Buy The Rumor, Sell The News?
The more time passes, the harder it is to avoid hearing or reading about Doge. I've never thought I would do a post about Dogecoin but here I am, this post is all about Doge, from the beginning to the end :)
For me, Dogecoin is like a soap opera, a very bad one that is dragged and dragged and never ends. A soap opera in which the main character is always so close to being happy, but somehow never gets there as there's always something tragic happening in his/her life.
When the hype started, I decided to stay away from it as I could not see any reason to invest in it. For me it was a joke and still is.
This weekend was a special one in Doge's life as I think Friday was the day when the new God called Elon Musk was expected to appear in some show and people were expecting a miracle to happen. Doge to the moon, remember these words? Of course you do as there are everywhere.
Now let's see what's happened.
DOGE/BTC 1 day chart on Binance
This is the chart screenshot made at the time of writing. A big red candle! It looks like Doge can't find its way to the moon.
source
This was a tweet from Michaël van de Poppe to the follower, sent out before the event. I don't know how many have listened to his words, there are a bunch of comments under his tweet but I'm not going to waste time reading them.
source
And this was his tweet after the event. The chart confirms what he was saying after the event.
source
And yet, if you look at the market cap, Doge is fourth. Why? Because people buy Doge. Why? Because they believe it's going to moon. Why? Because Elon Musk is talking about it (sometimes).
Asked 'what is dogecoin', Musk replied, "It's the future of currency. It's an unstoppable financial vehicle that’s going to take over the world."
When a show cast member Michael Che countered, "So, it's a hustle?", Musk replied, "Yeah, it's a hustle," and laughed. source
I'd love to know how many have lost their money buying the green and selling the red. I know quite many are shorting Doge and one made enough money yesterday to buy a new car. The guy is a millionaire, so don't think of a cheap car.
Anyone who wants to play the Elon Musk game should be prepared to lose all their money. source
I bet Elon Musk is looking at the chart and laughing every time he sees how the market reacts to what he says. He's manipulating the masses or the masses are letting themself manipulated is a better word. I fully agree with the above quoted statement. People who are playing Elon's game, should know what's possible.
As far as I'm concerned, there are so many opportunities to earn, safe opportunities, I see no reason to play Russian roulette with Doge, but I'm keeping an eye on it to see where this madness goes.
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Doge is the furby of crypto. Chances are it will crash then after a time it will get fashionable as an antique collectible.
You're probably right about that.
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I bought doge(without any research) and then sold it almost immediately. I heard it was a meme coin and so I wanted to use it for making memes or some shit. After doing some research, I realised it was fundamentally useless
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For me it is useless, a high risk sh*tcoin, a waste of money, even if it goes to the moon. Not worth risking my money.
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I don't even see the reason why Elon Musk is so idolized, personally I think he's a 'creep'. But that is my opinion. For the reason that Michel van der Poppe also mentioned in his tweet, I also stayed very far away from Doge ... But I sympathize with all the people who are just new in a FOMO moment in the Doge hype because Mr. Musk talks about it (sometimes). And I think it's a shame that these kinds of events give crypto a negative aftertaste again, which wouldn't be necessary at all. It is a pity that an influencer like Mr. Musk creates this kind of hypes ... The only ones that benefit are the big whales and I suspect he himself, but the average person will lose a lot. With some exceptions, of course.
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You are absolutely right, but the only one to blame here is those who invest in Doge, knowing nothing about it or about crypto in general, hoping for a miracle, hoping for a big gain. No one is forcing them.
Elon Musk is a strange figure for sure and he's idolized because he's rich and can do what he wants.
He also invested in Bitcoin, yet, the hype was less.
People are strange. FOMO is huge.
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FOMO is one of the most powerful forces you have to deal with in crypto I think. But DYOR is also a thing that not many people seem to know about, or even want to bother with. Yet, it's most important when you start with investing in crypto. But well, looking at the price of Doge now they learned a lesson here I guess. But, Doge is up 2% in the last hour again. I would say it's the most risky coin to invest in right now ... but who am I?
Elon Musk is certainly a weird figure, and I don't care if he's rich or poor. I just can't support his ideas. The company Neuralink, for example, goes against my principles, and well ... as an animal lover, I don't really appreciate his way of working with animals.
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Doge seems to be making the news a lot today. I hope the attention shift to coins with better use case. Always knew doge was a joke
Lol, a very bad one. I also hope it fades away and we won't hear from it ever again.
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I hope so too :-)
The entire crypto ecosystem benefits from Dogecoin's popularity amongst normies.
Dogecoin is a gateway for new money to flow into crypto.
Once that money is inside, it's inevitably going to flow into other projects like Bitcoin, Ethereum and heck, even Hive.
Cryptocurrency needs Dogecoin.
Don't sleep on what Dogecoin is doing for us all!
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Lol, that is true though, I agree but still prefer to stay away from it as it's like a bomb. What about you? Are you trading or holding Dogecoin?
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