Doge Pump 2021
Dogecoin was created as a Memecoin, is the first Memecoin, is a Memecoin and always will be a Memecoin. The coin was created as a joke and has a light hearted community on Reddit that has traditionally used it for tipping purposes. If you look at Dogecoin’s (Ticker is DOGE) history on CoinMarketCap you will see it has a history of:
- Randomly pumping
- Quickly dumping
- Going sideways for a long period of time
- Repeating the cycle
Part of the joke is that an ultra cheap coin with a doge head as it’s symbol can pump to the moon and make lot’s of money. It’s all part of the lulz.
Now The Present Day
Just as there was a group on Reddit pumping GameStop there is a group on Reddit called SatoshiStreetBets who are pumping Dogecoin. The expressed goal is to get Dogecoin up to one USD. Why? To make a point? To make money? For the lulz? The answer is Woof!
Musical Chairs
If you bought Dogecoin on 1/27/2021 congratulations! you just made a bunch of money. To everyone else you need to understand that if you jump on this band wagon tonight you will likely lose 95% of your money. This is a game of musical chairs where if the price goes up high enough everyone will sell and losers will be left standing with 0.005 Dogecoins in their hands. Right now Dogecoin is at 0.07 USD (at 12:00 AM on 1/28/2021) will it reach the dream of 1 USD? Probably not. Will it crash by the time I wake up tomorrow morning? Most likely.
If you are interested in cryptocurrency stay out of the Dogecoin craziness (or buy in 3 months from now when the coin becomes tenths of a penny) and get some Bitcoin from OKEx. I can’t guarantee you will make a profit from Bitcoin but I know it won’t dump 70% by February 1st like Dogecoin will.
If you throw in some coins to see what happens don't say I didn't warn you!
