The Doge madness
I've been using Doge for more than 6 years. I've been running several faucets and I gave away thousands of Doge to users all over the world. What I liked about doge is that you could send them around quite easily and cheaply. I often used Doge to transfer tokens from one place to another and like that avoiding expensive transaction costs in BTC or ETH.
What is happening to everybody? It seems that everybody is in need of a doge wallet today. Everybody speaks about Doge and everybody wants to see it to the moon.
It has become very easy to manipulate markets
When you look at this reaction, I'm kind of worried. It has become so easy to manipulate people and indirectly the market. You just need a couple of influencers shilling a certain coin and people are getting crazy. What is behind the Doge pump? Has there been some technical improvement? Are there some new use cases? I don't believe so... So why this pump? Simply because some people wanted to shill this tokens and all the rest have jumped on the wagon and because of that they are actively contributing to the pump.
How long does such a pump last?
That is a very good question and I couldn't answer it. Some might say that BTC is a long term pump of the same kind as well. What about all the other coins that are pumping like ETH or BNB? Nobody can say it but be aware of one thing. The Doge pump has as sole fuel the belief of the people buying it. In order for Doge to increase in price, always more people need to want to have doge and they need to be willing to pay more for it than the ones who have it already.
The pump is fueled by the shill and the ongoing fear of missing out (FOMO). Once this goes away, what will remain? The same old Doge that hasn't changed at all.
So should you buy Doge?
If you own Doge, keep it. I wouldn't buy Doge at this price however. I would buy a token or coin that provides a return. When you get interests or dividends on a token, you are investing... If you buy a token because you hope that one day somebody will pay you more for it than you paid yourself, then you are speculating and speculating can go both ways...
But of course investing is boring. Where is the kick and how can you become a millionaire over night by getting 5% to 10% interests? The funny thing is that this is the way that most millionaires took to get where they are...
Let's connect ! You can find me on these platforms:
Posted Using LeoFinance Beta
We will look back someday and calm it the biggest joke in crypto world.
No plan
No vision and no roadmap but still being pumped Like crazy and everyone want this to be mooned.
This is crazy world
!luv 1
I mean we would be stupid to completely ignore such things but on the other hand I think that if the price turns, a lot of people will have a very bad experience with crypto. If people feel they have been riped off, then there will be pressure on governments for more regulations... That's something I can gladly do without :-)
!ENGAGE 20
ENGAGEtoday.It is and it is more about consistency rather than jumping into the fire pit when prices are so high. I do think if you own some DOGE from the lower prices then you are probably fine.
Posted Using LeoFinance Beta
I had several thousands doge but have been selling them bit by bit and still have some. One thing is for sure, I won't invest in it :-)
!ENGAGE 20
ENGAGEtoday.Your post was promoted by @jfang003
Thanks a lot for your support!
I agree with you in general... People want a quick buck and the thing what "their role model" is shilling...
This doesn't have to be a case... I mean, regarding the price... Sometimes these pump schemes pump the price "to the moon", but retracement doesn't go where the price was before... Sometimes it stays on a higher level (or goes even lower than it was)... So, it's speculation and it can be a very painful experience if you buy on top...
Great post!
Thanks for your comment! What I worry most about such pumps is that when the price colapses (if it colapses), a lot of people will loose money. Probably many of them will have invested the first time in crypto. This will generate a lot of media news and this in return will call the politicians for more regulations. That's something I prefer not to have :-)
!ENGAGE 20
ENGAGEtoday.Crazy manipulation but as for the SHiba inu, it seems some whales control at least 40-50% of the coins and therefore use some tricks to make it seems like there is volume and to pump the price and then dump on retailers.
What about SafeMoon xD?
I've just read your piece about SafeMoon on publish0x. I didn't know this project well but I like the 10% "tax" thing. It's a new type of model that is different from the traditional DEFI model.
Thanks for stopping by!
!ENGAGE 20
ENGAGEtoday.Unfortunately social media boosted the power of manipulation exponentially, and proves once again, how stupid are people, on average. Play a bit with their emotions or their greed and they'll do everything influencers say.
Posted Using LeoFinance Beta
I totally agree with you. People want all to become rich over night and they don't even try to understand what they are jumping into. The recipe to get rich is, get a lot of followers that trust you without question. Shill whatever token that you have bought first and sell on the pump lol
!ENGAGE 20
ENGAGEtoday.The fact that you and others are using Doge to move money around is a use case of this coin, not warranting the current pump craze of course, but still a valid use case that is not met by either BTC or ETH, and it's a use case which is needed by every day people in particular, cheap and somewhat fast borderless transactions.
I agree but this worked well as long as doge was cheap :-). The more it moons, the more expensive the transactions are getting and there will be another coin that allows to do it cheaper ;-)
Thanks for stopping by!
!ENGAGE 20
Lol the Doge is falling on it's own success then.
ENGAGEtoday.