Cryptocurrency: Dogecoin Dips in Price, Is It The Right Time to Invest?

Dogecoin hasn't done any significant moves in the last six months. The Tesla CEO Elon Musk-backed meme coin has dipped drastically and is currently down - 15.38% since the past 24 hours. The cryptocurrency, which reached its All-Time High of $0.7376 on May 08, 2021 (7 months ago), is now trading at $0.174738.

It means the coin has fallen more than 50% down from where it was seven months ago. Investors, who have been keeping track of the digital currency, have grabbed the opportunity to load their bags with Dogecoin during the big slump.

"Bagged some .14 cent #dogecoin last night. #hodl #dogecoinfortesla #DogecoinToTheMoon," wrote a whale on Twitter.

Dogecoin Cryptocurrency
Twitter / Dogecoin

Speaking of the possibility of a bear market riot and investing in cryptocurrency, stock market and crypto analyst Del Crxpto, during a discussion on Twitter space, said, "It's a risk. I can't lie that people might be putting themselves into an advantageous position, but when the market throws the curveball, I too get confused as to what is going to happen."

Elon Musk yet again endorses DOGE

Meanwhile, billionaire Musk has once again left investors chasing the meme coin after he endorsed the cryptocurrency. The founder of SpaceX simply wrote, "Dooooge" implying that it can be used to make Decentralised Finance (DeFi) more accessible to everyone in response to a tweet by the crypto exchange CoinDesk about high transaction fees with Ethereum.

Should you invest in cryptocurrencies?

Well, most of the time investors mull over whether or not to 'buy the dip.' When there is a massive dip or a bull run there's a chance of making a profit. However, it's very unpredictable. Even experts are sometimes unable to tell when is the best time to invest in a particular digital token or cryptocurrency.

So, it's better to scrutinize the digital token/currency before investing your hard-earned money. As far as investing in Dogecoin is concerned, it might be a good time to buy the dip. Moreover, if you want to get the best fruit, you have to take a risk.

At the time of writing this article, Dogecoin was trading at down - 15.38% in the day's trade, according to CoinMarketCap.

International Business Times advises investors and crypto enthusiasts to keep track of the latest updates in the crypto market.