More commonly known as the “Wolf of All Streets”, Scott Melker a trader and an advocate for digital assets, has recently stated that Dogecoin, the meme-inspired cryptocurrency is a good way for new entrants to enter the crypto market. The Wolf of All Streets shared his advice with new entrants to the crypto market.
Melker is a self-employed trader and investor who also hosts the Wolf of All Streets Podcast. Melker is also the author behind “The Wolf Den” newsletter and is an advisor to a whole host of blockchain projects. He was awarded the Influencer of the Year by Binance in 2020.
In regards to Dogecoin, Melker stated that entering the crypto industry through the meme cryptocurrency is an effective strategy. Melker believes that Dogecoin is a smart way for investors to enter the market since Dogecoin prices are less than a dollar, and are heavily endorsed by influential celebrities and investors including the CEO of Tesla Elon Musk, who claims to be the “Dogefather”, and Mark Cuban the Shark Tank host.
Melker is well aware that Dogecoin in fact does not have any fundamental value, and is merely a joke. However, he did share advice on the meme crypto in regards to its use for new investors. Firstly, he advised getting as much information on the crypto market as possible. There is an endless stream of information and knowledge regarding cryptocurrency, and keeping yourself updated is a priority.
Secondly, he emphasized keeping a trade journal and learning from mistakes in case a trade goes wrong. He encouraged new investors saying everyone makes mistakes, and sometimes a trade may not go as planned. Therefore keep a record of trades, and avoid repeating them is essential.
