Ok so I want to start off by stating that I'm only sharing opinions and my own personal experiences. I'm by no means an expert so dont heed my advice if you disagree. So I really have to wonder what people see in Dogecoin. I'll admit I bought some doge before, in fact it was my first crypto ever purchased. I purchased it on Robinhood of all places too ?? Rookie mistakes happen. However now that ive been doing this for about a year I realize my reason for buying doge was simply because it was cheap and had room to grow. I didnt even understand what a pump and dump was back then. Anyways, I kept buying it with no real reason other than it was cheap. Then good ol Musky tweeted it to life and I saw crazy gains, so obviously I sold it. After I did I actually did some research on the coin and its supply and market cap. I quickly learned that there was no good reason for that coin to be trading @ 8?. In my opinion doge coin is flawed, and I gained on it from dumb luck. It seems like the best advantage Doge has is a passionate community of people throwing money around and small internet business accepting it as payment. Realistically I think its a bad idea for conservative investors. Aside from the unlimited supply and 5 billion new coins being circulated every year there are some major whales that literally control its price any given day they choose to sell. The best argument I hear from doge holders is "that's what everyone said about bitcoin." Well bitcoin is only where it is due to mass adoption and limited supply. Doge will never compare to bitcoin. Due to the coins market cap, potential estimated growth past even 25? a year is pretty much impossible. I hope more people start analyzing data before throwing large amounts of money into something. As more crypto users learn and educate themselves on what they are buying, we will have stronger communities and crypto will see its golden age.
Anyways, in conclusion, that's my 2 cents on doge. I believe there are many better and cheap investments out there. We have to evolve with the markets and always stay informed. Again this is just my opinion, not financial advice. Thanks for the read and support, until next time. ?
