It is, consequently, impossible to predict whether the token is going to gain or lose in the long term.
The key to any investment, the expert reminded, is to never invest more than you are prepared to lose.
Others, however, have a much more grim outlook on where dogecoin is headed.
David Kimberley, an analyst at Freetrade, believes DOGE is experiencing a bubble right now, driven by people looking for short-term gains.
He said: “Dogecoin’s rise is a classic example of greater fool theory at play.
“People are buying the cryptocurrency, not because they think it has any meaningful value, but because they hope others will pile in, push the price up and then they can sell off and make a quick buck.