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Why Dogecoin Plunged 11% Today

Yesterday’s pop is wearing off quickly.

What happened 

The value of Dogecoin (CRYPTO:DOGE) plunged as much as 11% on Wednesday as yesterday’s pop wears off. Shares are down 8.9% in the past 24 hours and off about 20% from its Tuesday peak.

So what 

Shares of Dogecoin jumped over 40% early on Tuesday after Elon Musk tweeted that Tesla will make some merchandise buyable with Dogecoin. The Tesla CEO has been a key proponent for Dogecoin, and this is the first time he’s brought up a real utility for the cryptocurrency. That said, merchandise is a small utility and even that may not last long.

Cryptocurrency chart and graphs.
IMAGE SOURCE: GETTY IMAGES.

The move in the second half of Monday and into Tuesday was simply giving back the gains from Musk’s tweet. And considering that most cryptocurrencies are down this week, it’s no surprise to see the value of Dogecoin fall as it moves closer to where it traded over the weekend.

Now what 

Volatility is common in cryptocurrency, but Dogecoin has been one of the most volatile since last spring. Values have jumped, primarily on Musk’s tweets, but the value of Dogecoin has been in decline since May as people find few uses for the coin outside of trading. That could be a challenge for this cryptocurrency long term, and without any real utility for it, I’ll be staying out of Dogecoin for now.

Should you invest $1,000 in Dogecoin right now?

Before you consider Dogecoin, you’ll want to hear this.

Our award-winning analyst team just revealed what they believe are the 10 best stocks for investors to buy right now… and Dogecoin wasn’t one of them.

The online investing service they’ve run for nearly two decades, Motley Fool Stock Advisor, has beaten the stock market by over 4X.* And right now, they think there are 10 stocks that are better buys.

Source: fool.com

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About Skyhigh.Vip  

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Flexgigzz is the Asia leading marketplace for freelancers service and together with SOHO Learning Hub which is an online platform for short courses and both of them aims to be the number one provider in Asia. For growth industries such as E-Sport Authority which is dedicated to providing independent media coverage to all E-Sport News related from around the world and for the art world, there is Atelier Auction which is an investable art auctioneer and being in the art scene for decades.

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