One of my favorite practices with the stock market has been to place $100 to $200 towards a long shot penny stock, usually at least once a month. My expectation is that I will lose that money, but  my hope is that it skyrockets – though that happens less often than I would like. Most of my investments generally have been in “solid” stocks, but I do so enjoy playing the long shots. My strategy is exactly the same with crypto.

Dogecoin was the crypto that I invested in, and it skyrocketed for me. I knew nothing about it when I bought it, I was serious about Bitcoin and Ethereum, but Doge was so ridiculously cheap I bought it as an unknown long shot. When my small holding soared this year to over 10k, I took 5k and invested in BTC. My Doge diehard friends chided me for doing that, but I simply followed my instincts. I still have half of my original coins, and probably won’t ever sell them; besides, I expect the Dogecoin  journey has a long life ahead of it. All in all, this $200 investment has provided me with a solid base of crypto, and the base is now well over 10k; and it offers me more opportunities to invest in what I want to for adventure– yes even with other so called $h1t coins.

My purchase of Dogecoin was truly born out of ignorance, at the time I knew absolutely nothing about it except that it was dirt cheap. I had also been watching many crypto numbers swing with such volatility since I first started paying attention to them, that I felt pretty confident that the price would drop soon after it rose so high – which is why I almost immediately reinvested half of my holdings.

Even though Dogecoin was created as a joke; the joke has become the joker, or rather the trickster – it appears that Dogecoin is going to be staying around. Here’s why: It has support from folks like Elon Musk, Mark Cuban and others. It has a big community that loves it. There is one thing that Doge doubters don’t realize: when people want something, and put faith, heart and soul into it, it becomes an object value. It does not matter what the “technical” arguments against it might be. This is part of the fundamental law of supply and demand.

My personal opinion is that Doge has the potential to become a great coin for actual daily usage. Bitcoin and Ethereum are currently not practical for daily usage (not for me anyway), and I think of them more as long-term investments. In addition, if you want to support Dogecoin it doesn’t mean that you have turned your back on Bitcoin – Bitcoin is still #1 for me, but I do have other cryptos that are successful, I will acquire more, and I believe worth holding for the long term. Crypto is an investing tool for me, but more than that it is a great adventure.

There is room for many kinds of crypto at the table, despite what some "tribal" leaders may say. Though history will surely tell the story of how it all plays out. In the meantime, don’t be afraid to take a long shot if you have the option to do so. But be safe, be wise, and be bold.

A special call out for the Dogecoin image from Trever Gearheart on Pixabay (link below).