Will Dogecoin Be The Biggest Pump and Dump in History?

By Seven-NATE-Nine | Invest with Nate | 6 May 2021


3620160eeb3f90463a6a4a907c73f08f6e86123c6da7500df88b2387cf97de05.jpg

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.

013f61ff0d8590150ef61d983c61c45645b438fc2f62e4fa924117cc7a6c5478.jpg

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.

8b7912c4c6a6fcc888b0420ce6d98986f2f1164a3a386596a59c16eb595eab2d.jpg

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?

880190a40b1f5736cb5b57c18ce6a4aea6dafe2711e96ce66dc3af4ef4a1518a.jpg

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.

31278b6bb152563fcbc69426188420f4026e6c8ecd3fb8050b2c66fa978ba7d0.jpg

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?

39571acfdbe15e6467db7106fa8d366f2004c9c489b9ba66ff3123215db26cf5.jpg

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.

02b8db5dea9b09f5c0ac1e03375b11f9b82491067a68db07ba530a18b237ef39.jpg

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.

9e5c16f4dcc5e79b1d287b621c43e3289e34ef32fbebeaa9d49c35e514694a1c.jpg

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.

Thank you for your time! If you found this article interesting or helpful in any way please let me know in the comments below. Feel free to follow me for more articles on how I invest or how I earn other free rewards such as crypto, stocks, or gift cards.

If you’re looking to buy Dogecoin and don’t want to go through the tedious hassles that come with setting up traditional crypto exchanges, consider using Robinhood. It seems to be the quickest way to buying Dogecoin. Feel free to use my referral link if you decide to create a Robinhood account so you can get THREE free stocks!

https://join.robinhood.com/nathans-4fad76

I invite you to use my Coinbase referral so you can get $10 in Bitcoin for free!

https://www.coinbase.com/join/sanida_e?src=ios-share

If you want to start earning points today to receive free gift cards from searching the web, feel free to use my Microsoft Rewards referral link:

https://account.microsoft.com/rewards/rafwelcome?rh=DA0E8303&ref=1000

Also, if you would like to earn Cryptocurrency just by reading articles and playing mini games, please check out my posts below!

Easily Earn Cryptocurrency by Reading

Easily Earn Cryptocurrency by Playing Games

 

*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.*

 

 

How do you rate this article?


8

0

Seven-NATE-Nine
Seven-NATE-Nine

Crypto Enthusiast and Aspiring Day Trader. Also Passionate about Family, Love, Life, Movies and Video Games. And Pets.


Invest with Nate
Invest with Nate

Who doesn’t like free money? I enjoy finding ways to earn extra money, whether it’s through gift cards, stocks, or cryptocurrency, with little to no risk. I am by no means a financial advisor. I will only discuss what I have experienced personally and have found successful and worthwhile. Feel free to follow along and maybe you’ll benefit in one way or another!

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.