I’m in the backyard enjoying the weather with some wine, and it’s time to play a favorite game of mine — Bang, Buy, Bust!
For the uninitiated, this is where I pick three stocks: one to bang for quick profits, one to buy and hold, and one stock that’s a bust… a pig stock, if you will.
And for this installment, I’m going to mix things up a little.
You see, my latest “Bust” isn’t a stock at all. No, sir.
For this one, we’re going to hit on one of the market’s hottest sectors — cryptocurrency. And, specifically, the Dogecoin hype train…
The internet isn’t going to be happy about this one…
That’s right, today I’m here to “Bust” the Dogecoin (DOGE) hype train.
Every “meme-stonk” investor’s favorite “doge” has been the focus of a lot of hype in recent weeks.
Digital trading platform Webull recently added DOGE to its trading service, and gave it a huge marketing push ahead of the April 20 “Doge Day” celebration.
The event was created by DOGE enthusiasts to help push the crypto price up to $1 per coin. That move topped out just above $0.40.
But Tesla CEO and multimedia lightning rod Elon Musk came to the rescue.
Musk has mentioned the crypto on his Twitter account several times, calling it his “fav” and “the people’s crypto.”
“The Dogefather” also teased that he’ll feature the joke crypto — yes, Dogecoin actually started as a joke in 2013 — in his upcoming May 8 appearance on Saturday Night Live.
The Dogefather— Elon Musk (@elonmusk) April 28, 2021
SNL May 8
I can’t say the hype isn’t paying off in the short term.
DOGE popped above the $0.30 mark the morning after Musk’s SNL tweet. The coin had been in a week-long funk after “Doge Day” celebration, with the price dropping over 50% from above $0.40 to $0.19 cents in three days.
Since the mention, DOGE has more than doubled, including a 50% move higher Tuesday morning alone, up to $0.60
But the real question is can DOGE sustain this move once the publicity campaign dies down, or will it drop like a stone the way it did after Doge Day?
Let’s talk about that. Check out today’s video below to find out my “Bang” and “Buy.” Let me know in the comments if you’re on board the Dogecoin hype train, or if you think I’m right.
And don’t forget to subscribe to our YouTube channel if you haven’t already so you can be notified as soon as we post our next video!
P.S., In the world of trading, most only like to talk about the good times…
“The easy times” when traders and investors get in a stock after a massive sell-off and just about everything is a bargain.
But things have changed over the past 12 months…
The stock market has been breaking new highs… over and over again. And when this happens, trading tends to turn tough.
That’s why WealthPress Senior Strategist Roger Scott is revealing the three profit rules he uses to navigate the markets in uncertain times like these…
And the No. 1 stock that he believes is unbreakable!