Analyst Says Buying Dogecoin And Waiting For $0.4 Is The Safest Trade You Can Make, Here’s Why | Bitcoinist.com



A
crypto
analyst
has
encouraged
investors
to
invest
in
doggy-themed
cryptocurrency,


Dogecoin
(DOGE)
,
emphasizing
that
purchasing
this
meme
coin
in
anticipation
of
a


bullish
rally


was
the
safest
trade
anyone
can
make. 

Dogecoin
Is
The
Safest
Trade
For
Investors


In
a
recent
X
(formerly
Twitter)


post
,
a
crypto
analyst
identified
as
‘Altcoin
Sherpa,’
has
expressed
optimism
about


Dogecoin’s
future
outlook


and
its
potential
as
a
profitable
investment.
The
analyst
has
suggested
that
investing
in
DOGE
with
the
expectation
that
its


price
will
skyrocket


to
$0.4
is
one
of
the
safest
trades
for
investors
in
the
crypto
market. 


Notwithstanding
the
fundamental


volatile
nature
of
meme
coins
,
Altcoin
Sherpa
has
outlined
several
factors
that
could
act
as
a
bullish
catalyst
for
DOGE.
Sharing
a
price
chart
of
Dogecoin,
he
revealed
that
retail
investors
are
likely
to
purchase
and
accumulate
Dogecoin,
potentially

How To Get Free Crypto  


fueling
a
price
increase


as
demand
for
the
cryptocurrency
surges. 

Source:
X


Additionally,
the
crypto
analyst
noted
the
considerable
influence


social
media
trends


had
on
a
meme
coin’s
value.
He
disclosed
that
a
single
X
post
from
SpaceX
and
Tesla
Chief
Executive
Officer
(CEO)


Elon
Musk


about
DOGE
could
significantly
propel
its
price
to
new
highs. 


This
scenario
was
proven
earlier
in
2019
when


Musk
tweeted
about
Dogecoin
,
stating
that
“it
might
be
his
favorite
cryptocurrency,”
and
“it
was
pretty
cool.”
The
effects
of
this
tweet
had
a
historical
impact
on
Dogecoin’s
ecosystem,
as
the


cryptocurrency’s
price


skyrocketed
after
gaining
recognition
from
one
of
the
world’s
most
influential
billionaires
and
investors.


Altcoin
Sherpa
has
also
pinpointed


Dogecoin’s
great
liquidity


which
makes
it
easy
to
buy
and
sell
without
any
adverse
effect
on
its
price.
He
also
emphasized
that
the
doggy-themed
cryptocurrency
had
a
relatively
low
downside
risk
compared
to
other
meme
coins
in
the
market.  
As
a
result,
the
crypto
analyst
expects
DOGE
to
outperform
other
“shit
coins”
in
the
market. 


Altcoin
Sherpa


has
revealed
that
he
currently
does
not
hold
any
Dogecoin;
however,
he
believes
it
is
a
great
investment
for
investors
looking
to
take
a
passive
approach
and
hold
onto
their
investments
in
preparation
for
a
bullish
surge. 

Coinbase Banner  

Whales
Scoop
Up
Millions
Of
DOGE


Crypto
whales
are
beginning
to
show
renewed
interest
in
Dogecoin,
accumulating
significant
amounts
of
the
doggy-themed
cryptocurrency.
According
to
crypto
analyst,
Ali
Martinez,


Dogecoin
whales


have
purchased
more
than
700
million
DOGE
tokens
valued
at
approximately
$112
million. 

Source:
X


Martinez


disclosed


this
transaction
in
an
X
post
on
May
31,
highlighting
that
the
purchase
occurred
in
a
span
of
72
hours.
This


surge
in
whale
activity


comes
at
a
time
when
DOGE
has
been
relatively
stable,
experiencing
slight
increases
as
pessimistic
market
conditions
wane. 


At
the
time
of
writing,
Dogecoin
is
trading
for
$0.159,
reflecting
a
24-hour
increase
of
0.6%
and
a
15.07%
price
surge
over
the
past
month,
according
to
CoinMarketCap. 

FreeBitcoin Banner  
DOGE
price
reverses
from
dip
|
Source:

DOGEUSDT
on
Tradingview.com

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson


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