Should you buy Dogecoin? One big reason why you should not

Dogecoin has gained unprecedented fame in the past couple of weeks. With this, the cryptocurrency market value is fluctuating like never before, and not many are sure what to do about it. Here are some insights that might help.

Dogecoin is the protagonist of a cryptocurrency tale that no one could have predicted beforehand. As the fame of the meme cryptocurrency grew, its market value dwindled in the last couple of weeks like a candle flame in the wind. It experienced an unimaginable high and came crashing down soon after. What started as a joke of a cryptocurrency hit a record peak earlier this week, with a jaw-dropping market capitalisation of more than $50 billion. This made Dogecoin bigger than the automobile giant Ford Motor Co and American food and beverage company Kraft Heinz Co in market value. The rise was fueled right before April 20, a day that is celebrated as Doge Day. Fans of the cryptocurrency invested in it in the masses and skyrocketed its price to a record high. Dogecoin was hailed on various social media platforms and, of course, had the backing of tech icon Elon Musk.