This is going to be the most challenging article I've ever written: convincing other crypto investors not to hate on people buying dogecoin.
It's a meme coin, it has unlimited supply, it has no fundamentals, no use cases, it's pumping and it will dump the hell out of these investors, Elon Musk please stop shilling your fans to buy dogecoin, yada yada yada....
Alright, let's take a step back and think this through.
What is a meme? According to Merriam-Webster, meme is an amusing or interesting item or genre of items that is spread widely online especially through social media. When you're buying a meme coin like dogecoin, you're buying into a culture where the community holds those coins as a way to spread the joy of holding cryptocurrencies. It doesn't matter where the prices go, you just want to be able to joyfully say "MOON!" together with the community when the prices go up, and then laugh about it when prices go down.
Dogecoins are like toys, it's fun to buy some and play around. You can brag to your family and friends about why they hold boring dollars where you own the coolest doggies in town? In fact, don't we all buy things that we don't need or are a waste of money? I bet you spend on useless things before, including me.
In fact, any useless things we buy can be useful if we know how to use them. Similarly to dogecoin, it's still a cryptocurrency, which means it has value and you can buy stuff with dogecoin! Just check on the article on the 7 unexpected things you can buy with dogecoin, or the list of stores and merchants that accepts dogecoin. In 2014 the dogecoin community raises $25,000 worth of dogecoin to the Jamaica National Bobsleigh Team so that they can participate in the 2014 winter olympics. This inspired another fundraising event to build a well in the Tana river in Kenya in corporation with Charity: Water to provide access to drinking water for the Kenyans. Not so much of meme coin after all eh?
Of course, the one thing that I disapprove of people buying dogecoin is if people put all their fortunes into dogecoin, or into any investment in particular. You should never invest what you can't lose! Will you be rich in buying dogecoins? You might. After all, it's about the laws of supply and demand right? Even though it has unlimited supply and 5 billion tokens added into circulation every year, if you have a big enough following to demand for dogecoins, what's not to say that prices can't go up? If dogecoin goes to $1, it's because the demand for those coins is high enough to reach that price. With Elon's massive fan following, I expect the prices to still stay around the price ranges that we're seeing now (again, not a financial advisor)
After writing all this, you might be wondering if I have any dogecoins in my portfolio. The answer is no. I'm just a boring person like probably many of you and I want to invest and follow projects that can bring meaningful value to the community and improve current financial systems. Should you stop people from buying dogecoin? Not if they are putting their fortune into it! In life, we can't tell people what to do and what not to do, we can only advice them about investment risks and they have to decide for themselves on how much they want to risk, especially in the case of buying dogecoin.
Another role that we can do as investors who believe in what we invest in is to tell the dogecoin holders that if they want to cash out their profits, they can use those profits to invest in meaningful projects that you believed in. If you believe in Ethereum, ask them to invest in Ethereum and teach them the ways of how Ethereum works. Similarly goes to Cardano, Polkadot, Chainlink and many more communities out there. In fact, we should all celebrate if dogecoin eventually reaches $1! Imagine how many financial problems people can solve if they profited from dogecoin. They can maybe pay off their credit card debt, retire early, start a business, or even as small as buying a valentine's day gift for their loved ones!
So I'll say it again to all the dogecoin doubters, sit back, relax, prepare your favourite popcorn flavour and watch it ride like the GameStop situation! For dogecoin holders, you do you! And a friendly reminder to please be mindful on what you can risk!
