Dogecoin has grown in popularity so much that it has been added to most of the popular platforms. But Coinbase, the largest crypto exchange in the US, was one of the few that hasn’t allowed this on their exchange yet. And now the CEO of the company has announced that Dogecoin will be listed there within the next 2 months. This announcement was made during a meeting with investors to discuss Q1 2021 performance, which was also great.
The rise in demand for Dogecoin
Dogecoin trading has increased significantly in recent months. Twitter has been filled with requests from Doge owners and traders to add it to Coinbase. People say the exchange will see unprecedented traffic when the token is added to the app. And now doge lovers are finally getting what they have wanted for so long. That news, combined with the fact that Elon Musk tweeted about Doge today, makes it possible for Doge’s prices to start rising again.
The attempt to hit USD 1 has seriously failed and now the upward move has resumed. Currently, Doge’s price has gone up from about 36 cents to 52 cents in the past 12 hours. And is approaching its all-time high of 75 cents.
Should You Buy Dogecoin Now?
I think at 36 cents it would have been a great buy, but even at 52 cents it’s not bad. Given that the market is responding positively to Elon’s tweets, we could soon see a massive rally to 75 cents and even higher to $ 1. But it is definitely a risky business. You could say that the high risk / reward ratio is at play here. Even if you are planning to buy Doge now, it is very important to get in with part of your portfolio and a strict stop loss. Do your due diligence before making any investment decisions, as a market influenced by tweets can easily move in either direction.
Did you invest in Doge when it was just pennies? Or do you watch it after it actually takes off the first time? Let us know in the comments below. If you found our content informative, like it and share it with your friends.
Also read: Elon Musk tweeted that he plans to improve Dogecoin security