Dogecoin's 12000% increase within the year may trigger the next “100x coin” gold rush

Following the explosive rebound of Bitcoin and Dogecoin this year, more retail investors are entering the cryptocurrency sector further, starting a new round of “100 times the coin” gold rush. According to data from the comparison terminal, as of press time, Dogecoin's price was 0.608963 US dollars, ranking fourth in total market capitalization, with a decline of 5.10% in the past 24 hours.

Dogecoin is a cryptocurrency, commonly known as Dogecoin, although it is often referred to as “three no coins” (“no technical highlights, no strong endorsements, no application landing”). Dogecoin was originally created as a joke among cryptocurrency enthusiasts, and its name also comes from a popular emoji pack. Despite the “three no's” background, it still exploded in popularity in 2021, supported by top influencers such as Musk. Dogecoin jumped to become the fourth largest cryptocurrency in the world, while Bitcoin briefly climbed to over 60,000 dollars each last month. Bitcoin's price has more than doubled since the end of 2020, and this rise has also prompted investors to gradually turn their attention to newer digital assets such as DigiByte, VeChain, and SafeMoon to find the next “100 times coin” or even “1,000 times the coin.”

At the Ethereal Virtual Summit on Thursday, Dallas Mavericks owner and billionaire investor Mark Cuban said that Dogecoin is moving towards $1 and will stabilize once it reaches $1. “Now, for a while, it will drop to 60, 70, 80 cents,” he said. But in the long run, I think it might be fixed at $1, but that's just a guess”. Cuban added that as long as Dogecoin is actually used for some purpose, then it's not just a speculative tool. As far as currencies are concerned, DOGE is becoming more and more practical. “You can go to the Mavs store and you can spend, and we get more Dogecoin than Ethereum or Bitcoin by selling products,” he said.

A large number of retail investors jumped left and right, from oil to precious metals, from stocks to cryptocurrencies, from Bitcoin to today's Dogecoin. The trend of retail investors frantically seeking higher return on investment indicates that there will be more widespread fanaticism and will continue to drive the price increase of a range of assets, including stocks, commodities (such as gold, silver), and cryptocurrencies. As more Americans spend more and more time at home during the pandemic, their time to indulge in online transactions will also increase. Also, economic stimulus checks are being received one after another, and more retail investors will be filled with ammunition. Eventually, these retail speculators will become an extremely uncontrollable new force in financial markets.

The way they invest in cryptocurrencies is often based on rumors and speculations in online forums and chat groups. This extremely dangerous trading method indicates that the market is overheating, and when the bubble actually bursts, these retail investors are also often the ones who suffer the most.

Susannah Streeter, a senior investment and market analyst at British asset management company Hargreaves Lansdown, said in an interview with the Wall Street Journal, “It's like playing a slot machine. All investors are wondering, what can make me rich overnight? “Investment decisions are based solely on speculation, or even rumors, and not on the fundamental value of the currency.”

Currently, there are many tokens in the crypto market, and the quality is mixed. Without in-depth research, the risk of rashly investing in unfamiliar currencies will be uncontrollable. Because cryptocurrencies are relatively new investment products, trading methods are not as mature as traditional investment products, and news is relatively blocked, leading to widespread fraud and rumors. Inequality of information is also bound to be one step slower in transactions, leading to merciless harvesting. How to get real money from the wealth of information in the crypto market?Comparing terminalsIt's your investment tool to help you find out the real ones”One hundred times the coin” or even”Thousand times coins”.

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