Indeed, there is a fomo and investment disproportionate to what doge really is.
As Charles Hoskinson said, doge is a dangerous bubble, it has no technology or anything useful, but still a lot of newbies are betting on it. The danger of doge is that if there is a massive loss by investors, this will be a perfect excuse for the SEC [U.S. Securities and Exchange Commission] to take a look at it.
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yup. Every time there is a hype people starts to follow the trend.
You are very correct with other aspects as well, if a lot of people will loose the investment, this will have adverse impact on other people who are thinking of investing.