- 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.
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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.
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
