A bit of history
As far as I remember, DOGE home website promoted its coin as "tipping system coin" one year ago. Simple - tipping coin! - which was worth $0.001 last year. At the time of writting this post, its price is $0.3265
What happened to that? Is it not anymore tipping cryptocurrency coin? You cannot find this statement on their page anymore :)
In the Internet, there were many pseudo portals, giving you DOGE for "free". Those who grabbed a lot of coins that time are probably happy people. Who could believe that crypto's price would increase over 100% in very short time!
DOGE was (and it is still probably) easy cryptocurrency to mine with appropriate hardware. Based on current coin price, those who started mining it, got high profits these days.
As you can see in the chart below, nothing - literally nothing - has happened with DOGE price over past year, until...
... February 2021.
- What has changed that this value raised?
I do not have any proof and I'm not going to search for it, but I guess it happened when Elon Musk decided to promote DOGE by posting his tweets and invested his real money into that cryptocurrency.
There is nothing wrong in that. People are happy that their finances are increasing and they have profits.
However, as I remember, when I started my journey with cryptocurrency, it was stated, that was designed to stop value speculation. Value speculation that takes place with fiat currency in banks and stocks.
Is this still the same principle behind the crypto coin? If one wealthy man, may influence its price, is it still worth invetsing into DOGE?
I think this might be dangerous to the entire cryptocurrency eco-system as it shows weak points.
What do you think about that? I'd love to see some comments below this post for open discussion as I am REALLY interested in others point of view.
Thank you in advance for your time and comments!