Before Investing in Dogecoin $DOGE
1. Price Performance: Dogecoin is highly volatile. For example, the price of DOGE rose from around $0.005 at the beginning of 2021 to a peak of $0.73 in May 2021, but then plummeted to below $0.10 by the end of the year.
2. Supply: Dogecoin has no maximum supply limit, with over 140 billion DOGE in circulation and 10,000 DOGE mined every minute.
3. Community and Influence: Dogecoin has a strong community and is often influenced by high-profile figures such as Elon Musk. For example, a tweet from Elon Musk in April 2021 caused the price of DOGE to increase by more than 20% within hours.
4. Risks: Dogecoin is often affected by pump and dump strategies, causing strong price fluctuations. This requires you to have a clear investment strategy and not invest more than you can afford to lose.
Illustrative data:
- DOGE price: $0.005 (01/2021) -> $0.73 (05/2021) -> <span Supply: >140 billion DOGE, 10,000 DOGE/minute
Always do thorough research and stay informed before investing.