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On the surface, meme coinDogecoin(CRYPTO: DOGE)would appear to have some of the characteristics of a millionaire-maker coin.
For one, it's dirt cheap and trades for just pennies, making it easy to accumulate.
It also has a past history of spiking wildly in value.
But dig a little deeper, and you might want to rethink an investment inDogecoin.
It may have been a millionaire maker in the past, but a lot has changed since then.
Will AI create the world's first trillionaire?Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need.Continue » As a stand-alone investment, Dogecoin has been absolutely dog-awful over the past five years.
Ever since Dogecoin hit an all-time high of $0.74 in May 2021, it's been mostly downhill for the world's most popular meme coin.
Dogecoin is now down a shocking 87% from those highs.
Moreover, all attempts by billionaire Elon Musk to support the meme coin over the past five years have largely gone nowhere.
Yes, you might be able to buy someTesla(NASDAQ: TSLA)merchandise with your Dogecoin, but that's not going to make you a crypto millionaire.
The problem, quite simply, is that the meme coin market is in a serious rut right now.
Fellow dog-themed meme coinShiba Inu(CRYPTO: SHIB)is down 25%.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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