Last Updated on August 3, 2023 by Olga
DOGE Rise Era
DOGE is absolutely inevitable nowadays. No matter if you are a new crypto believer or a hardened holder you definitely have heard about DOGE’s most recent movement.
It all started as a joke and a Meme Coin, and has smashed to record highs quite rapidly recently, and even reached levels above $0.70 per asset this year. Right now DOGE is the sixth-largest cryptocurrency and its current market cap is $33.151B
Sounds insane for a Meme Coin, isn’t it?
The most popular explanation for its growth stands for DOGE believers buying it in anticipation of Elon Musk’s media activities as he supports it much.
Yet there are more points of view. Mike Novogratz believes that so-called Shibes express their protest against an old banking system and compares the most recent DOGE rally to it.
Whatever the reason, it’s one of the most popular currencies nowadays. When Ethereum jumped to record highs, it could barely keep up the social media trend with Doge.
Pros and cons of Dogecoin as a collateral
What does good collateral currency look like? It’s definitely a tough question. Here is what we think about DOGE used as collateral.
Pros:
- Huge market cap
- Impressive 24h volume
- An active and passionate community
- Celebrities and famous influencers among currency supporters
- Adoption of the currency is constantly increasing
Yet it has some disadvantages that should be of your attention as well:
Cons:
- Highly volatile asset
- Vulnerable to Elon Musk’s Tweets
- A huge amount of assets is held by a single holder
- Not tech-innovative
Dogecoin Chart
The chart represents the Dogecoins price changes. As it can be seen, from the day the coin was launched, it reached its peak in May. Although, DOGE did not hold this position for a long and fell to $0.3 and from now then it stay almost the same.
CoinRabbit & Dogecoin loans
CoinRabbit team believes that DOGE has everything to be called one of the best collateral currencies nowadays. We already have successfully borrowed a lot of Dogecoin believers and holders. Yet everything should be taken moderate and we suggest to not “all-in” either for loans or simple holding.
Early CoinRabbit adopters have several advantages. Some of them are listed below.
- The lowest APR rate on the market
- Our clients’ funds are SAFU during active loan period
- Almost instant loan processing. No KYC required
If your collateral asset is dumping you should keep in mind to:
- Constantly check the market and price movements yourself. Use additional services to always be up-to-date with it.
- Add more funds to your loan to decrease liquidation price
- Be ready to repay your loan
Give it a shot
Due to the most recent cryptocurrency bloodbath it might be a good time to re-enter the markets you’d like, and keep your “bags” full. If you don’t want to sell your holdings to switch for another currency or need more funds to reinvest/buy more — CoinRabbit allows you to do that immediately. Our team of professionals ensure that your funds are absolutely safe!
Follow this link to see the terms of CoinRabbit and directly skip to the main page for the USDT or USDC you can obtain.
Not financial advice. Do your own research and take everything moderate.
Crypto backed loans have their own risks that should be taken respectively.
