I’ve always liked gambling, but I know it’s something that I need to stray away from. Just like alcohol, too much sugar, and other human pleasures that spike dopamine.
My investment thesis is to invest in projects with good fundamentals. This simply helps me deal with the volatility in the crypto space.
$ADA $DOT $SOL $THETA are some of the projects I have been holding for over a year now.
But in today’s article, I’d like to present my case for a gamble.
Currently up +20% October 28th.
Google Trends
Even though this month Bitcoin hit all-time highs, we still haven’t seen retail investors come into the market.
This is evident by the low search volume on Bitcoin.
When Bitcoin searches spike, usually we are seeing a lot of hype around the crypto market, and the hopes of winning the crypto lottery kick in and retail investors flock in to put it all on red.
It’s interesting that that hasn’t happened this month. On-chain metrics are showing that this recent rise in price is due to institutional investors and very wealthy people looking to hedge their bets with the uncertainty around inflation.
Technicals
The technicals on Doge are primed for some more upside. This is the daily chart on Doge.
There's a harmonics pattern that has formed from August to October which is playing out with targets much higher than where it is today.
This is what charts look like before the moon in many cases.
If we break the blue line?—?that's where shit gets real.
Recent $SHIB Price Action
Honestly, this is one I did see coming?—?but nowhere near what it has gone to.
This project is up 150% in 7 days and 900% in a month.
Seriously insane.
I allocated a very small percentage to $SHIB around 2 weeks ago. But sold on Sunday after a 50% pump and have missed out on the rest of the gains this week.
A lesson learned here is to use a stop-loss instead of selling.
Just a side note: $SHIB actually has much more fundamentals than $DOGE. They have staking and at least some utility to their token. Also, it's a token that runs on the Ethereum network?—?unlike Doge which uses the Litecoin network.
I do believe that some of the $SHIB gains could make their way into $DOGE with one tweet from Elon which is my last argument.
Elon is Tweeting Again
Simple as that. The Dogefather has started to tweet again about the crypto market.
Not sure if this is good or not as a whole for the market, but it's on his mind, which could mean something.
Of course, Elon and Tesla have publicly stated that they haven’t sold any of their $1.5 billion investment in Bitcoin and they are up BIG on their initial.
Anyway, in May of this year, Elon sent out a poll to his followers asking if Tesla should accept Dogecoin.
Investors are speculating that $TESLA will announce soon that they will accept Bitcoin again as the network has seen some environmental improvements from China’s ban on mining.
I’m betting that $DOGE could be part of that announcement.
So those are some of the primary reasons I’m allocating a small portion of my portfolio to this asset!
Love, peace, and chicken grease
#Notfinancialadvice
