The prominent NFT project is on the verge of parting with a significant portion of its treasury as disillusioned investors prepare to make their exit.
The U.S. regulator overseeing derivatives markets took action against three firms, one of which had previously employed a lawyer later appointed to lead its technology research division at the CFTC.
In response to a sharp drop in trading volumes that have hit a four-year low, crypto exchanges have launched promotions to bolster their revenue streams.
Well, a $1,000 investment in Dogecoin made in October of 2020 would have netted an investor about 386,000 DOGE. At its current price of 25 cents, that would mean one’s $1,000 investment would be worth just under $100,000 right now. But, let’s not stop there.
Is it worth investing in Dogecoin? Sure, Dogecoin is a standout cryptocurrency. It’s one of the only projects made entirely as a joke, only to see some sort of success. Plus, Dogecoin is also one of the oldest projects in existence. However, because there isn’t much of a unique use case here, Dogecoin is arguably not going to last.
There are multiple reasons Dogecoin is going down. There's been a general sell-off in cryptocurrencies, and Bitcoin, which briefly topped $50,000, has come down to just below $46,000. That sell-off seems to be weighing on DOGE. Dogecoin is also being challenged by fellow meme cryptocurrency Shiba Inu (SHIB) after Coinbase added support for SHIB.
Thus, Dogecoin’s only value is as a cryptocurrency. Yet there appears to be no use for Dogecoin except as a secure storage mechanism for money. Even that use is questionable because Bitcoin offers a similar product that can be used for some commercial transactions.
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