Dogecoin is having a fantastic year, up 5,660.37%! However, since our high price in May, we have been down over 60%. Should you buy Dogecoin now? Should you buy the dip? If you have any comments or questions with my Dogecoin analysis or cryptocurrency analysis, drop me a comment down below!

Key Points:
- Dogecoin has dropped down to the 15 cent support level after news about a China ban on cryptocurrency mining in Sichuan province. The interesting part about the news, is that Sichuan province had mines that were running with hydroelectric power. Because the ban of mining included the clean energy mines, this likely had an outsized negative effect due to fears of delaying the achievement of Elon Musk's 50% environmental friendly mining threshold.

- Elon Musk has a 50% threshold for Bitcoin environmental mining before accepting the cryptocurrency again as payment for Tesla cars. Once Tesla accepts Bitcoin again, I believe that Bitcoin could see some nice upside risk. However, any news that could delay that from happening is a negative for the cryptocurrency market that all trades with high correlations to eachother.

- Investing in Dogecoin will always be a bit risky. This is purely a momentum name, so we could see large volatility in the foreseeable future as news headlines change. As always, you have to consider the upside and downside risks before investing stocks or cryptocurrencies.

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Link (1) Dogecoin real time trading chart: https://thestockstudents.com/tradingv...

Link (2) Cryptocurrency mining restricted in Sichuan Province (South China Morning Post):
https://www.scmp.com/tech/policy/arti...

Link (3) Elon Musk has 50% threshold for clean cryptocurrency mining before accepting Bitcoin as payment for Tesla (The Guardian):
https://www.theguardian.com/technolog...

Link (4) Bitcoin and Dogecoin Proof of Work vs Proof of Stake (Blockgeeks.com):
https://blockgeeks.com/guides/proof-o...

Link (4b) Crypto miners self report data on clean energy usage (LedgerInsights):
https://www.ledgerinsights.com/ark-in...

Link (5) Bitcoin estimated energy usage (Technical University of Munich):
https://www.sciencedirect.com/science...!

Link (6) Bitcoin estimated energy usage (University of Cambridge):
https://www.bbc.com/news/technology-5...

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Disclosure:
I do have a position in Dogecoin at time of recording, less than 0.5% of my overall portfolio
thestockstudents.com/disclaimer

#Dogecoin #Cryptocurrency #stockmarket