2 Stocks to Buy Now Instead of Dogecoin
After a stunning run-up that saw its price jump over 24,000% in a single year, Dogecoin's (CRYPTO: DOGE) value is now down about 48% from its all-time highs last month. Investors went into a speculative run-up after the founder and CEO of Tesla, Elon Musk (colloquially known as "the doge father"), publicly announced his investment in the meme currency.
Unfortunately, Dogecoin's poor economics makes it a terrible investment from all angles. Most important of all, there are no caps on the coin's supply. There are 129.7 billion Dogecoins outstanding, with 5 billion more created out of thin air each year. What's more, 13 wallets control as much as 50% of the coin's circulating supply, making its price extremely susceptible to manipulation and pump-and-dump schemes.
Dogecoin and other cryptocurrencies recently went into a significant bear market with no end to the sell-off in sight -- aside from bull traps. The stock market has mostly been untouched by this latest bursting of a digital currency speculative bubble.
Source Fool.com
