Despite the Price Surge, now is the Best Time to Sell Dogecoin

24 April 2022

in DOGE

Reading Time: 3 mins read

Even after the Dogecoin price surge, experts want you to sell off your DOGE tokens!

Dogecoin and Shiba Inu are known competitors since the very beginning of their launch. While Shiba Inu is the second-best, Dogecoin has been sitting at the top of the meme coin pyramid for quite a long time now. Even after several controversies regarding the legitimacy of the coin, Dogecoin has proved its worth as a tough contender for long-term investment options. The DOGE token grew massively by leaps and bounds in 2021 but disappeared into oblivion during the crypto market meltdown later that year. Even though the crypto market had a disappointing start to 2022, the crypto market has massively progressed as it witnessed massive amounts of institutional and national adoption. Dogecoin, in particular, has been in the spotlight because it is Elon Musk’s favorite crypto, one of the many reasons why Dogecoin was able to soar more than any other meme cryptocurrency. After its disappearance during the crypto market downturn, the Dogecoin price has been rebounding recently, but experts say that it is the right time for DOGE holders to sell their coins because the coin is still not up to the mark.

In the first week of April, the Dogecoin price spiked over 10% when Musk revealed that he holds almost 9.2% of Twitter’s stake, which was approximately worth US$2.88 billion. Musk is one of the most famous supporters of Dogecoin, In fact, Tesla has also started accepting DOGE payments on its merchandise store. This news sent the prices of DOGE flying over 11% in January 2022. Several crypto companies are now vouching for the future prospects of Dogecoin. Musk had always planned on making Dogecoin more competitive than any other cryptocurrency. But experts believe that even after its recent price surge, it will be the best time for investors to sell off their DOGE tokens.

Why do experts want you to sell off your DOGE tokens?

The answer is quite simple, Dogecoin is still not up to the mark. Firstly, major cryptocurrencies like Bitcoin and Ethereum offer several real-world utilities. The viability of every single project depends on the prospects of having a real-world utility. But Dogecoin seriously lacks any real-world utility. The DOGE token was created to be a payments network, but it has not really gained much traction. Besides this, Dogecoin lacks a competitive edge. Both Bitcoin and Dogecoin were launched with the aim to be accessible, decentralized, electronic payments networks, but BTC has always had the first-mover advantage. Major cryptocurrencies like Ethereum, Solana and even Shiba Inu are making efforts to increase their investor community. But when it comes to Dogecoin, it seems like most of its profits are generated because Elon Musk prefers it. Coming to Elon Musk, if you are one of the investors who have invested in Dogecoin because it is promoted by musk himself, then you should be aware that Musk is not long-standing. His Twitter feud or acquisition is being referred to as the ‘hostile takeover.’

Bottom Line

Dogecoin will come off as a strong investment option but its fundamentals are still weak. In the future, Dogecoin might yield profits, but it will lack real-world utilities which will be the need of the hour in the coming years.