The 3 Obvious Ways How Can Dogecoin Take Us to The Moon!!
The decision of Coinbase to list Dogecoin is obviously big news, not least for the millions of traders that already use the platform to trade cryptocurrencies.
Several platforms are making it possible to trade Dogecoin because cryptocurrency is are not backed by a government. They are kind of risky investments. Cryptocurrency accounts are not protected by a government like US cash placed into a bank account.
How is Dogecoin going to get us to the moon?
But how can Dogecoin take us to the moon? The answer is simple. For starters, we need more platforms to begin accepting the cryptocurrency and the regulatory backdrop should continue to be supportive. This will increase investor confidence in the currency, causing it to rise over time towards its key one dollar level.
Dogecoin can only take us to the moon if people trade it. So when we got the Coinbase news, the first thing that came to mind was how many more people and new investors were going to be trading Dogecoin across the world. We might have also been afraid that it’s meme based characteristics will overshadow the listing, but it now appears that Dogecoin is a serious cryptocurrency, one that can be traded and accessed across the world with millions of people buying and selling it with one click.
The Federal Trade Commission of the US notes if you store cryptocurrency with a third party company and the company goes out of business or is hacked, the government has no obligation to step in and help you get your money back. The value of a cryptocurrency can fluctuate fast even by the hour. The FTC says many variables can influence this, including supply and demand. But there is a reason to believe that a more supportive regulatory backdrop, uncertain inflation outcomes and changing consumer preferences are tilting the balance in favor of Dogecoin.
Dogecoin can take us to the moon for other reasons.
The price of the Dogecoin cryptocurrency skyrocketed, reaching a record high of more than 60 thousand dollars in April. However, the Doge price plummeted when Chinese officials signaled a crackdown on the usage of digital currency. And Tesla CEO Elon Musk revoked the decision to enable Bitcoin payments for Tesla vehicles, citing environmental concerns.
There are other reasons why Dogecoin can take us to the moon, and one of them is the fact that consumer preferences are changing and cryptos are becoming increasingly adopted by a younger cohort of investors. While the uncertainty in inflation and the easy money from central banks are causing people to view cryptocurrency as a hedge. So it’s almost certain that the market for cryptocurrencies will grow in the coming months and years.