Dogecoin Down and Out After Silicon Valley Bank Collapse
Dogecoin (DOGE) was already having a rough time, and this week it got much worse. On Thursday, news broke that Silicon Valley Bank (SVB) had collapsed, and with it, taking DOGE down 11%.
It marks another harsh blow for DOGE, which earlier this month had seen huge gains from retail investors only to be dragged down by a bundle of bad news.
Causes of Dogecoin’s Decline
First there was FOMO – fears that retail investors were causing the price of DOGE to rise too quickly – which caused more cautious investors to back out.
Then the news that Elon Musk would no longer appear on SNL (Saturday Night Live) to promote DOGE further spooked the market and caused a sharp decline.
But the final nail in the coffin came when SVB collapsed, sending shock waves through the market and dragging DOGE down with it.
Could It Get Any Worse?
The collapse of SVB is likely the final straw for DOGE investors, who had already been suffering from a rollercoaster of highs and lows.
But, despite it all, DOGE is still up 4% for the month. So, maybe, if we all cross our fingers, DOGE could make a comeback.
It could be worse – much worse – after all, no one wants to be like Bitconnect, forever doomed to failure.
A Few Tips for DOGE Investors
For DOGE holders, the news of SVB’s collapse may be disheartening, but there are still a few things to keep in mind:
- Don’t Panic – Take the Long View
- Diversify Your Portfolio
- Stay Informed
It’s easy to feel overwhelmed when things go south, but it’s important to remember that the crypto markets are highly volatile and what goes down must come up.
No single asset should make up a majority of your portfolio. Spread your investment across different crypto and non-crypto assets to avoid being too vulnerable to a single market downturn.
Knowledge is power, and this is especially true in the crypto markets. Pay attention to news and keep an eye on the markets to stay on top of developments and react quickly to changing conditions.
It’s time to start counting our losses and move on. The SVB collapse is a harsh blow, but it’s by no means the end of the line for DOGE.
With a little luck and some strategic investing, DOGE could still make a comeback. Wish us luck!
Leave A Comment