The recent tweets about Elon Musk stopping people from buying Teslas with Bitcoin and his interests in Dogecoin has sparked much fire in the crypto community, where many disagree and hate Elon for promoting "shitcoin" to his followers so that many will buy dogecoin and pump up DOGE's prices.

Although I agree that Dogecoin is still a so-call "memecoin" with unreasonable tokenomics and lack of token developments, you can't ignore the fact that due to the increase demand of people buying dogecoins, many businesses are also accepting DOGE as a payment method, coupled with new listings on exchanges and yield farming with DOGE which makes DOGE a more utility & investment coin than what people perceived as a joke.

Now of course all cryptos have their value and can be used as a medium of exchange, and there's also no denying that there are other crypto projects out there that are creating meaningful value to the crypto and blockchain space than what Dogecoin is capable of today. However, there's a reason why Elon Musk loves Dogecoin and keeps promoting it as a future of currency.

Most of us love memes, and so does Elon. We all create, read and comment on memes everywhere on social media because it brightens up our day to joke around with the communities and have fun sharing these experiences. To me, this is what I believed in what Dogecoin is meant to be: a coin which brings a meme value and pulls people together to share and have fun together. For Elon Musk, promoting Dogecoin is his way of engaging and having fun with his followers.

Now comes the controversial question: Does Dogecoin actually have value?

Cryptos are all about supply and demand, so even though DOGE has an infinite amount of supply, as long as demand beats supply, prices will go up. Is it overvalued? Well, that depends on how people perceive the value of dogecoin, and how much people are willing to pay for that unrealized future of the token value. If people thinks that DOGE will reach $1 soon and the current price is lower than that, then people might buy the token for the sake of thinking the value will reached $1 or higher in the future because of what other people perceived. After all, everyone buys assets for the future value of that particular asset, just that for dogecoin, nobody ever thought about the intrinsic or fair value of dogecoin because it's near impossible to calculate with their tokenomics.

And that is a dangerous route to become rich.

We live in a society where like it or not, a lot of people come to the cryptocurrency world because they know they can get rich quicker than buying other financial assets due to its volatility. If a few rich guys are "whale-ing" a whole lot of coins and pump up the prices, people will FOMO into it and make a quick buck when they time their profits correctly. Other "shitcoins" such as SAFEMOON, SHIB, etc are following suit to support that type of culture to let people believed that their token value is super undervalued and then people can buy these tokens to sell them at higher prices in the near, short-term future. Hate these people all you want, but admit that deep down, you might just want to throw a bit of your crypto investments into these shitcoins just to ride along people's insane value perception of these shitcoins, and see whether if you're one of the small lucky winners to sell them and build into your already stronghold portfolio.

So how does all these things mentioned tie up to the Elon & his followers saga? People always think that it's Elon who is responsible for pumping up the price of DOGE, where in reality its the people mentioned above who bought the coin to join into his fun that drives up the price. After all, how funny is it to put a cute little shiba on a SpaceX rocket and bring it to the moon? or to mars? Elon Musk has basically, single-handedly create a great marketing campaign for DOGE holders, and that attracts a lot of new DOGE holders and followers, and also a ton of haters who are believers in true blockchain technology because Dogecoin is the opposite of it.

Then comes the energy consumption controversy that results in Tesla pulling out Bitcoin as a payment method for purchasing Tesla cars. Now before people start branding Elon as stupid for promoting Bitcoin in the first place, we do have to remember that it was Bitcoin that bridge the people into the crypto world. As crypto enthusiasts, we have already read many whitepapers about other great projects such as Cardano, Polkadot, Chainlink, Solana, Avalanche, Harmony ONE and many more, but a majority of the people, especially the ones who never touched crypto before will not know all these projects, but everyone will know Bitcoin, Ethereum and Dogecoin because the media mentioned them many times as they are the pioneers of blockchain and smart contract technology.

For Elon, it's also the same situation. His brain is already occupied with engineering problems regarding Teslas, SpaceX, Starlink, Neuralink & the Boring Company. Cryptocurrency and the blockchain technology is still very new to him and he is yet to delve into the Proof-of-stake consensus which provides significantly lower energy consumption than the proof-of-work consensus. So give him some time to understand and make better decisions as we all humans do. Maybe he might learn all the other more energy efficient cryptos out there and he can add those icons on his SpaceX Rockets together with Dogecoin and send them all to the moon? Maybe one day, all crypto payments can be accepted to buy Tesla cars, just like what Travala did on booking vacations, and then people will thank Elon for that.

So is it all worth it to buy Dogecoin? If you're lucky, then yes it's possible that you can get rich from it. However, a lot of people will be losing sleep, checking their phones every second and minute because they either worry that the prices go up a lot that they have to sell it fast before it came crashing down, or the prices will go down very fast and they panic sell. The reason is also due to people not doing their research properly and buying coins without thinking too much on the fundamentals. For other rich people who buys dogecoin with their spare change, they really just don't care. As mentioned in my previous article, I never buy dogecoin nor thinking about it, because for me investing in great long-term projects is a good night's sleep for me, even though the gains are not as instant as these super high risk coins, I rather be focused on other useful things than worrying about the prices all day, like what shampoo brand to buy to solve my scalp issues!

Do your own research! Only gamble in shitcoins that you can afford to lose, and if you win something out of it, support the other great crypto projects out there that are solving the blockchain trilemma and also can grow your wealth steadily. Everyone in the crypto space will thank you for that! I do hope that people have some sense to not put all their life savings into dogecoin, then when the dump comes and blame Elon for it, because Elon Musk was never responsible for your wealth, you are.