Crypto trader Scott Melker, also known as the “Wolf of All Streets,” says dogecoin is a good way for new investors to get into cryptocurrency. Sharing his own experience in investing in the meme cryptocurrency, he now has some advice for new dogecoin investors.
‘Wolf of All Streets’ Scott Melker to Dogecoin Investors
Crypto investor Scott Melker has shared his experience in dogecoin investing, the Insider reported Friday. He also shared some advice he has for new dogecoin investors.
Melker is a trader and investor both privately and at Texas West Capital. He is the host of “The Wolf of All Streets Podcast,” the author of “The Wolf Den” newsletter, and an advisor to a number of blockchain-based projects. He also had a 20-year music career. In June last year, Binance awarded him the Influencer of the Year Award for North America.
Focusing on crypto investing, 70% of Melker’s own portfolio is allocated to long-term investment strategies. He believes that holding cryptocurrency long-term is the best way to make money.
Regarding dogecoin, Melker said that the meme cryptocurrency has been a very effective strategy for a long time. He believes that DOGE is a good entry point for investors to the crypto market since its price is currently less than a dollar and it is heavily touted by a growing number of celebrities and influential individuals, such as Tesla CEO Elon Musk, who calls himself the Dogefather.
The price chart for dogecoin. Source: Markets.Bitcoin.com
Melker revealed that at one point he owned tens of millions of dogecoins, if not more, the publication conveyed. “I did it again [recently] and I traded against bitcoin, when it was all the way down a few months ago,” he said. When he sold, the meme coin reached the top of its normal cycle at just under a cent, he detailed. Currently, dogecoin is trading at about 40 cents. Melker opined:
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.
The Wolf of All Streets trader is aware that dogecoin does not have any fundamental value. “It’s absolutely a joke, it’s a beautiful joke, a beloved joke in the community,” he said.
He proceeded to give his two top tips for anyone interested in investing in dogecoin.
Firstly, he said to do your homework and get good information. “There’s just endless information on crypto in the market right now,” he noted. “It’s very easy to find and I think the mainstream is being served that information, whether they like it or not at this point.”
Secondly, he said it is important to learn from your mistakes, emphasizing that everyone makes them. “If you can’t learn from your own mistakes, you shouldn’t be trading at all,” Melker exclaimed, adding that one way to learn from mistakes is by maintaining a trading journal.
“If you write down your trade plan before you take it and say I took the trade here, there is no way to lie to yourself about the fact that you decided to change mid-trade,” Melker noted. Reiterating that “you can’t hide that from yourself if you keep a trading journal,” he concluded:
So I think it’s really, really essential because you’ll never learn unless you record them.
What do you think about Melker’s advice about dogecoin investing? Let us know in the comments section below.
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