I have to admit, one of my initial hesitations about cryptocurrency over the past few years has to deal with the story of Dogecoin https://dogecoin.com/.

Seriously, it was created as a JOKE. It is now worth (as I write this) nearly 16 Billion dollars, yes that is with a B.  To me this screamed "monopoly money," as a reference of mine regarding my understanding of cryptocurrency over the past few years.  As I have learned more and more about Dogecoin, I am not sure my thoughts have changed much on this particular cryptocurrency.

Over the past few days Dogecoin had increased approximately 150% (https://cointelegraph.com/news/dogecoin-price-rallies-150-in-4-days-but-doge-now-most-overbought-since-april-2021). From my understanding, this occurred simply because the world's richest man bought Twitter.  I am not to sure what to think about the idea of "the greater fool theory" but this type of things makes me think about it in regard to Dogecoin.  

I see some interesting growth opportunities that may in the long run make Dogecoin something of substance. One is it it somehow merges with Twitter, as has bene speculated. Also, if Dogecoin takes up Charles Hoskinson's offer to be a sidechain on Cardano, then I think there is some real world value.

Despite my reluctance to buy into the idea of Dogecoin as I briefly outlined above, I am strongly considering buying Dogecoin for the very same reasons. At this point, due to the recent 150% increase Dogecoin seems to be overvalued. When it drops again, it may be time to scoop in an buy because in the next broad bull run in the cryptocurrency space, I believe it will hit ATH. Just one tweet will send it soaring.

Thanks for reading as I go through this journey of discovery about cryptocurrency.

Nothing in my posts should be construed as any type of financial advice, or of any other advice. It is just the musings of an individual who is enjoying the journey of learning about this new financial frontier.