I have heard a lot about Dogecoin and Elon Musk for the last few days. In fact in the crypto space, this was one of the hottest news for the last couple of days and the majority of the community was talking about this coin which has no fundamentals behind it.
We know that there is no real use case of this coin but because of the hype people have got more attention to it and that is why prices also started increasing. the only reason that I know so far is Elon Musk behind it.
I did some search about Dogecoin on google and this is what I found that defines the project behind it.
Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system that is free from traditional banking fees. Dogecoin features the face of the Shiba Inu dog from the "Doge" meme as its logo and namesake.
Earlier this coin was rarely listed on any India exchange but after the hype, it got listed in all leading exchanges, and certainly, it has given good profit to so many holders who purchased the coin earlier when the value was quite less.
I never invested in this coin because I never thought that it's worthy but when I noticed, its price was quite higher. I am not much active on Twitter and other social media and that's why did not get to know about the hype.
It came to my attention when I saw many posts about it here on Hive. There is no reason to invest in this coin if I go to fundamental or technical analysis but the only reason I find to invest is based on news and I usually avoid putting my money on such coins because it's highly risky. I'm not saying that it could not be profitable because I have seen so many people who have made a good amount of money but in my personal opinion I try to stay away from such projects and I'm happy not to earn anything. I simply follow one way to invest in a strong project and hold it for a long so that there is the least possibility of losing money.
Here is a graph in USD and you can how it's falling down. Those who have made the good money must be happy but still, there would be many who might have faced a huge loss.
I can't say that I will be investing in it even when it will be around 10 cents because I don't see it as a strong project so it's better to stay away than putting money on the risky side.
Have you invested in this coin or not? Share your thoughts.
Thank you.
