Dogecoin (CRYPTO: DOGE) co-creator Billy Markus has advised investors to trade in the meme cryptocurrency similar to how he plays casinos.
What Happened: Markus took to Twitter to say that Dogecoin investors should take enough profits that they don’t go insane when the cryptocurrency’s price falls, but should also have enough money for a “moonshot” to buy Dogecoin when its price surges.
IMO people should take enough profits that they don’t go insane if it goes down and still have enough for a moonshot if it goes up. That’s how I play casino – if I’m up I’ll keep what I put in + some profits and play the rest with house money.
— Shibetoshi Nakamoto (@BillyM2k) July 26, 2021
The Dogecoin co-founder’s advice found support from the Dogecoin community.
I’ll admit that this is what I did on my birthday (May 7th) …now I’m just having fun reinvesting in some of the dips and riding the roller coaster
— cyn (@cyn_dogelover) July 26, 2021
Why It Matters: Markus’ comments assume significance as cryptocurrencies, including Dogecoin, are seeing high volatility in recent days. Over the last 30 days, the meme coin has fallen 13.4%. However, the Shiba Inu-themed cryptocurrency’s year-to-date gains stand at 3,607.4%, as of press time.
The price of Dogecoin and other major cryptocurrencies rebounded on Sunday evening amid speculation that e-commerce giant Amazon.com Inc. (NASDAQ:AMZN) is looking to accept apex cryptocurrency Bitcoin (CRYPTO: BTC) by the end of the year.
Markus had noted last week on Twitter that “nothing is guaranteed” when it comes to cryptocurrencies, citing examples of the historical prices of Ethereum (CRYPTO: ETH) to make his point.
Price Action: Dogecoin is up 7.6% during the last 24 hours, trading at $0.2093 at press time.