How long you keep your Dogecoin (DOGE) is entirely up to you but here are a few key pieces of advice.
Dogecoin is a joke!
First and foremost when you’re condiering keeping or selling your Dogecoin, you have to remember that its literally a meme coin that was created as a joke.
While it certainly has functionality and fulfills the job of small money transfers or tips, it’s extremely unlikely that Dogecoin will overtake the market cap of coins with more functionality.
So with that in mind, this section of the Dogecoin guide will go over some considerations you need to make if you’re still holding Dogecoin and wondering when to sell.
Every HODLER is different
How long should I keep my Dogecoin?
LOLLL.
As every Dogecoin HODLER is different, this means that there’s no right or wrong answer to this question.
There are literally a million different variables at play here and while this is in no way financial advice, if you were to take it as such then you’d need to provide your own unique story.
But seriously, this is not financial advice so don’t give it to me...
- If you’ve still kept your Dogecoin, then consider the following:
- When you bought your Dogecoin
- Whether you even bought your Dogecoin at all
- How much Dogecoin you bought
- If you bought your Dogecoin at multiple prices
- Whether you were trading or investing in Dogecoin
These are just a few personal considerations that need to be taken into account if you’re wondering how long you should keep your Dogecoin.
There are however a few general pieces of advice I can offer.
Always take profits
The first of which, is that on highly speculative assets such as Dogecoin, you should always be taking profit off the table.
Even if you want to keep your investment for the long term just to see how high Dogecoin will go, then you can still take profits along the way.
One trading example is to *move your stop to breakeven”.
What this means, is that essentially you have given yourself a free trade.
Everyone loves free stuff :)
Depending on how risk averse you are, you don’t even have to move your entire stop to break even.
You could instead choose to just take 50% off, so you’re locking in profits and lowering your risk.
That way if you wake up to another crypto sea of red (and you know it’s going to happen), you’re only going to lose half your Dogecoin investment.
”Nobody ever went broke taking profits!”
Diversify into other cryptocurrencies
Let’s revisit the point we made above where we spoke about Dogecoin having purpose… but just not an entirely world-changing one.
Some cryptocurrencies really do have the ability to change world.
Think what Bitcoin is doing for citizens under authoritarian governments or the decentralised global internet being run on Ethereum or our very own Hive blockchain.
It’s my opinion that we’re seeing celebrities like Elon Musk using memecoins such as Dogecoin as a gateway to the adoption of truly world changing projects.
People will come for the memes and stay for the tech.
With that in mind, maybe it is time to start thinking about selling your Dogecoin and using those profits to diversify into other cryptocurrencies?
As always however, the decision is entirely your own.
Best of probabilities to you.
Direct from the desk of Dane Williams.
Why not leave a comment and share your thoughts on how long you should keep your Dogecoin, within the comments section below? All comments that add something to the discussion will be upvoted.
This Dogecoin blog is exclusive to leofinance.io.