Dogecoin is currently the most inflected word I guess since its inception. And that's just because this cryptocurrency, which originated just as a joke, has grown by hundreds of% in recent days. Occasional traders and newcomers saw this as a chance that this pump should last and the price should go to an astronomical $ 1 for 1 DOGE.
The first "touch" of the cryptocurrency
Dogecoin was one of the first cryptocurrencies I acquired in 2017. I didn't buy it. I received it as a reward in clickers, faucets, offer walls, questionnaires, and other Internet "rages" that rewarded everyone with Dogecoins. I have accumulated hundreds of thousands of them over the years. Nevertheless, I never bought any. And Dogecoin still comes to me today.
Why is he good at the beginning?
I learned to work with it, I found out what a public address is, what a seed is, what a wallet is and much more. On the worthless Dogecoin, I learned to work with cryptocurrencies even though I knew there was only one king (BTC).
Unfortunately, many newcomers have no idea. They buy for thousands of euros (at best) or tens of thousands of euros (at worst) and send all the coins to an incorrectly copied wallet (which happens). And that's why Dogecoin with a few cents is an ideal candidate for learning ...
Usability?
Dogecoin has cheap transactions, is quite fast and is generally well-suited for smaller volumes. Scalability is his problem, but it has nevertheless become an icon of the cryptomenic world, where many hate it and others love it.
To this day, I use Dogecoin to move or. conversion of other coins from exchange to exchange precisely because of transaction fees and speed. Despite the fact that it was created only as a forum, it stayed here and I think it will be here with us for a very long time. Only Elon Musk probably knows if he will go all the way to Mars and be the first dog on Mars.
The reason for the pump? Will it be repeated?
The main reason that the price climbed to 0.06 USD for one Dogecoin was probably that Elon Musk posted a tweet with the text #Bitcoin on his Twitter. This caused about 20% of the pump on Bitcoin, and since Elon Musk is CEO of Dogecoin, he helped him much more. This is also proof that a few big players can cause an earthquake even on the biggest "shitcoins". Such a pump can be repeated at any time, probably one tweet is enough.
Why wouldn't I buy the Doge?
I don't buy Dogecoin, I've never bought it and yet I have it and I multiply it. Nevertheless, I do not recommend jumping into a running Dogecoin pump. The problem is that newcomers who do not know what they are doing most often jump into such a pump. And this is not a fabrication, just look at the posts of crypto groups on Facebook and enter the word Doge into the search engine "magnifying glass". A few daily posts and questions about how to buy Dogecoin.
Why do they want to buy Dogecoin? Because from zero all zero cent went to cents? And what are you waiting for? Maybe tens of euros apiece? Please wake up! Fundamentally, this coin will never have it!
Please, if you are a newbie and have read this far, never jump into the pump. You can buy it for 4 cents and it will never have to get there again. And that's not just for Dogecoin. Jumping into a pump is a high-risk activity that can only be performed by people who know what they are doing. Definitely no newcomer has any idea how it will turn out. And traditionally it turns out badly...
Mostly those who manage to sell will come out of the pump as winners. While you, as a newcomer, will look for the SELL market button somewhere in BINANCE for 15 minutes, someone else will have already sold it for a profit and bought an apartment in Kamchatka.
Tip in conclusion: Fundamental Dogecoin has no value. There is no development going on there. That coin keeps its own controversy alive. I recommend investing in better variants, of which there are many.
