What About DOGE?

Bitcoin (BTC) is set to surge this year…

Antoni Trenchev, CEO of crypto lending firm Nexo, said Bitcoin’s value could jump to $100,000 in 2022. 

He added that while it may struggle in the short term due to the Federal Reserve’s tightening money policies, it could ultimately prove to be a boon for Bitcoin. 

Trenchev believes the unwinding of stimulus and an increase in interest rates may fuel a crash in equities, pushing the central bank to return to easier policies. 

In this instance, it would allow Bitcoin’s value to more than double over the next 12 months.

Meanwhile, other crypto experts noted that the crypto market has matured, ensuring there is ample liquidity flowing through the space as institutional investors pounce on digital assets. 

Since crypto’s most recent boom, Wall Street investors have poured millions of dollars into Bitcoin under the assumption that it may become a currency to protect against market volatility.

Even so, some headwinds remain for the digital coin. Governments worldwide are taking different regulatory stances on cryptocurrencies – creating uncertainty in the space. 

This has resulted in lower volumes in digital asset trades, which also have some anticipating short-term declines ahead. 

However, experts remain bullish about Bitcoin and other cryptocurrencies – adding that they’re continuing to gain mainstream adoption that will ultimately send them higher in the years ahead. 

And even if Bitcoin’s value further struggles in the months ahead, investors can purchase smaller cryptocurrencies that may be set to surge over the short term… but not the long term.

These cryptocurrencies – the ones that have no real utility but piggy back off the success of Bitcoin – have been called, by many in the crypto world including myself, “sh**coins”.

The average crypto investor should stay away from these types of coins. This includes the infamous Dogecoin (DOGE). Even though the digital coin started off as a joke, it quickly gained attention from major investors like Elon Musk and Mark Cuban, resulting in a meteoric rise in value.

And even with the support of Mark Cuban and Elon Musk, DOGE is sitting on one of the ugliest, most-lifeless charts you’ll ever see.

This chart looks a little bit less ugly after reports broke on April 25th that Twitter will accept Elon Musk’s takeover offer.

Soon, DOGE soared over 10% while the rest of the market struggled. But this is a minor bump upward compared to the overall trend when it comes to DOGE.

I would suggest you stay away, and focus on the one coin that matters the most: Bitcoin.

This story was updated on April 25th, 2022.

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