As promised yesterday I feel that I need to discuss the one and only famous dogecoin that everybody wants to be apart of. Why? I don’t know but we going to discuss a few things that not only are beneficial to Doge but also why I don’t believe that this coin could ever hit much higher than $1.
As everyone knows I was very skeptical about Dogecoin and the reasons for that are way higher than the reason why not. I watched a video the other day in which the creator of Doge explained that it’s use was originally created for being a tip coin in Reddit. Yes, it was created as a joke to entertain people and give doge tips on Reddit. This is and will always be the thing that stops me from being bullish on this coin after $1. So as he continued with the interview he stated that he never thought that it would turn out to be used the way that it’s being advertised. He also said that the coin is now backed by Mark Cuban, Guy Fieri, Elon Musk, Gene Simmons, Kevin Jonas, Lil Yachty, Angela White, Mia Khalifa and the one and only Snoop Dogg. You can now buy baseball game tickets as well as the Dallas Mavericks have now adopted dogecoin to buy from their team store. So as you can see the amount of people that are adopting this coin is great and as the creator said in the interview that he now has a team of developers for Doge and also that it is very possible for this coin to become a very useable coin. So with that being said, yes this coin is going to be more and more widely accepted but you got to remember, it’s all hype.
The truth is that this coin only has a limited use and is only going to be brought up by the whales who own it (Elon Musk is not one of them). So yes, I have changed my opinion and perspective of this coin and agree to invest in it but I only believe in the short term and that this coin could never be worth more than $1 maybe a couple more because of the fact that many are scared to invest in a coin that was created as a joke. I myself am trading it as we speak for this bullish run due to Elon Musk’s Saturday night live appearance but what happens after that? After celebrities push a currency and cause it to rise means that it will fall pretty quickly once the hype slows down. This can be dangerous for people who are holding it and can get some decent profits right now. As of right now I am up on Doge and have made a decent amount of buying the bull runs and selling once I feel we have hit a top. I do believe that we will stay bullish for most of the week until after Elon Musk makes this SNL appearance.
I will always and still stand by my stance that this coin is not the best for long term investments seeming that I can give out 3 or 4 projects that are more proper and were made for reasons that Doge will never be able to match up to. Could I be wrong? Nope. I’m never wrong in anything I do or say… Of course I can be wrong and I very much could be on this but as people know, I’m not a big fan of Mark Cuban. Why you ask? That’s a different conversation but in short, I don’t like people who sit here and dog cryptocurrencies, then join them and think they know everything about them. Like man, half a year ago you were standing against and now your with. Of course I want others to adopt them but I myself am not going to listen to someone who was so skeptical against cryptos and now all of a sudden everyone thinks he’s a crypto guru. Yeah he’s a billionaire but not from cryptos so be careful on that. As for the person Mark Cuban, he’s great. He’s definitely a pillar in the money world and of course he makes a few dollars than myself.
So in closing I just want you to be aware. Make sure you understand what your investing in and as Warren Buffet says “Sit back and look at any investment. Will it be here in 10 years?” This seems so easy but in reality many are looking at the get rich quick method in which I was as well. I joined stocks and forex as well with that same mentality. Man was I wrong. Warren also stated that when the vehicle boom happened back 100 years ago or whenever it was that 2000 companies existed with some kind of variation of the car. As of 2021 we are down to 3 companies in the U.S. and 2 of them filed bankruptcy. What I’m pointing out here is that things can change. Who would of ever thought half of these car companies would not sell vehicles anymore. I didn’t. Now we facing a world that could very well be 90% tesla’s. I doubt it because of the other companies creating them but never the less, Elon Musk is an innovator and not much that guy can’t do. He holds power and we’ve seen it with him just mentioning cryptos.
As with any investment do your due diligence and research. Whenever you are buying or investing in a crypto please read the white paper. The white paper is the coins blueprints and it tells you their goals, their roadmap, their uses and everything else you need to know. If they don’t have a white paper or you can’t understand it because it’s poorly written, please do not invest in it. There are to many investments out there to worry about one that has no real goals or roadmap. Please invest wisely and only invest what you CAN AFFORD TO LOSE. This is a very skilled trade to learn and it’s hard because we are battling the big companies and banks so make them wisely and take your time in understanding the investments you choose. It’s your money and you don’t blow it any other time so why should this be any different.
“Successful people do what unsuccessful people are not willing to do. Don’t wish it were easier; wish you were better.”
— Jim Rohn
*I am not a financial advisor. In no way are these statements an obligation to enter or exit any investment. This is your choice and your choice only. This is my personal opinion about the subject and does not make me liable for any outcomes whether positive or negative.