Recently i’ve been noticing numerous people say that “dogecoin will make me a millionaire” “oh dogecoin is the next bitcoin” “oh dogecoin will hit 1K USD”. Before you invest your whole life savings (believe me people are actually investing their whole life savings)
A few days ago I noticed dogecoin hit 45cents USD. Because of dogecoin hitting 45 cents many people are saying that dogecoin is a good investment and it will make you rich and all that. Not sure about that, but here are my two cents.
What people might not know is that DOGECOIN HAS NO SUPPLY LIMIT compared to BITCOIN where bitcoin has its own supply limit which is 21 MILLION. Every single minute 10000 DogeCoin is added. So in order for DOGECOIN to stay at 45cents, 10000 DOGECOIN has to be bought every minute. Just to keep it at that same price.
Not just that.
Other than DOGECOIN being supported and getting hype from Elon Musk, Tim Draper, Mark Cuban etc. It doesn’t really have any actual use other then hyping it. Sure it can be spent here and there. But it isn’t used all the time, it isn’t used day-to-day and it doesn’t have much use.
Plus DOGECOIN has been pumped and dumped four times in two months. It also has the characteristics of a pump and dump.
But again who knows? Maybe it could be big, maybe it couldn’t? We’ll see as time goes.
Just wanted to say DOGE is good to play around with to get an idea of crypto that’s all. But just don’t get too serious in it.