With the hype right now, Dogecoin is really the fastest-growing crypto right now. And I am positive that no exchange will want to miss out on the trading volume it is getting. This is why, after huge demand, Webull has added the option to trade Dogecoin on their platform. They have been beta testing the same for a while, and now the company has finally pushed it out for all users on Dogeday. It will be great for the exchange as they get more users and for Dogecoin as it becomes available on another major platform.
Doge’s superfast growth
It happened right in front of my eyes, from $0.06 to $0.45 in just a few days. I have never seen anything like this before and am super stoked about the fact that a meme is now the 5th largest cryptocurrency by market cap. Also, the fact that its supply is unlimited makes it all the more special. In 2021 the currency has surged by more than 77x, and from 2020, it has been 165x. And as the prices continue to rise and make new highs, we are getting closer to the moon.
Webull is a large platform, and it giving the option to trade Dogecoin will surely bring in a lot of new users to the game. It’s said that Doge is people’s cryptocurrency. And therefore, the more people participate in the rally, the merrier. The company even said that Dogecoin was the most requested crypto on their platform, and so they added it “purely due to demand.” Considering that Webull gets around 1/3rd of its revenue from crypto trading, they make sure to give what users want.
Should you trade Dogecoin?
Many analysts say that the price of Dogecoin is super pumped. And there is a huge risk involved in investing in the same. You can actually make your money 10x or even 100x in a very short period of time, but things might go entirely sideways too. Often people fall prey to pump and dump schemes by entering the market at the wrong time. If you are willing to take the risk, then yeah, you can trade Dogecoin. In fact, even I stopped myself from investing in it, as I didn’t want to risk my savings.
A wise thing to do will be to allocate a small part of your portfolio in the same. For example, a 10-15% will be okay, and if you are too generous, then maybe 20%. And the rest of your money can be invested in more balanced and fundamentally strong coins. This will bring a perfect balance between risk and returns. Do note that this is not financial advice, and you should invest at your own risk.
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