Dogecoin (CRYPTO:DOGE) investors have been on a wild ride this year. Between January and May, its price skyrocketed over 15,000% to a little over $0.74, only to lose more than half of its value just weeks later. But as of this writing, Dogecoin is still up about 6,700% year to date, and the price has been climbing consistently over the past month.
Investors may see this as an opportunity — perhaps the Shiba Inu is finally back on track to reach the moon! But before you make any decisions, it’s important to consider the risks and weigh all of your options. For instance, there are ways to get Dogecoin exposure in your portfolio without actually buying any cryptocurrency. Let’s dive in.
The downside of Dogecoin
Dogecoin started as a joke, but it has garnered a substantial following on social platforms like Reddit and TikTok. In fact, earlier this year, Dogecoin surpassed Bitcoin to become the most mentioned cryptocurrency on Twitter. And of course, Elon Musk added fuel to that fire with a series of amusing tweets mentioning Dogecoin.
But here’s the problem: Dogecoin’s value is based solely