Here are my thoughts on Dogecoin, the potential of it reaching $1, and how it might be positioned to continue growing in popularity – Enjoy! Add me on Instagram: GPStephan
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Initially, Dogecoin was NEVER developed to be something which would have actual, intrinsic value. It was created from the open source software project, Litecoin, which means there is no limit to the number of Dogecoin that could be mined.
Even the FOUNDERS, who created Dogecoin in the first place, are totally perplexed by its popularity.
Well, I think part of its success is very much due to the fact that Dogecoin was never TRYING to be anything in the first place…and that made people feel COMFORTABLE using and adopting it, because there wasn’t a hidden agenda.
Unknowingly, that created a currency that people don’t find intimidating…and, when it comes to cryptocurrency, the BIGGEST FACTOR is something most people forget: TRUST.
But, then we have an element that wasn’t expected: because of its underground popularity and appeal, REAL MAINSTREAM corporations began using that as a way to market their own products, and in the process…they further legitimize it as a currency to be taken seriously.
There’s also a chance that, as it gains more popularity…other exchanges begin accepting Dogecoin, as well. But, all of that is just speculation…and even though it’s fun to think about Tesla or Apple one day accepting Dogecoin…that’s not yet happened, and that may never happen.
On a more serious note….it’s clear that, for the last year…the price of Dogecoin is NOT driven by ANY fundamental analysis or real-world use case, but instead – the excitement and enthusiasm for an unsuspecting meme, combined with the hope of one day making a lot of money. When you’re buying Dogecoin, what you’re really buying into is something that wasn’t meant to be taken too seriously, that people trust, just for fun…and, if it winds up being something in the future, so be it.
But, I do have to mention a word of caution that – just as quickly as this goes up, it can – and WILL – go down. So, my advice is this – if you’re holding on to Dogecoin right now, just ask yourself: would YOU buy Dogecoin at the price it’s currently trading at? If the answer is NO, then the question becomes – why are you holding on to it, because essentially – you not selling, is the same as you buying in at that same price.
Ultimately, it just comes down to this: you’re either going to regret not holding on to it longer, or not selling it sooner…pick your choice. If you sell and it goes up, you’ll wish you held on…but, if you didn’t sell and it goes down, you miss out on guaranteed profit…so, you’ll need to decide for yourself, but I don’t think there’s any shame in taking some money off the table IF this is money you can’t afford to lose.
As far as my own thoughts on this…I wouldn’t be surprised if, at some point, Dogecoin begins to establish itself as a legitimate currency with real world functionality as it continues to grow in popularity. I think this has shown us that people are willing to take a meme seriously, IF people have a genuine interest in it…and today, that’s certainly the case.
So, I’m thankful that there IS a playful currency out there, without ulterior motives, and helps drive more attention to the cryptocurrency…and that, combined with Coinable going public…IS a sign that we’re seeing a big shift in the way people define money, and how we should never dismiss something…just because it started out as a joke.
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