Short or Long Term Investing: Dogwifhat (WIF) HODLers with $1,000 Investment Portfolio Now Worth More than $30,000
It may come as a surprise to short-term crypto traders, but $WIF has brightened the portfolios of investors who played the long game.
On the first day of the year, WIF opened trading at a price of $0.1528. The rebounding of Bitcoin ($BTC ) and Ethereum ($ETH ) attracted many traders seeking to offset their losses from the crypto winter.
Those who searched for other golden geese, such as WIF and other memecoins, have seen quadruple percentage gains in the first eight months of 2024.
Take, for example, a trader who bought $100 worth of WIF on January 1. He was able to buy 654 WIFs. When WIF rose to a new peak price of $4.85 on May 31, his $100 investment increased to $3,174. What if he decided to buy more WIFs and invested $1,000? That amount of money could have purchased 6,544 WIFs during the early days of the year. By the end of May, crypto traders who made this decision walked away with in excess of $30,000.
#CryptoMarketMoves While many traders believe in the get in and get out quick method, you should know more about why investing in crypto for the long term may be the right decision.