Crypto trader Scott Melker calls dogecoin a good entry point into crypto investing

Crypto trader and investor Scott Melker, also known as “Wolf of All Streets,” put in some good words for dogecoin, referring to the 2013 joke crypto as a good way for new investors to get involved with cryptocurrency.

Melker shared that the meme digital currency has been a very effective strategy for a long time now, believing it is an excellent entry point for investors planning to dive into the crypto market because it is currently priced at less than a dollar and is backed by influential celebrities such as Tesla Chief Executive Officer Elon Musk and NBA Dallas Mavericks team owner Mark Cuban.

As far as crypto investing is concerned, 70% of the crypto trader’s portfolio is allocated for long-term investment strategies, clinging to the idea that holding cryptocurrency long-term is the best way to make money.

An absolute but beautiful joke

Melker has revealed owning tens of millions of dogecoins at one point and he traded against bitcoin when it was all the way down a few months ago. At the time when the investor sold his stash of the meme coin, it was at the “top of its normal cycle at just under a cent. At press time, dogecoin is down by 33.4% for the past seven days and is changing hands at $0.33.

But make no mistake, the “Wolf of All Streets” is all too familiar with some of the drawbacks of the 2013 meme-based altcoin, aware that it doesn’t have any fundamental value. Per news.bitcoin.com, the investor said, “It’s absolutely a joke; it’s a beautiful joke, a beloved joke in the community.”

Short pieces of advice offered

Melker offered two tips for anyone who wishes to invest in dogecoin. First, they need to do their homework and get good information about the market. Second, they must learn from their mistakes as traders more often than not make them all the time.

 

Image courtesy of Cointelegraph News/YouTube

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.