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The U.S.-based cryptocurrency exchange Coinbase has announced the addition of the memecoin DOGINME (DOGINME) to its listing roadmap. Following this official announcement, the price of DOGINME surged by over 150% within minutes. The total market value of the altcoin reached $54 million due to this rapid increase. However, the daily trading volume of the coin remained relatively low at just $2.2 million. Experts caution that investments in memecoins like DOGINME carry high risks, emphasizing the need for investors to proceed with caution.
DOGINME Price Spikes Following Coinbase News
After Coinbase included DOGINME in its listing roadmap, the altcoin’s price sharply rose to $0.001054. This sudden price movement rapidly boosted the market capitalization to $54 million. However, the low trading volume of $2.2 million raised concerns among investors regarding the coin’s sustainability.
Experts state that the prices of memecoins like DOGINME typically rise due to short-term speculation and intense interest. Key factors influencing the market performance of memecoins include social media activity and investors’ immediate reactions. Therefore, uncertainty looms over whether the value increase of DOGINME will be permanent.
High Risks in Memecoin Investments
Experts highlight the high risks associated with investments in DOGINME and similar memecoins. They note that the prices of such coins exhibit sudden rises and falls, urging investors to exercise caution. In cases like DOGINME, the low trading volume compared to market value raises concerns about liquidity issues and the risk of manipulation.
Moreover, it is emphasized that the memecoin market lacks real utility and a solid economic foundation. These altcoins, valued primarily on community interest and popularity, can lead to significant losses for investors. Therefore, it is recommended that investors monitor the market closely and only invest amounts they can afford to lose.
