins Like Dogecoin Are Very High Risk

Also, after the Doge reached their all-time high price record in early April, they calmed down a bit, and their trading volumes also declined sharply. Finally, at "Dogeday," Dogecoin investors tried to push prices up even more, but they failed.

Supervisory authorities say at every opportunity that investors should be prepared for the possibility of losing all of their money, as everyone who invests in cryptocurrencies takes risks and cryptocurrencies do not have an inherent value such as stocks, gold or dollars.

According to the analysts, the last rally in Dogecoin took place with the high probability of praising cryptocurrencies in the Saturday Night Live TV program, where Elon Musk will be a guest on the evening of 08.05.2021. I think there will be an upward movement in Dogecoin for a while after this program. We will wait and see this result together.

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Avatar for jamesmichelea
3 years ago

Comments

I honestly wouldn't be surprised if Doge would become the future of cryptocurrencies. I mean.. look at how Shiba pumped, who knows where this one is gonna go too.

$ 0.00
3 years ago

FIAT money is also not a collateral. For example, the abysmal falls in the peso and the bolivar and the dollarization of Ecuador are enough.

$ 0.00
3 years ago

While I am a lover of dogecoin, I was but lately, I happen to be worried about the joke which was becoming serious and then everything was boomed. Dogecoin acts as becoming real. So I find risk and left that coin forever. Never gonna join army of doge because all has drop down the fun and are dragged now by greediness. I feel no safe there now.

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3 years ago

It is madness, I can not describe this as anything else, it is also very bad idea investing in it right now. So many bad signs in the air and time is getting shorter, I wonder how long can this bull run go on.

$ 0.00
3 years ago

Thanks for your comment

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3 years ago