Notable crypto influencer, Scott Melker aka the “Wolf of All Streets” shares trading tips and tricks on joke cryptocurrency, Dogecoin. Talking to Insider Media, the popular cryptocurrency trader further shared that 70% of his portfolio is allocated to long-term trading strategies.
Appearing in an interview with Insider Media, crypto influencer, Scott Melker talked about how he balances his crypto trading and investing strategies.
Mostly propagating towards long-term holding, Melker also believes small-cap coins too can bring amounts beyond what one imagined for:
“I would say that if you’re extremely knowledgeable, and you’re a decent picker of those smaller cap coins, you can literally do 100 times your money on one of those in a week.”
Citing the example of Dogecoin, Melker says that the meme-based cryptocurrency was popular even before Elon Musk got on the Dogecoin bandwagon.
At the time, traders gained profits up to even 10 times its value, buying for only a fraction of cents before sliding:
“It’s very predictable and took a couple of months, but it was the best way to make money and the most reliable in crypto.”
Dogecoin is in limelight for quite some time now briefly overtaking Bitcoin in its popularity on social media and among crypto enthusiasts.
Since the start of the year, the meme-based cryptocurrency (DOGE) has surged 6,800% and over the past 12 months has surged by 13,561%.
As of today, Dogecoin’s price is at $0.33, trading 15.88% downwards from the past 24 hours.
At one point, the crypto influencer even owned up to 10 million in DOGE:
“I did it again (recently) and I traded against Bitcoin when it was all the way down a few months ago,” Melker said. “Even in my newsletter, I was like, ‘hey you know, doge will probably cycle again.”
He went back to selling the cryptocurrency in just under a cent, aware that the cryptocurrency ultimately doesn’t have any fundamental value:
“It just continued and obviously went up another 70 times from there, or something absurd. But I don’t fault myself for making decisions based on information that I don’t have. And if you do that as a trader, you’ll drive yourself absolutely insane.”