Dogecoin’s popularity has grown so much that it has been added to most popular platforms. But Coinbase, the largest crypto exchange in the US, has been one of the few ones that have yet to allow it on their exchange. And now it has been announced by the CEO of the company that Dogecoin will be listed there within the next 2 months. This announcement was made during a meeting with investors to discuss the Q1 performance of 2021 which was also great.
The rise in Dogecoin’s demand
There has been a significant rise in the trading of Dogecoin in the last few months. Twitter has been filled up with requests from Doge holders and traders to add it to Coinbase. People are saying that the exchange will see unprecedented traffic if the token is added to the app. And now Doge lovers are finally being given what they wanted for so long. This news, combined with the fact that Elon Musk tweeted about Doge today, makes it possible that Doge’s prices could begin to rally again.
It has failed seriously in an attempt to reach $1, and now the upside move has resumed again. At present, the price of Doge is up from about 36 cents to 52 cents in the last 12 hours. And it is moving closer to its all-time high at 75 cents.
Should you buy Dogecoin now?
I think it would have been a great buy at 36 cents, but even at 52 cents, it’s not bad. Considering the fact that the market is reacting in a good way to Elon’s tweets, we could soon see a massive rally to 75 cents and even higher to $1. But it is definitely a risky trade. You could say that the high risk to reward ratio is at play here. Going in with a part of your portfolio and a strict stop loss is very important, even if you do plan to buy Doge right now. Do your due diligence before making any investment decisions as a market that’s influenced by tweets can move either way easily.
Have you invested in Doge when it was just a few cents? Or are you looked at it after the 1st time it actually took off? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.