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Introduction Decentralized finance (DeFi) started gaining traction in 2020 and has since amassed over $240 billion in market capitalization. DeFi ... Dogecoin Investment in India: 5 Tips to Remember Before Investing
Dogecoin has gained unprecedented popularity in recent times. With this, the crypto market value is fluctuating like never before. What started with a mere joke has hit a record peak in earlier weeks. Dogecoin being a cryptocurrency was developed in 2013 by two developers known as Billy Markus(who worked at IBM) and Jackson Palmer (who worked at Adobe). Here is a quick rundown of all that you should know prior to making any investment in terms of Dogecoin. 5 Tips to Remember Before Investing Below mentioned are some of the tips you need to keep in mind before investing in Dogecoin. Volatility The first and foremost that an investor must take care of is the volatility of Dogecoin. For the first 6 months, the price of Dogecoin was not stable. The curve has been fluctuating drastically. It reached 0.70 dollars in an instant. As per a report of December 2021, the valuation of Dogecoin is 14.0572 dollars. The current volatility of dogecoin is 74.62 percent. If we consider the list of the past 7 days it stands on 22nd position out of 100 cryptocurrencies in terms of volatility. Several people are now investing in it which is one of the main reasons for its growth in popularity. This huge increase in price hike may make the investor go cash out. Influencers The status of any cryptocurrency is greatly affected by its influencers. A single tweet from an influencer can change the market of cryptocurrency. The same goes for dogecoin. For example, a popular figure like Elon Musk is commonly known as ‘dogefather’ by the cryptocurrency community. A single tweet from him can influence several crypto fans and investors. Once Musk tweeted ‘One Word: DOGE’ the valuation of dogecoin was hiked by 20 percent in an instant. So before buying, investing, or selling any of your cryptocurrency take a keen look at the videos, shorts, reels, and other things the influencers post on the internet. A single remark from them can drastically change the flow of the market. Public Opinion If you want to earn the real sum of money by investing then you must be very calculative and predictive. Since nowadays everyone is talking about this coin especially the rich investor you should not feel the fear of missing out. In the world of investment, you will come across many people who will try to loot you with their false and misguided opinion. Be aware of this trap and never trust anyone with your eyes closed. If you invest based on anyone’s opinion then double cross-check every fact they present you. Another way to improve your investment skill is to take information from trusted sources. You will come across youtube channels and internet web pages that will present you with false information. Be aware of such traps. Just remember that if you develop your skills in investing then you can become like some of the Redditors who have made millions just by investing. Actual value Understanding and predicting the curve of any cryptocurrency is the real game. The person who can do this efficiently can make tons of money just by investing. But having full track of digital currency is a bit complicated and time-consuming. Studying the nature of any digital currency involves countless hours of sitting on the laptop screen, calculations based on many simultaneous graphs, convincing and arguing with the broker, and many other factors. The first thing that any investor should do is calculate the price-to-earnings ratio accurately for most of the assets. This will give an idea about the amount of investment that the investor is willing to do. Having a close inspection will surely tell you whether the company is overvalued or undervalued. So with the help of dogecoin, you will be on the bright side. Taking Risks In the hope of big returns investors who often invest in digital currency can experience unexpected losses while on the other hand if one makes a planned investment then one can derive a huge profit from it. For example, if someone has invested Rs. 10000 in dogecoin six months ago, then he would get about INR 5.75 lakh in this time. If you see only the bright side of it then you will make a big mistake. Apart from that try to do trading from a trustworthy site and the broker that you can place your trust in. So if you want to make a fortune out of dogecoin then spend some time with it before investing. Understand its behavior and its fluctuations. Once you feel confident you can start your investment. Final Thoughts All things said and done one should invest the amount that he or wants to lose. The same thought process is breaded by the CEO of Giottus Cryptocurrency Exchange. According to him, it … Continued
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