Any coin which price fluctuates is good for short-time investment or even day trading. Yes, even if you take Bitcoin, its price changes constantly, and the variations are huge. So, Bitcoin is also good for trading. The only problem with Bitcoin is that the entry level might be too high because the coin costs a lot.
When speaking about short-time investment, we cannot leave Dogecoin without attention. The reason is simple: everybody has been talking about Dogecoin after Elon Musk announced that this is his favorite coin. Does Dogecoin have actual value though?
No, there is no underlying value in Dogecoin. It doesn`t run Smart Contracts, you cannot build dApps there, or similar. There is nothing surprising in it: the coin was created as a joke. This is one of plenty of cryptocurrencies which status is very fragile and is based just on personal preferences. By the way, Tesla holds 1.5 bln worth of Bitcoin and… nothing of Dogecoin.
Such coins as Dogecoin are good for day trading though. One day, you might earn 500%, and another day, you may lose the same value. To day trade, you need to know the market exceptionally well or to be a really lucky fellow.
When it comes to long-term investment, Dogecoin has already brought some surprises to its developers and investors. However, as a coin with no underlying value, it can hardly be popular for a long time. In the very end, those coins will grow in price that support projects that can be applied in the real world.
Now watch this video to learn more about taking advantage of price fluctuations to make money, or short term strategy.