On the floor, meme coin Dogecoin (CRYPTO: DOGE) would seem to have a number of the traits of a millionaire-maker coin. For one, it is filth low-cost and trades for simply pennies, making it simple to build up. It additionally has a previous historical past of spiking wildly in worth.
However dig a little deeper, and also you may need to rethink an funding in Dogecoin. It might have been a millionaire maker previously, however a lot has modified since then.
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Dogecoin’s current efficiency
As a stand-alone funding, Dogecoin has been completely dog-awful over the previous 5 years. And that is an understatement. Ever since Dogecoin hit an all-time excessive of $0.74 in Could 2021, it has been largely downhill for the world’s hottest meme coin.
Dogecoin is now down a stunning 87% from these highs. Furthermore, all makes an attempt by billionaire Elon Musk to help the meme coin over the previous 5 years have largely gone nowhere. Sure, you may have the ability to purchase some Tesla (NASDAQ: TSLA) merchandise along with your Dogecoin, however that is not going to make you a crypto millionaire.
The issue, fairly merely, is that the meme coin market is in a critical rut proper now. For the 12 months, Dogecoin is down 20%. Fellow dog-themed meme coin Shiba Inu (CRYPTO: SHIB) is down 25%. The meme coin market is simply too saturated, and there is merely no investor urge for food for any such threat proper now.
Dogecoin’s seek for that means
As could be anticipated, there was loads of hype and buzz about how Dogecoin goes to show itself round and make traders wealthy.
The most recent buzz is over a partnership with Paxos, a supplier of crypto buying and selling and custody options. The hope right here is that Dogecoin can by some means turn into a part of the mainstream monetary world, providing actual utility.
Earlier than that, there was the launch of the first spot Dogecoin ETF in September. These new ETFs had been supposed to herald cash from deep-pocketed institutional traders and ship the worth of Dogecoin hovering. However they have not, and are unlikely to take action.
Are you able to earn money with Dogecoin?
All of that being stated, it’d nonetheless be potential to earn money with Dogecoin. For instance, you possibly can wager towards Dogecoin on numerous on-line prediction market platforms. There, you would be rooting for the worth of Dogecoin to fall. If that occurs, you’d earn money.
