Only the richest man on earth could make a showing and cause one of Americas most popular crypto darlings to take a huge (but not unknown) price dive sending token holders into fits.
Apparently not hearing the big news they sought, a horde of skittish investors fled from Doge heaven breaking its amazing climb toward 1.00 usd, and bringing howls of glee from the traditional horde of sideline Dogehaters, all based on one odd episode of SNL.
In this episode one of the worlds richest entreprenuers countered the Dogewave after plugging the defiant cryptocurrency while co hosting the May 9th episode.
The response from the market was instant, when no sooner had the episode ended when the Dogecoin began to plummet in value, barely scraping the bottom at .34 cents, about 1/3 of its total market value before the episode aired.
This type of price instability has many investors spooked while others with a much higher tolerance for price volatility continued to by at discount prices in spite of the decline, expecting the token to regain its losses (probably by weeks end).
The detractors may soon be eating their words however as Doge has to date, completely defied expectations making miraculous gains in spite of the constant litany of criticism by the supposed EXPERTS.
It remains one of the most widely held crypto assets in spite of its tendency to take huge bites from time to time.
With social media fueling its meteoric rise, Doge coin has become an asset within the market place being valued higher than Twitter and Ford at 45.2 Billion dollars.
Major ratings groups give Doge a solid C rating as an investment overall, but Doge may in fact be the coin of the future.
Accepted by young people, amateur investors and venture capitalists this currency has been adopted by millions world wide and has gained mass appeal that the other currencies simply do not have.
Translation: it may be the investment vehicle of the future... or it may simply fizzle.
I personally have been following the coin since it was around .13 cents. For the time span an investment of 1000 USD would have increased at least four times over (10 weeks).
While I'm not an advocate for Dogecoin, I certainly advocate making money, particularly in the most simple and reasonable manner possible.
In upcoming posts we will continue to examine this currency in depth as to whether or not it should be kept in the CRYPTOCURRENCY CORNER'S INVESTORS LEDGER.
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