Dogecoin recently shot up in gains quite rapidly, though don't get too excited - it's already back to trending as normal.
The temporary boost did not even bring the value of the token to 3/5th's of a US penny at 0.005599c USD with over a 25% gain in mere hours. It quickly went back to $0.003939c USD, which is more typical for the meme-token. If you didn't already know, Dogecoin was created as a meme, a joke.
I remember seeing total crypto nerds in the cheapest Dogecoin t-shirt's ever back in 2012. They wore them as crypto jokes, not marketing strategies.
That is not up for debate, it's a fact. People hoping to get rich off of it are over-reaching. If it was going to happen, it already would have. We have far better altcoins now.
Many are advising people to make smart decisions around this and as someone who recently abandoned Stellar Lumens (XLM) which has far more promise than Doge ever did - I did it for the same reasons.
You'll often hear people reference FOMO which is a trading term for anxiety around an event that makes you want to invest in it rashly; usually caused by sudden market spikes. This happens all the time, and not just with crypto.
Currently, it is not a smart place to put money - this is a result of a lack of social support, token functionality, and promotion - even with a 10% XLM rise last night, that means absolutely nothing. That manipulated variance applies even more-so to Dogecoin.
The only interesting part, is that this did not correlate with any other tokens; particularly Bitcoin which all altcoins "usually" correlate with. I assume "doge whales" (lol) attempted to manipulate the market. This probably led to some short-term gains for a handful of people.
Don't buy into the hype. If you're like me and you don't mind putting a few dollars into odd places, go ahead and invest in tokens worth next to nothing - they could make you rich. But, probably not. And, almost definitely not with Dogecoin.
My love seems to hold for Basic Attention Token (BAT), Tezos (XTZ), and good old Bitcoin (BTC). I really hope to see Nano or something like it -eventually- replace Bitcoin as the primary token, but we're not there quite yet.
I am, however, becoming increasingly interested in the Atomic Wallet Coin (AWC) which the Publish0x airdrop happily provided me with a start in. It seems to be paying fast and I am looking forward to my first monthly payout, and I am on the lowest tier to start out.
If it turns out AWC pays steadily without problems - I will likely move most of my Tezos into AWC for the 20% to 23% ROI which shames the best rates I have seen from XTZ at around 6-8%.
I am not a financial advisor. If you want to invest your money into a token literally created as a joke, go straight ahead. I think you should take a look at BAT and AWC first though!
I hope you are all staying well through the second COVID-19 wave, which seems to be mostly in the USA.
Stay safe, and stay smart with your money. It's not a great time to waste any; not that it ever is.
-Thomas Wolf
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