In the era of stupid money, you can literally get rich out of anything. Especially if you catch up early on the newest trends and adopt them first. Now, with COINBASE listing and the Bull market we experience cryptocurrencies are in the spotlight.
Some coins have a strong use case, others they have an amazing development team behind, a third group look to bring disruptive innovation, the we have DOGE.
Well, you know it.. the cute Shiba logo token.
I mean the dog is cute and the meme is funny sometimes, or should I say it was funny.
As the internet culture goes meme magic lasts for some couple of months, then the meme disappears. Well not with doge. Doge is now the 5th cryptocurrency according to CoinmarketCap rankings
It has been a meme for years. Yes, it started as a meme coin. But then what? There has been no serious development, no real use case, it is inflationary with no max supply, and the meme should have already been stale for some time.
Then, in this cycle Dogecoin is pumping hard, reaching new ATHs every-time. Newbies have started flocking, because of Bitcoin hitting $50k, then $60k. Now my friend has bought Doge. He is new to the scene and is reading all the "$Doge to 1 Dollar" tweets. He won't listen because the FOMO is real.
It is not normal for a top 20 coin to exhibit a pump like this. It is pure speculation and manipulation. Dogecoin is not money of the people after all. If you look at the charts most of it is concentrated in just a few wallet.
Thus, the meme that has been trending for months, for me it is nothing more than a masterful market manipulation by a few whales building up like a storm for a long time. It makes the whole cryptosphere look like a speculative joke.
Then we have people, like Elon who have jump aboard the Dogeship. Well, he is smart, he is always mentioning Doge or putting memes with a Shiba dog but never talks about Dogecoin, otherwise he would be liable to investigation for market manipulation.
And hundreds of shills and bots shilling about it in the comments.
In the end of the day people like Elon can troll all they want! They can afford that. They will still be billionaires when the dump is done. Newbies, fomoers, and retailers who didn't do their own research will be the ones holding the bags. Poor newcomers will end up losing some hundred or thousand of dollars and become wary of crypto. They will start calling crypto a scam, like the newbies who bandwagoned in 2017 and joined all those new ICOs that proved to be a scam. Now we have the epic pumping of shitcoins.
Things like this put a stain in the name of crypto and pain it as non mature speculative scene. This is not what he are here for.
PS: If you made some money from this, good for you! I am happy for you and hope that in the future you can make more out of crypto. Nevertheless, let's educate new members to research, pick up projects with user case and solid development and invest responsibly. We are here for the long term.
So, in the era of stupid money, apart from rich, you can literally end up poor in some minutes.
Once more, thank you for tuning in to read this. Researching and writing about topics always takes considerable effort and time.
Your support is always appreciated.
Should you wish to support my articles and writing journey you can do so by tipping in my CoinTree
The text on this page is based on the original post and does not claim the copyright of the owner in any way. Everything written here is a free interpretation of the original post.