You're probably already aware of the Dogecoin Pump that took place recently, from $0.07 to > $0.40 in less that one week:
(CMC)
I personally don't mind this too much as I did buy a little Dogecoin a while back, I think it was less than $.07 at the time, and I just sold enough to cover that purchase plus a little profit.
I'll hold the rest just in case it pumps more insanely, but is it worth buying more?
Arguments for Buying more Doge...
As I see it, and in this order
- It's got one of the cutest images in Crypto and thus mass appeal. The fact that it's, well, based on a dog-meme, means it's already 'speaking the language' of the masses.
- It's cute, it's playful, it's fun, right? Actually it doesn't matter that in reality it's just Litecoin Lite and not a lot else, its image is that it's cute, playful and fun, and it's image that matters and sells.
- It's increasingly well known thanks to Elon Musk and some other well-known celebs, reinforcing number.
- It does actually have a use case - it's accessible and easy to use for transfers and tips via social media platforms.
- It's now available on Coinbase - a route to mass adoption.
NB - I've put the functional aspects of Dogecoin last as reasons for buying - because while these are true, there are plenty other cryptos that can be used for the same purposes.
What matters MOST with Dogecoin is the Hype, and that's what's selling it IMO, that's why I bought some a while back, knowing the power of Hype/ hysteria, in whose shadow functionality often gets lost.
Arguments against buying more Doge
Approximately in this order
- As I see it this is a punt based purely on celebrity led social media hype - for the price to continue rising you are relying on more and more people just buying it at a higher and higher price in the hope that more and more people just keep on buying at a higher and higher price. Although in fairness one could say that about probably half the coins in the top 200 on CMC.
- The fact that it's based on hype probably makes Dogecoin's price more volatile than ones with real utility - instability isn't something I'm looking for right now.
- If it is relying on it's 'cute' image to sustain the price I think its days are numbered - there's plenty of DEFI projects out there with cutesy images, those on BSC mainly and that will give you a much better return possibly that Doge.
- Related to number 1 - besides the image, there's no real USP to Doge - it doesn't do anything that several other cryptos don't already do!
- There is no upper limit to the number of Doge that can be mined - it just goes on printing, unlike BTC which has built in scarcity of supply.
For me I just cannot see the point in the coin, other than having a bit of fun.
Final thoughts - Doge is just a punt!
If you want a punt on a pure hype-speculation coin then buy some more Doge, just maybe wait for a pull back first.
If you want stability of return based on utility and fundamentals, sell the lot NOW!
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I don't have to fall in love with a coin in order to jump in and play the large trade volume swings. Also, before even discovering STEEM, a few friends decided we want 1000 of every coin. Then, let the universe sort them out and come out a winner.
I would say it is worth adding to a portfolio just because of the press, little guy accessibility, and amount of people already involved. Buy a couple dips but not enough to be overextended to make it fun. Then watch it for a while and decide if you want more.
Otherwise just sit on 1000 and move on to the next big thing.
Yes maybe I should have titled the post 'time to sell?' I've actually no intention of buying any more!
But I am sitting on what I've got, it's free money now I guess!
1000 of every coin is an odd way to do it, never heard of that one before!
Buy something that has been horizontal for a long time.
I like that, very sensible! Or something that's just pulled back already!
I've no intention of buying more Doge, maybe I should have titled the post 'time to sell'?!
Dogecoin is increasing and one need to be careful whether to buy now and such a thing is unpredictable but it takes courage to do stuff like this. Well, probably one should buy and hodl perhaps the price will keep shooting up.
It really is a punt IMO, you just can't tell which way the price is going to go!
I think Elon really play a big part on pumping Doge.
and yes, it makes doge even more volatile as it is before. Who would expect doge would worth this much now, looking at how i bought them back at 19 sats. haha too bad i sold it so early back then.
But doge is good as a means to transfer fund from one exchange to the other as the withdraw fee sometimes are way cheaper than btc, and already listed in alot of exchanges.
other than that i think its risky now. :)
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Funnily enough it has many of the advantages of Litecoin!
I know what you mean - buying at 7 cents felt bonkers, I did buy literally because I thought something exactly like THIS might happen, and it did, now I just need my Hive predictions to come too true and I'm laughing!
I can't see myself buying any more Doge now that's for sure!
Maybe HIVE just needs a cuter logo to succeed. If only Elon would promote something useful rather than just trolling the world of finance. Just shows how crazy the world has gotten.
He must be enjoying himself, I guess crypto is his playground.
His latest tweets are about getting into DEFI - so maybe one of those will PUMP soon.
I'd still rather see Hive grow on the back of thousands of investors rather than a handful.
No matter what the price, Dogecoin is worth buying. I prefer Dogecoin over Bitcoin and Litecoin due to its cheap transfer fees, but if the value gets too high then I may consider other coins if the Devs don't prepare for it.
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It was a worth buy at 100 satoshis. Now is not a good time to buy,
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Great post, it's a fun and exciting crypto, buy what you can afford to loose if you fancy a gamble and see what happens people 😉 🐕
I bought 20,000 doge for 50$ before any of these pumps. I've already taken hundreds of dollars of profit for Bitcoin and some for staking more on Cub Defi. Now I have only 2,500 left, but it's still worth 800$ 😂 Crazy...
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Ah you must be slightly annoyed you sold so early, but I think we've all done the same!
At least you've held on to some!
Are you selling any more or holding?
There's no fundamental basis why the price can go higher, then again people are VERY stupid so you never know.
Not really, I couldn't see it getting so high as it is, at the time I made as good a decision as I figure I could.
I think I'll hodl more and see if it goes up with the bull market that I'm expecting will last another half year or so. Say it gets to 10$ and I'll definitely sells some, lol.
If it goes to $10 then the world really has gone nuts!
Crazy crypto, I think nothing will surprise me anymore, seems anything could happen here. I would rather take 10$ dollar HIVE though...