There are so many users on Social Media, Reddit and TikTok who are influencing uneducated crypto investors into buying Dogecoin in hopes that they can get rich quick.
They hear and see big names like Elon Musk and Mark Cuban endorsing Doge so they feel like it’s a safe investment. And it’s working! Dogecoin has reached all time highs these last few days! Dogecoin even reached the fourth spot on coinmarketcap.com, right behind Binance Coin.
But is it really safe? Will Dogecoin continue to rise in value or will it end up dumping back to the bottom? Is it safe to say that Dogecoin is not merely another pump and dump scheme?
According to investopedia, A pump and dump scam is the illegal act of an investor or group of investors promoting a stock or crypto they hold and selling once the stock price has risen following the surge in interest as a result of the endorsement. 
Does that sound like Dogecoin to you? Do we hear of celebrities and investors endorsing Dogecoin to the moon? ABSOLUTELY! Will Elon Musk promote Dogecoin on Saturday Night Live this weekend and send it to the moon?
One thing is for certain, and that is that we are seeing FOMO for exactly what it is. A technical analysis of Dogecoin suggests that it may fall as it is due for a serious correction. It is overbought and overvalued.
Look at Dogecoin’s history. This is not the first time we’ve seen this happening to Dogecoin and every time the pump gets bigger and bigger and then… well you know what happens next. Many Doge holders have made amazing gains, some are even millionaires now.
This situation is turning out exactly like the now legendary meme stonk, GameStop (GME). GameStop was being pushed by social media, Reddit, TikTok and YouTube, and some investors were able to make millions! But it eventually crashed, leaving many hodlers with huge losses… I fear we may be seeing the same with Dogecoin.
Theres a saying about investing that you may have heard, the saying that when the hairdresser and shoeshine boy start giving you stock tips then it's time to get out.
It's ok to throw some dollars for the memes and LOLs but be careful, never invest money that you’re not willing to lose.
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*Disclaimer- I am not a certified financial planner/advisor, certified financial analyst, economist, CPA, accountant, or lawyer, or anything important for that matter. The contents of this article are for informational, educational, and entertainment purposes only and do not constitute financial, accounting, or legal advice. Always do your own research.*
