- author: TTN
Navigating the Dogecoin Market: A Day-by-Day Update
Welcome back to our Dogecoin investing series, where we take a day-by-day look at investing in cryptocurrency. In this series, we showcase what it's like to own Dogecoin, explore market trends, and provide investment strategies.
Today's Market Update
As of today, we have about $120 invested in Dogecoin, owning over 4,000 shares. However, the market is proving to be unpredictable. Today, we saw a little bit of a wild ride with the price of Dogecoin. Initially, it went up almost 2%, peaking at $145. Then, it dropped a bit, only to spike heavily once again at 1:50 pm, then dropped again, and is currently on a downswing.
This market volatility highlights the unpredictability of the current Dogecoin market. While many people are talking about Dogecoin, causing the price to increase, others are quick to cash in their profits, leading to massive dips.
A Confusing Time for Dogecoin
If you had taken advantage of what was happening yesterday, you would have seen the decent dip that occurred, which dropped the price of Dogecoin. However, today is seeing a little bit of a jump again. It is going to be interesting to see how the week unfolds, as a lot of people may not be able to buy Dogecoin on Robinhood due to changes in the access of funds to purchase cryptocurrency.
Robinhood no longer offers instant access to funds when purchasing cryptocurrency. For example, if you deposit $20 on Robinhood, you now have to wait until the money is on Robinhood before you can buy cryptocurrency. This change in policy has led to inconvenience and frustration among many Dogecoin investors.
Investing on Multiple Platforms
Although Robinhood is where we own our Dogecoin, we're in the process of signing up for other platforms. We want to test other platforms before investing on them and making videos about them. It is important to diversify your holdings across platforms to mitigate risks in the future and not have all your eggs in one basket.
That said, we're predicting a lot of changes in the market dynamics this week, and it might not always be on Robinhood that we invest the most in the future. If Dogecoin starts spiking, we'll probably keep our investment on Robinhood and invest in additional Dogecoin on another platform.
The Current Status of our Dogecoin Investment
As of now, if we sell our Dogecoin, we'll have an approximately $45 profit, but that's subject to market changes. Our average cost of Dogecoin is a little over two cents, almost three cents at this point, and we're happy with the current market value of our investment.
We want to emphasize that we are not financial advisors or investment experts. Our videos offer demonstrations of what investing a little over $100 in Dogecoin is like. We hope that our day-by-day updates on Dogecoin investing help you make more informed decisions about your investments.
Let us know in the comments how many Dogecoins you currently own and if you plan on buying more if the price dips or selling once the price spikes. And as always, hit the like button if you enjoyed watching this video.