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The Doge madness

avatar of @achim03
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@achim03
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I've been using Doge for more than 6 years. I've been running several faucets and I gave away thousands of Doge to users all over the world. What I liked about doge is that you could send them around quite easily and cheaply. I often used Doge to transfer tokens from one place to another and like that avoiding expensive transaction costs in BTC or ETH.

What is happening to everybody? It seems that everybody is in need of a doge wallet today. Everybody speaks about Doge and everybody wants to see it to the moon.

It has become very easy to manipulate markets

When you look at this reaction, I'm kind of worried. It has become so easy to manipulate people and indirectly the market. You just need a couple of influencers shilling a certain coin and people are getting crazy. What is behind the Doge pump? Has there been some technical improvement? Are there some new use cases? I don't believe so... So why this pump? Simply because some people wanted to shill this tokens and all the rest have jumped on the wagon and because of that they are actively contributing to the pump.

How long does such a pump last?

That is a very good question and I couldn't answer it. Some might say that BTC is a long term pump of the same kind as well. What about all the other coins that are pumping like ETH or BNB? Nobody can say it but be aware of one thing. The Doge pump has as sole fuel the belief of the people buying it. In order for Doge to increase in price, always more people need to want to have doge and they need to be willing to pay more for it than the ones who have it already.

The pump is fueled by the shill and the ongoing fear of missing out (FOMO). Once this goes away, what will remain? The same old Doge that hasn't changed at all.

So should you buy Doge?

If you own Doge, keep it. I wouldn't buy Doge at this price however. I would buy a token or coin that provides a return. When you get interests or dividends on a token, you are investing... If you buy a token because you hope that one day somebody will pay you more for it than you paid yourself, then you are speculating and speculating can go both ways...

But of course investing is boring. Where is the kick and how can you become a millionaire over night by getting 5% to 10% interests? The funny thing is that this is the way that most millionaires took to get where they are...

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