Bitcoin News and Finance
‘Wolf of All Streets’ Trader Says Dogecoin Is a Good Entry Point to Cryptocurrency, Has Advice for DOGE Investors Skip to main content

‘Wolf of All Streets’ Trader Says Dogecoin Is a Good Entry Point to Cryptocurrency, Has Advice for DOGE Investors

'Wolf of All Streets' Trader Says Dogecoin Is a Good Entry Point to Cryptocurrency, Has Advice for DOGE Investors

Crypto trader Scott Melker, also known as the “Wolf of All Streets,” says dogecoin is a good way for new investors to get into cryptocurrency. Sharing his own experience in investing in the meme cryptocurrency, he now has some advice for new dogecoin investors.

‘Wolf of All Streets’ Scott Melker to Dogecoin Investors

Crypto investor Scott Melker has shared his experience in dogecoin investing, the Insider reported Friday. He also shared some advice he has for new dogecoin investors.

Melker is a trader and investor both privately and at Texas West Capital. He is the host of “The Wolf of All Streets Podcast,” the author of “The Wolf Den” newsletter, and an advisor to a number of blockchain-based projects. He also had a 20-year music career. In June last year, Binance awarded him the Influencer of the Year Award for North America.

Focusing on crypto investing, 70% of Melker’s own portfolio is allocated to long-term investment strategies. He believes that holding cryptocurrency long-term is the best way to make money.

Regarding dogecoin, Melker said that the meme cryptocurrency has been a very effective strategy for a long time. He believes that DOGE is a good entry point for investors to the crypto market since its price is currently less than a dollar and it is heavily touted by a growing number of celebrities and influential individuals, such as Tesla CEO Elon Musk, who calls himself the Dogefather.

The price chart for dogecoin. Source: Markets.Bitcoin.com

Melker revealed that at one point he owned tens of millions of dogecoins, if not more, the publication conveyed. “I did it again [recently] and I traded against bitcoin, when it was all the way down a few months ago,” he said. When he sold, the meme coin reached the top of its normal cycle at just under a cent, he detailed. Currently, dogecoin is trading at about 40 cents. Melker opined:

It just continued and obviously went up another 70 times from there, or something absurd. But I don’t fault myself for making decisions based on information that I don’t have. And if you do that as a trader, you’ll drive yourself absolutely insane.

The Wolf of All Streets trader is aware that dogecoin does not have any fundamental value. “It’s absolutely a joke, it’s a beautiful joke, a beloved joke in the community,” he said.

He proceeded to give his two top tips for anyone interested in investing in dogecoin.

Firstly, he said to do your homework and get good information. “There’s just endless information on crypto in the market right now,” he noted. “It’s very easy to find and I think the mainstream is being served that information, whether they like it or not at this point.”

Secondly, he said it is important to learn from your mistakes, emphasizing that everyone makes them. “If you can’t learn from your own mistakes, you shouldn’t be trading at all,” Melker exclaimed, adding that one way to learn from mistakes is by maintaining a trading journal.

“If you write down your trade plan before you take it and say I took the trade here, there is no way to lie to yourself about the fact that you decided to change mid-trade,” Melker noted. Reiterating that “you can’t hide that from yourself if you keep a trading journal,” he concluded:

So I think it’s really, really essential because you’ll never learn unless you record them.

What do you think about Melker’s advice about dogecoin investing? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory