Honestly, i don't know what the hell is going on but while most of the cryptos are facing a dump, doge is pumping hard. Two of the main reasons is Elon Musk along with other "influencers" that shilling doge.
Because of that people bought doge in bulk and they continue to do so. All it takes is a simple Twitter or meme by Elon to make the markets go crazy. I don't know what's the point of listening to a billionaire that holds doge since it was a cent or so but that's life.
On the other hand, apparently, bitcoin and doge are some of the most known cryptos out there, so when a newbie will join the crypto world chances are that he will buy one of the two.
Now what's really happening is the following. A newbie is entering the crypto world and sees this. On the one hand, he sees bitcoin that's worth 55k and is red because it's dropping while doge is up 458% and only costs 38 cents.
So in their eyes, this is a one-time opportunity that can easily be the next bitcoin, so this is the chance they were waiting for and it's the time to spend all their money! Is this though, the perfect opportunity?
I will tell you right away why this isn't the case. Doge is a coin that was created as a joke, to make fun of the other cryptos. In fact, it is designed to fail. Let's do some math. Dogecoin produces 1 block per minute, each block produces 10k of doge.
In other words, we have 600.000 doge produced per hour and 14.400.000 million doge per day. Now in order to sustain the price each day people should buy that amount of doge which with the current prices is worth around 5.6 million. If you want to pump the price ofc you need way more than that.
This now should be happening constantly and as the price of doge is increased the total value of doge that people should buy per minute, hour, day to keep it stable or pump is increased as well!
So as i said people buying doge because of influencers as well as because they believe doge will become the next bitcoin without knowing about its tokenomics or what problem does that coin solve.
I may be completely wrong though and missed something, so the time has come to give me your answers and tell me why do people keep on buying doge?
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A question worth a billion:
What problem does that coin (doge) solve?
I'll return with generous reward to who gives me the right answer. Which I can understand and trust.
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hehe i will give an extra something as well too
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Since it's inflationary, people are more likely to spend it than bitcoin. Since it's fees are lower, people are more likely to tip or donate with it than bitcoin. Obviously lots of crypto can do the same thing (and probably even better), but for whatever reason, speculators have decided that dogecoin is the one to pump. Do I understand why? NOPE, not one bit.
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It provides an avenue for those disenchanted with society and finance to vent their frustration and send a message to mainstream finance.
I.e.the problem is, how to send a message to mainstream finance. Answer: pump up the price of a coin made as a joke.
Well that's the best I have..so it was worth a try
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DOGE solves scalability.
But I also like ease of use, low friction, large user base, and massive brand equity.
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Its a Shitcoin, jokecoin. Nobody should be buying it :P
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I never bought this coin, not one.
However, I did get it relatively free from faucets on spare moments like in a line up waiting for my bus, or at a Wifi Coffee house, since 2015. I thought the doggie mascot was kind of cute and i would hurt anyone if I stacked say... 50,000 of them. I thought, Who knows, they might be worth something someday.
How does one say it? "Ha ha ha, laughing all the way to the exchange?"
~ Gothic Shibe (My Reddit handle)
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if you were one of the lucky or smart ones that got doge for free or under a cent then i am rooting for you! i was talking about those that are buying now
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We know it's a joke, but it's a fun joke. Those who know better are thinking it's still cheap, so why not ride the wave, and all the newbies, the kids with a stimulus check they don't have any need for, they have a devil may care attitude and want to take their shot. Just like the GME fiasco.
And then we have Elon who is just laughing at the chaos all his tweets are causing and thinking about his next tweet to cause even more. If Doge actually does hit a buck, how much you want to bet he tweets about it going to $10?
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it's one think to that you want doge to reach 1$ or 10$ and another thing how possible or not that scenario is :P
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I just hope DOGE doesn't kill the growth of cryptocurrency as a legitimate asset. I hope people make huge gains, but I am sick of people asking me about it LOL
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yeah i was thinking that last night. You if people lose money they will blame cryptos in total not doge only.
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Well people lose money in everything all the time and they keep coming back, hopefully this is no different
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i hope that'll be the case
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Thanks! Great post that people really should take into consideration when it comes to buying the dog.
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thanks for stopping by!
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Crypto gains from the last pump of Bitcoin bring energy to fuel this doge hyperbolic move on the chart.
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hmm haven't thought about that!
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I read that a few hold
the big bags for Doge.
Hope they sale gradually to keep the price.
Doge is bringing more folks to look and ask more questions.
When they asked me I talk to them about DEFI and hoe for
them to invest elsewhere.
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i do the same but people watching these crazy charts of doge these days, think that they'll get millionaires in a night
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Thanks! Great post that people really should take into consideration when it comes to buying the dog
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thanks for stopping by!
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The only time I should have gamble with doge was when it was about a cent or so. Now it is almost impossible for me to dip my hand in that pie whatever the case may be. Good luck to those hoping to make a profit after buying the top.
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exactly my thoughts!
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People are buying because of FOMO.
I'd never buy it because it is a meme coin.
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True but what happens when people realize it's a joke and lose a ton of money ? it will give a bad name to crypto .
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they think it gonna be the next bitcoin or something, thanks to elon
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They buy by the reasons you mentioned: hype. I would say most of the people buying doge are new to crypto. And will probably be the ones with massive losses, when prices drop.
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And that will result in a bad name to crypto overall . It is helping in onboarding people to crypto world but it can make people leave crypto world too .
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exactly!
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The majority just wants to make easy money.
I would go that far to claim that 80% of retailers doesn't even know what they're investing in, and will get fucked over time.
Especially if playing futures.
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Doge has the second largest community on reddit in the cryptocurrency world.
And they are very active, they manage to appear on the reddit homepage from time to time.
No wonder the doge is growing so fast...@faireye
ahh i see, that explains a lot!
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That's what we should do with Hive too . Twitter marketing is going good but Reddit ? Not so much
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In the coinmarketcap there is a bar called Socials and there it shows the reddit of the currency.
Probably an investor will check if the community is active.
We are buying Doge because it is going up. Doge is now 2.43% of all Crypto market cap. Doge is a bitcoin/litecoin fork, and still better than ERC20s. Doge has a fixed emission rate, and so every year it becomes less of a % of total coins, even though they print so many. Its not even close to what the USD prints. Dogecoin is helping to onboard new users to crypto, its fun and friendly, not scary like Bitcoin.
tell that to those that lost money :P
i can't argue with that!
Also, there is no fixed limit which is a deliberate tokenomics decision in order to keep the price of each individual token low.
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Its not that bad actually. I have been comparing tokenomics on Twitter today,
The inflation rate of Doge actually decreases each year because only 5b new tokens are added. That doesn't change, but its percentage of overall circulation decreases.
comments like everyone in the world could have 16.3 and maybe 0.6349 more each year have no value honestly. You can take any coin and say the same, dividing it just like btc in satoshis and such. Also, never everyone in the world will have it, not only doge but any crypto as well and if that was about to happen only btc would have that spot.
i get what you are saying about the circulation but at the same time you need a whole lot of people buying it to even sustain its price let alone pumping it. All in all, it's just a meme coin and memes never last long, it also doesn't solve any actual problem, the whole big deal is for elon.
I really hope though that people earn money even out of it and at the same time, those that lose money i hope that they won't blame cryptos in general!
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That is a very good response, and I agree. It is important to 'do the math' though because we have to be able to put things in perspective. I am not the biggest dogger, I just notice what is happening and want to let people know!
Not to me !
Bitcoin is scary ?
Not to me !
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It is not my favourite, it is just interesting to me. I have followed Doge for a long time and its the underdoge, everyone expects less from it than it deserves. Every doge has its day, and that day is today.
Today's Doge market cap, as high as it is, is just 0.01 what it was that day.
I think this is the same as buying GME stocks.
Some people want some meme and if they can earn money with it they love it.
My brother (who doesn't have a lot of money) bought 400€ of GME and totally hate capitalism and all that stock market. He just wanted to buy a meme, I don't know how it goes for him, I think he bought too late and lost some money now..
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hahaha
he only says he hates capitalism although even with that move he became part of it :P
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Yes ! I still really don't understand why he did that :') Because I know that withtout the meme a would never have do it.
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for money i guess :P
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Hello,
In my opinion DOGE is rising based on HYPE and that's dangerous, people will be affected by big losses if this continous, keep yourself safe, if you have DOGE I advice to cash out and take your gains, even if it gains more value, you are doing the right decision going out because you know you won't be on the big dip that is going to happen sooner or later.
Best Regards,
Cryptopeach
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totally agree!
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This is the exact reason I am going in opposite way and not buying them . It is not sustainable + it is a meme coin , I am really happy for those who made money on Doge ( including me ) but in long-term I would rather invest in Hive than Doge even if we don't have any backing from billionaires .
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that's the keyword! Sorry for the late reply!
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^^
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I remember when the fausets gave up to 10 doge per day, imagine how much I would have now if I had continued with that project, back then 1 doge was worth less than 0.001, I would have already retired hahaha.
And a day are more than 5 million dollars in doge, if this continues this way many would fill their pockets exponentially.
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ohh tell me about it, had i simply invested 100$ back then, i would now had 40k :P
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The faucet I used were coinpot and eobut I think it's called, it was something like mining in the cloud, now any shitcoin in about 2 years can be a treasure.
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I think it will really pump for the short term but I dont think the momentum can last for long
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i think the same as well
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doge has:
The joke isnt that it was made for memes anymore, that was 2017.
the joke since 2019 has been, "it would be crazy if people got rich off of this". since most "sophisticated investors" wont touch it, it becomes the instagram to last generations myspace/facebook in a crypto sense. new investors want cheap, endorphin rushing gains & thrills, and dont have fundamentals of when to buy and thats why people are buying it, when its at the top or trending.
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The only reason doge still have some value is Elon as well as other celebrities. All of the above with the bullets that you mentioned have nothing to do with why people are buying.
A prime example of that is when elon tweeted about btc and then in less than 24 hours, its price pumped 20%. And we are talking about a coin without liquidity, cute mascot, affordability.
In other words the vast majority don't care about things that they should have, like the coins actual purpose, what problem does it solve, the tokenomics behind it etc etc. At the same time I don't think that Elon is just trolling and having some fun but instead i believe he holds a lot of doge. Thus, with his tweets, he is basically becoming richer and richer.
I really hope that people become rich out of doge but at the same time i don't want them losing money and start blaming all cryptos for that
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It's infuriating. Like you said, it's literally a mock coin designed to fail. And I also believe it's hurting mass adoption. Skepticism is one of the biggest problems with mass utilization of crypto.. and now DOGE is making headlines constantly? Any of those people out there that chuckle when they hear of crypto, and know little more than BTC.. the big news about DOGE isn't going to help anything. It just comes off as laughable. "Oh cryptocurrency? BTC and the meme dog?"
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and if they lose money out of doge, guess what's next. they will start blaming cryptos in general as a scam and such
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exactly... cant tell you how many times i heard the crypto "horror stories" which are 95% people just making poor decisions
I don't know either. I also bought Doge, which I think is FOMO. Lol
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hahaha did you at least made money with doge?
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Everyone believe Elon Musk would make it pump and turn them to millionaires
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I woke up laughing when I saw Doge taking fifth place by market cap.
So manipulated, much insane.
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1 person holds 30% of doge :P think about that
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gambling?
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and here what you said in the last paragraph is the key that i think everybody should be looking for when checking for what's to invest in next. In a way it's the same thing when you buy stocks.
You find businesses with a clear plan, that are out of the ordinary, revolutionizing the market with good economics or potential etc etc
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