Can you earn 100 times by buying Dogecoin in this bull market?
I saw someone in another group today saying that Dogecoin can earn 100 times in this round
[Sad face]
, I can only say that you have a unique insight.
For some people outside the circle, they may not know Bitcoin, but they may have heard of Dogecoin. Dogecoin was a well-deserved star coin in the last bull market.
Today's popular meme sector currency can be traced back to Dogecoin. Dogecoin was proposed in 2013. The founder directly copied the code of Bitcoin. At the beginning of its creation, the founder did not have a grand vision for Dogecoin, but simply wanted to ridicule Bitcoin. It was created in a humorous and funny form. This just fits the self-deprecating and humorous characteristics of contemporary young people, so it became popular in the community. What really made Dogecoin popular all over the world was in the last bull market. Due to the call from Musk, a big man outside the circle, Dogecoin became popular all of a sudden. Existence is reasonable.
Today we will not discuss the application value of Dogecoin, but from the popularity of the last bull market, it can be concluded that there are a large number of locked-in positions on Dogecoin, that is, retail investors who were harvested in the last bull market, stood guard at high positions, and continued to cover their positions as the market fell.
From the market, at the weekly level, Dogecoin bottomed out in June 2022, and has been fluctuating greatly during the period, using a long time to digest the locked-in positions above.
In the week of November 27, 2023, the market showed a signal of breaking through the bottom. At present, it is a retracement of the neckline without breaking, and the decline stopped at the important support level of $0.83 below. The short position fell and the volume shrank, but there has been no reversal signal.
On the whole, if we expect Dogecoin to create a 100-fold myth in this round of bull market, Mr. Cai thinks it seems unlikely.
But if you are optimistic about investing, or want to get your money back, it is still okay to find buying and selling points, formulate strategies, and maximize your profits.
Money has no owner, and capital only values interests. It is best for everyone to invest rationally and don’t expect Musk to have much affection for Dogecoin.
