Doge made a lot of people millionaires due to Hype from the bullmarket of 2020. Another reason was Elon Musk tweeting out about Doge. Many people have asked me, what I thought about Doge when it hit 60+ cents. I told them specifically that this Crypro has no use case and should take profit as quick as possible.
The problem with Doge
- Big Investors will invest just to make money but will not commit 100%. Many big investors took the money and ran, leaving many people Holding "BAGS"
- It is a MEME coin, it already has a bad name to it.
- It is inflationary, It has unlimited supply. The inflation rate is 5 billion Doge per year or around 4.1% inflation rate which is Higher than the US dollar.
Take advantage
- Personally, if another rally will occur, I will invest in Doge for short term gains. It is mostly short term which is invest, wait for the pump, and take profit.
This is my Personal View base on Experience with Crypto for about 4+ years.
Not quite, Bitcoin was hyped too and it didn’t have support like doge has from famous people and doge is working with ether do grow better, so I think in the long run Doge will be a much better coin than BC in the future. People never thought this coin will reach .01 and look where it’s going
OmaOne
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@relevantUser79379, Both were hype but Bitcoin is considered a save haven coin. Also, bitcoin only has a max supply of 21 million. Like you said "FAMOUS PEOPLE." Also, People never thought GME which was a dead company would pump as much as well. There are millions of Big investors and many won't take Doge coin serious. It will remain as the greatest MEME coin pump in history. Will it pump? Yes, it will, but it will dump again. Remember inflation of this coin will keep the coin down. Also, Elon was tweeting many times on Doge, and it did not have an affect anymore.