I personally don't mind this too much as I did buy a little Dogecoin a while back, I think it was less than $.07 at the time, and I just sold enough to cover that purchase plus a little profit.
I'll hold the rest just in case it pumps more insanely, but is it worth buying more?
Arguments for Buying more Doge...
As I see it, and in this order
It's got one of the cutest images in Crypto and thus mass appeal. The fact that it's, well, based on a dog-meme, means it's already 'speaking the language' of the masses.
It's cute, it's playful, it's fun, right? Actually it doesn't matter that in reality it's just Litecoin Lite and not a lot else, its image is that it's cute, playful and fun, and it's image that matters and sells.
It's increasingly well known thanks to Elon Musk and some other well-known celebs, reinforcing number.
It does actually have a use case - it's accessible and easy to use for transfers and tips via social media platforms.
It's now available on Coinbase - a route to mass adoption.
NB - I've put the functional aspects of Dogecoin last as reasons for buying - because while these are true, there are plenty other cryptos that can be used for the same purposes.
What matters MOST with Dogecoin is the Hype, and that's what's selling it IMO, that's why I bought some a while back, knowing the power of Hype/ hysteria, in whose shadow functionality often gets lost.
Arguments against buying more Doge
Approximately in this order
As I see it this is a punt based purely on celebrity led social media hype - for the price to continue rising you are relying on more and more people just buying it at a higher and higher price in the hope that more and more people just keep on buying at a higher and higher price. Although in fairness one could say that about probably half the coins in the top 200 on CMC.
The fact that it's based on hype probably makes Dogecoin's price more volatile than ones with real utility - instability isn't something I'm looking for right now.
If it is relying on it's 'cute' image to sustain the price I think its days are numbered - there's plenty of DEFI projects out there with cutesy images, those on BSC mainly and that will give you a much better return possibly that Doge.
Related to number 1 - besides the image, there's no real USP to Doge - it doesn't do anything that several other cryptos don't already do!
There is no upper limit to the number of Doge that can be mined - it just goes on printing, unlike BTC which has built in scarcity of supply.
For me I just cannot see the point in the coin, other than having a bit of fun.
Final thoughts - Doge is just a punt!
If you want a punt on a pure hype-speculation coin then buy some more Doge, just maybe wait for a pull back first.
If you want stability of return based on utility and fundamentals, sell the lot NOW!
Dogecoin - Worth Buying? | Ecency
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