The CEO of Tesla, who happens to be Elon Musk, stated that there have been massive changes in the highly renowned dogecoin. For those who don’t know, dogecoin is a meme based crypto option that gained a fair bit of popularity when it was launched.
However, people did not think that it would have a lot of profitability to offer. Surprisingly, it turned out that dogecoin did have a great deal of profits to offer and people were making massive profits by investing in this option. It would be fair to say that this coin had a fair bit of steam behind it.
Unfortunately, as time passed, dogecoin started to lose its momentum and its popularity and profitability went downwards. The people who invested in this coin lost a fair bit of their investments, which is why a large number of people considered abandoning this crypto.
However, if you have been trading or even investing in crypto for a while, you will be well aware of the fact that crypto options always go up and down one time or the other. Volatility is a highly prevalent part of the crypto space and almost every crypto option experiences it.
It has happened to bitcoin, ethereum and a variety of other crypto trading options. That being said, dogecoin never had the reputation that the bigger cryptocurrencies have. It would even be fair to say that it is somewhat of an underdog or a wildcard among a plethora of other crypto tokens.
As mentioned earlier, while people did make massive profits out of dogecoin, its profitability slowly but surely went downwards. In some cases, a large number of investors as well as analysts thought that there is no chance that dogecoin would make a comeback. Fortunately, this crypto option proved them wrong.
One of the reasons behind that is people have been noticing high returns from their dogecoin investments once again. It proves that dogecoin indeed has its place in the crypto world and will improve in strides in the near future. Because of this, there has been a notable increase in dogecoin investments and even newcomers are giving this crypto coin a try.
Believe it or not, even renowned celebrities are trying this crypto option and have been receiving high returns. Elon Musk, in particular, has been a massive supporter of this coin and has been singing praises about it for a while. That said, the important question that a large number of people have been asking is, if this crypto coin would have more to offer down the line.
Well, if you judge things by how they have been going recently, dogecoin could definitely offer much more in the future.