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High-risk high-reward cryptocurrencies, are they worth it?

High-risk high-reward cryptocurrencies, are they worth it?
04/02/2022 By coinlover
Last year proved to be a very good year not only for Bitcoin , but even for hundreeds of other cryptocurrencies.

Some examples like Shiba Inu, Doge coin or Solana or Avalanche went crazy during 2021 and  whoever dared to invest in these altcoins ended up with thousands of dollars profits in a short time.

Memecoin Shiba Inu saw its price grow by more than 300 percent within one month and it ranked as one of the biggest crypto n the world based on 24h trading volume in October 2021(almost reached Ethereum trading activity). But this shining star lost its brightness right away. Today the value of Shiba Inu is even lower than the price when the crazy increasing happened.

 

Doge coin the other memecoin , reached new heights in early 2021. Between January 28 and January 29, Dogecoin’s value grew by around 216 percent to 0.023535 U.S. dollars after comments from Tesla CEO Elon Musk. Doge reached its peak in April when touching nearly 0.7 U.S dollars, but same as Shiba Inu now it’s worth 0.139$.

Solana also grew its market cap by 400% in the summer of 2021. The big growth last year made this coin one of the biggest in the world in terms of Market Cap.

But the main question is , ARE THEY WORTH IT?

Well , technically the short answer is , YES! But, are you ready (even emotionally) to see your account balance going from thousands of euros to hundreeds of euros within one night, and maybe to thousands of euros in the next day again?

It wouldn’t be wise to invest too much of your money in Shib, Doge or other altcoins. The coin may bring you quick profits but it’s not a long-term investment for sure and the situation in 2021 showed it perfectly.

So, to conclude this post we are offering these solutions:
  1. Invest what you can afford to lose. If you have 1000$ in your wallet , we suggest to buy maximum 100$ on these coins.
  2. Cash out! When you see that your coins reached a good result it would be better to convert these coins in fiat currency. WHATEVER GOES UP MUST COME DOWN law should always be followed.
  3. Check indicators like RSI, Bollinger Bands , OBV or MACD. They will help you a lot to make the right decisions
  4. It’s better to stay on short-term investments. Because of high volatility we suggest you to sell the coins within hours or a few days after you bought them. DON’T BE GREEDY !