Dogecoin: Will it reach an all-time high this week?

Dogecoin continued to see its value spiked to a new level, reaching a worth of $40 million in total. And it’s seeking an all-time high. But analysts and experts recently said investing too much into cryptocurrency could become a problem for people.

Dogecoin seeks all-time high

Dogecoin has been seeking a spike in value in recent weeks, as I’ve written for the Deseret News. Much of the rise can be attributed to the internet-only Doge Day and the fact that Tesla CEO Elon Musk and Dallas Mavericks owner Mark Cuban have been tweeting about it.

Dogecoin is expected to hit an all-time high, according to Yahoo! Finance.

  • The cryptocurrency reached $0.45 from April 15 to April 16, which was an all-time high for Dogecoin. But there was a drop after that with the price per dogecoin dropping to $0.169, Yahoo! Finance reports.

According to Yahoo! Finance, the Dogecoin market is trending upwards, which might lead to a new all-time high.

  • “Doge has likely begun a new bullish impulse and could increase toward a new all-time high price,” according to Yahoo! Finance.

Why do people invest in Dogecoin?

Multiple experts told Bloomberg that people are investing in Dogecoin for a number of reasons, most of which don’t have to do with earning money at all and more about being apart of the cultural movement of the meme-based cryptocurrency.

Jeffrey Halley, the senior market analyst at Oanda Asia Pacific, which helps trade traditional currencies, told Bloomberg that Dogecoin’s appeal is that it is cheap.

  • “Dogecoin has no apparent commercial or investment use other than as a conduit for speculative mania and the attempt to make a buck,” he said. “I suspect much of its appeal lies in the fact that it is very, very cheap to buy and sell, as opposed to $60,000 for Bitcoin, making it much more approachable to a retail trader who fancies a flutter.”

Curtis Ting, managing director for Europe at the cryptocurrency exchange company Kraken, told Bloomberg that Dogecoin is part-meme and part-money, so it’s adding this psychological effect where people invest as a joke, which leads to the cryptocurrency being worth more.

  • “Investors buy Dogecoin to participate in a self-deprecating joke about their inability to invest wisely, which keeps going as the price of an individual dogecoin continues to appreciate,” Ting said.



This news is republished from another source. You can check the original article here

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