After experiencing a massive rally last week, Dogecoin has plummeted over 30% in the past few days. Many believe the cryptocurrency is headed even lower. Therefore, investors should instead look to put their money into reasonably priced stocks with exciting growth catalysts such as Bristol-Myers Squibb (BMY), AutoNation (NYSE:AN), and Archer-Daniels-Midland (ADM).Cryptocurrency has been one of the top investing stories of the year, with prices of cryptos soaring as more investors are jumping to the fray. Dogecoin especially has become quite popular as of late.
Dogecoin was initially created in 2013 as a joke and has since exploded in popularity and price after influential billionaires such as Elon Musk and Mark Cuban have been supporting it. In addition, Dogecoin is rising due to excitement on Reddit and Twitter (TWTR). While many young cryptocurrency investors have made fortunes in Dogecoin, they are likely to get burnt at some point. That’s because not only is there hardly any real-world use of Dogecoin but there is an unlimited supply.
Therefore, investors should instead put their money into shares of fundamentally solid growing companies whose prices are appreciated by actual underlying growth catalysts. That's why I am highlighting stocks such as Bristol-Myers Squibb Company (NYSE:BMY), AutoNation, Inc. (AN), and Archer-Daniels-Midland Company (NYSE:ADM) below.