3 Reasons to Sell Dogecoin Right Now

Up 17% in the last 30 days with a market cap of $19.3 billion, Dogecoin (CRYPTO: DOGE) is showing signs of recovery. But this might be a dead cat bounce. The asset still faces serious headwinds that could position it for more downside in the long term. Let's dig deeper.

Like many of Dogecoin's rallies, this recent move upward has a lot to do with Tesla's CEO, Elon Musk. The controversial executive has made a multibillion-dollar offer to acquire social media giant Twitter. Some investors believe Dogecoin could benefit from a Musk-owned Twitter because he often promotes the coin through tweets on the site.

Musk also suggests that he will allow people to use DOGE to pay for Twitter's subscription service, Twitter Blue, if the deal goes through. But aside from that, the buyout will probably have no fundamental impact on Dogecoin. And this means it's unlikely to drive sustainable growth for investors.

Source Fool.com