- Dogecoin is only for trading but not for long-term, an analyst explained.
- DOGE is a pure meme coin and has not had any activity in GitHub since 2017.
Dogecoin (DOGE) is a cryptocurrency only for trading but not for long term investment, based on a review made by a crypto analyst. In this exclusive article about DOGE, crypto analyst and enthusiast Lark Davis explained why DOGE is not a cryptocurrency for long term investment.
To be specific, Davis explains that DOGE is a pure meme coin that did not have any activity in Github since 2017. In other words, the developers of DOGE have not updated or added any new blockchain features in DOGE since then.
Furthermore, the recent price rally of DOGE is mainly affected by the tweet of Elon Musk, the CEO of Tesla. However, Davis reminds that Elon did not specifically buy DOGE for Tesla. Instead, he bought Bitcoin.
In addition, Davis said that the DOGE community must also consider the fact that when Elon stops paying attention to DOGE, the price might fall. Yes, this is an event that could ruin many crypto traders who invested heavily in DOGE.
On the other hand, this analysis made by Davis gathered many different opinions across the crypto space. As a result, there were people that agreed with Davis; some were neutral, while some disagreed, especially the DOGE community.
Regardless, the crypto space continues to surge and DOGE is a contributor to the recent boost of the crypto market. For this reason, we recommend that traders must study and do in-depth research before investing in cryptocurrencies. In this case, traders could avoid unexpected losses that cannot be recovered.
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