Honestly, i don't know what the hell is going on but while most of the cryptos are facing a dump, doge is pumping hard. Two of the main reasons is Elon Musk along with other "influencers" that shilling doge.
Because of that people bought doge in bulk and they continue to do so. All it takes is a simple Twitter or meme by Elon to make the markets go crazy. I don't know what's the point of listening to a billionaire that holds doge since it was a cent or so but that's life.
On the other hand, apparently, bitcoin and doge are some of the most known cryptos out there, so when a newbie will join the crypto world chances are that he will buy one of the two.
Now what's really happening is the following. A newbie is entering the crypto world and sees this. On the one hand, he sees bitcoin that's worth 55k and is red because it's dropping while doge is up 458% and only costs 38 cents.
So in their eyes, this is a one-time opportunity that can easily be the next bitcoin, so this is the chance they were waiting for and it's the time to spend all their money! Is this though, the perfect opportunity?
I will tell you right away why this isn't the case. Doge is a coin that was created as a joke, to make fun of the other cryptos. In fact, it is designed to fail. Let's do some math. Dogecoin produces 1 block per minute, each block produces 10k of doge.
In other words, we have 600.000 doge produced per hour and 14.400.000 million doge per day. Now in order to sustain the price each day people should buy that amount of doge which with the current prices is worth around 5.6 million. If you want to pump the price ofc you need way more than that.
This now should be happening constantly and as the price of doge is increased the total value of doge that people should buy per minute, hour, day to keep it stable or pump is increased as well!
So as i said people buying doge because of influencers as well as because they believe doge will become the next bitcoin without knowing about its tokenomics or what problem does that coin solve.
I may be completely wrong though and missed something, so the time has come to give me your answers and tell me why do people keep on buying doge?
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The exuberance of this market in full action!
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so true
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I don't really know what to say but I guess we should all just sit back and watch.
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i agree and if you can make some money along the way do it!
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In my opinion, Dogecoin IS better than Bitcoin, especially when it comes to transaction fees, and how quick confirmations are.
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regarding that yes but if you check the tokenomics and math, some of which i mentioned in the post, it's pretty bad
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