The digital asset market is extremely volatile. Dogecoin (DOGE +1.85%) is the perfect example of this. As of April 15, this cryptocurrency is trading 86% below its record high from May 2021.
You might be interested in buying this meme token with the hope that it can turn things around, and that its price can bounce back to produce strong returns. I’m critical of this plan, though. Here is the honest truth about investing in Dogecoin.
Dogecoin’s price moves aren’t rooted in fundamentals
There are currently 17 full-time developers working on Dogecoin, according to data from Electric Capital. Meanwhile, 86 blockchain networks have a bigger active developer community. This is a clear signal that Dogecoin isn’t bringing on these valuable stakeholders that can…
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