It has been about a month in the making and finally it looks like the Doge bubble is bursting. As much as I loved doge at the sub 1c level, printing this many doges a day will eventually see you running out of buyers. And that's the entire point of a joke coin.
What happens when there aren't anymore buyers? Well you could HODL it i suppose, but there aren't any incentives to, especially since so many new ones get printed every day.
So you sell, and you have to accept whatever the market is willing to offer you. Soon, the buyers realize that sellers are accepting any price that the buyers are willing to offer and start offering lower and lower prices.
That's when the whole thing collapses.
The market cap of Doge before it blew up was around $7 billion. It went as high as $93 billion. Currently, it is is at around $33 billion.
People out there are holding a $60 billion bag and it is starting to look precarious. Just as it was with the run up in 2017, we're going to have to work through a lot of this excess before things look better.
