The simple answer to the question is Doge a good investment is no. Simply because it’s not an investment, it’s gambling. Let’s discuss why.
10 Rationalizations For Not Investing In Doge:
- It’s almost unanimous amongst cryptocurrency experts, authorities, and people in the space that this isn’t an investment, it’s gambling.
- Elon musk is having fun with it, he doesn’t say that he owns it or that you should own it. What he DOES is invest in Bitcoin and bitcoin infrastructure and accepts bitcoin at Tesla, vowing to keep it in BTC and offers payment options to employees in BTC.
o The one thing he has said that matters is “If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.” - It cannot compete with digital cash options like Dash or Bitcoin Cash – people specifically compare it to coins like Bitcoin which I believe are not meant for digital cash.
- Many places that accept crypto do not accept Doge, but do accept BCH, ETH, BTC, LTC, and DASH.
- You can’t withdraw Doge from most crypto ATMs.
- There are little to no applications built on Doge, or at least no notable dapps.
- Doge is a joke, it’s a meme, it will not be institutional. As such, we will not see banks open ETFs for it.
- People say Doge is for normies because it’s cheap and has pop culture around it – This is kind of a silly argument currently as when I talk to people who don’t know about crypto, the only thing they may know is Bitcoin and even still they say “but it has nothing backing it, it’s not real money” – Those people are not than looking at Doge which is literally a meme and saying, oh well that’s legit.
- Doge and other sh*tcoins use the same advertising and messaging as scams, success courses, and sketchy things like forex trading.
- It was reported that 12 addresses own around 49% of all the DOGE in existence.
What do you think of Doge? Am I wrong about any of this? Did I miss anything? Let me know what you think about this in the comments below and don’t forget to subscribe!
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▶️ 3Speak
Good informative post
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Great to see you on Leo Finance Scott!! I've seen your videos in lots of places. You're a great watch!
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NO !
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I dont really know what to think of this crypto, for me it is a total surprise
I still gave you an upvote even though I totally disagree.
When something goes more viral than anything EVER in the world it has been naturally curated by the citizens of the world. The people picked DOGE..... They are picking things like SafeMoon.
Do you you think a teacher in Ohio who makes $45,000 / year is going to buy a coin that is worth more than their yearly salary? The answer is no. They are going for things like DOGE and SafeMoon.
When this stuff is going viral on social media like Twitter and TikTok it is death by 1000 arrows.
When I went Skiing in Michigan and wore my Dogecoin jersey I got like 20 "To The Moon's" and that was before DOGE made its last epic run to $0.43.
DOGE is the people's champion.
You are making the same mistake I previously made. You didn't have a position and missed this over and over again and it is frustrating. I previously did the same thing back in 2014 with Monero, DASH, and then ZCash. I was all about Monero and picked it to be the winner and was upset when DASH performed really well. Heading into this cycle I just own them all so that I win everyday no matter what.
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