I always considered the Dogecoin cryptocurrency as a kind of joke, something that was created without much effort or sense in order to make fun of bitcoin. I particularly like much more serious projects that show great effort, dedication, intelligence and projection over time, qualities that the Dogecoin cryptocurrency does not have.
But it is enough that a superstar of the moment like Elon Musk makes a gesture or publishes one of his usual hieroglyphics on Twitter for the world to go crazy interpreting the new god of money at his convenience and raise the price of Dogecoin suddenly (more than 500% in a week). But the owner of Tesla (and future landlord of Mars) had to publicly acknowledge that his comment in favor of Dogecoin was an ironic remark, based on the absurd way this cryptocurrency generates popularity.
Now the new kids on the block of the internet, the folks who are part of the SatoshiStreetBets (SSB) community, a cryptocurrency investment version of WallStreetBets (WSB) on Reddit, assumed that they can successfully transfer their tactics in the fight against the headquarters of global capitalism to cryptocurrencies, applying the same manipulation technique performed with Gamestop shares but this time on Dogecoin.
Just one question was enough to create a stir in the cryptocurrency market: Has Doge ever been to a dollar, issued by someone claiming to be called WSB Chairman, to make them buy like crazy the dogecoins. On Thursday they announced the move, on Friday Dogecoin entered the top 10 in the cryptocurrency market capitalization and over the weekend it deflated to a 200% drop at a time when now BTC and the rest of altcoins are going up like crazy.
Image from Latercera
This move only served for the few who are part of SSB and even WSB to increase their investment by 500% in a short time before the Dogecoin's value plummeted, while other crypto investors who were late to the game can only wait for their dogecoin to return to the promised levels. The group on Reddit tells its members not to sell their doge, however this cryptocurrency continues to lose strength as those who run the SatoshiStreetBets group are losing some credibility in their quest to bring the price of Dogecoin to $1.
But will Dogecoin be able to reach $1 sometime in 2021. I always say that I do not have the gift of clairvoyance, however I know very well what this project-meme called Dogecoin is all about. First of all it is not a decentralized currency, its founders Billy Markus and Jackson Palmer created this currency with the intention of being eternally inflationary, that is to say, without limits of emissions, precisely to reduce the costs of transaction fees.
From my point of view, achieving the goal of making the value of Doge parity with the U.S. dollar is an extremely difficult task, even beyond logic given the behavior and raison d'être of this cryptocurrency. It is necessary to remember that by its very technical constitution, the more Doge is acquired, the more issues will come to light, reducing its value. I think this crypto is ideal for trading, its low price and transaction fees invite to consider it as a good alternative to buy goods or pay for services, however for the capital game and investments Dogecoin represents a highly risky value.
I would like to clarify to those who read this article that under no circumstances what I express here is a recommendation to invest or not in this cryptocurrency, it is you who has the freedom to assume or not the risks that this type of investments represent, so it is important to study and analyze the assets before making a decision that for better or worse will affect your economy.
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In the future DOGE may achieve great things due to one factor:”Network Effect”. I personally use the coin often since fees are so low. And it’s fast.
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To make purchases or payments is a good option for its low cost of commission, however it is a very risky option at a speculative level, for that there are better options. Thank you for your comment.
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STOPCheck out the last post from @hivebuzz:
jaaaaaaaaaaaaaaaaaaaai bought at 0.003 and sell at 0.04 an little gain
but just hold ok do not worry my lady.
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Good for you, congratulations. Best regards.
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The dog still barks, but it's not that loud.
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You're right, he's a cute little dog but that's all he is.
My dog is not happy about your post.
But you're right. I like Dogecoin, but its a risky investment if you think of it like you think on Bitcoin. Doge is cool because of its low fees, you can use it to made transfers between exchanges and... the dog of course :)
Another thing that Doge has on it's favor is Elon Musk and the marketing around it.
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Ohhh, tell your dog I'm sorry, I didn't mean to offend him, surely he is a good pet and will know how to forgive me.
I particularly think there are other more interesting and strong cryptocurrencies to speculate, and other safer and low fees like Stellar for example. Greetings and thanks for the support to my post.
I didn't know about Stellar fees, Thank you for the suggestion. Greetings.
GME was about sticking it to the hedge funds
Dogecoin is about... nothing really, just a pump and dump
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Yes right, that's what they did with Dogecoin a pump and dump, however many fell into the trap and lost large amounts of money thinking that this cryptocurrency would be equal to GME
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