Dogecoin - History repeating itself

[nutildah]

Doge will inevitably be compared to Shiba Inu dude, because if we look at the development of the two SHIB is doing better compared to Doge

LOL, SHIB is an Ethereum token, what "development" do you think is happening with it? Its governed by an immutable smart contract. It literally can't be "developed." I dunno why anybody would buy it or use it as a currency when you could just use ETH, which you need anyway to move SHIB.

although Elon Musk is promoting both when he thinks to encourage the crypto community to buy this,

He's never promoted SHIB. Somebody asked him how many he held once and he said "zero." Its not his fault if there are other cryptos trying piggyback off the community & good name of DOGE.

[tygeade]

Yep, just a memecoin that happens to be 10x faster and 100x cheaper to send than bitcoin.

If we are looking at how fast or cheap it is, than SOL should have been at the top better than bitcoin, if you have other point of views then it would be smarter, but just the pace is not good enough.

Dogecoin has always been useless and not really liked a lot up until Elon tweeted about it, so there is no denying that neither the pace, nor the cost of it is the reason why people invest into it. That means we should be focusing on something that is more like bitcoin or ethereum and that way you could make money from it, since they are really good all by itself. That is why I believe it will be about and I will definitely make a profit based on that.

[nutildah]

Yep, just a memecoin that happens to be 10x faster and 100x cheaper to send than bitcoin.

If we are looking at how fast or cheap it is, than SOL should have been at the top better than bitcoin, if you have other point of views then it would be smarter, but just the pace is not good enough.

Obviously there's more to it than that but I have no incentive to explain it to you.

[jaberwock]

The answer is clear, of course, Dogecoin cannot survive long without the support of Elon Musk, Dogecoin is basically a worthless coin and it was a joke, now it has turned into people’s talk thanks to Elon Musk’s arrogance, maybe Elon Musk will abandon it one day but this does not matter to many people, They see a good opportunity to make some temporary profits even though everyone knows Dogecoin is worthless. If Elon Musk abandons Dogecoin one day, the lucky ones will survive the disaster and the unlucky ones will take heavy losses.

What you mean is its hype are the one that won't survive but the coin itself can survive for a very long time even without Elon Musk and only having a minimal value but its value will still be better than last time as the supporter for it will still be there. They will continue hodling their doges thinking elon will came back anytime soon or they will simply think that dogecoin can still pump in the future.

It literally started as a joke or a meme coin and many call it worthless. Not that I support the coin but we should accept that dogecoin is also widely supported in many gambling sites and other platforms. I guess that is still considered as a utility right?

[goaldigger]

That's the cycle in crypto even though it's clear that doge was slammed very hard by Elon Musk but still there are still many people who believe in Elon Musk like a god. As indeed most people find it difficult to learn from their past mistakes.

Elon is just playing here, he doesn’t commit into DOGE project and yet many follows his hype with regards to this one. We might see another pump and dump price with DOGE and only those who know how to ride with the hype can make profit. We cannot remove the fact that DOGE is a meme token and it is being manipulated by many so be very careful dealing with meme token, they can pump and dump at no time.

[Silberman]

That's the cycle in crypto even though it's clear that doge was slammed very hard by Elon Musk but still there are still many people who believe in Elon Musk like a god. As indeed most people find it difficult to learn from their past mistakes.

Elon is just playing here, he doesn’t commit into DOGE project and yet many follows his hype with regards to this one. We might see another pump and dump price with DOGE and only those who know how to ride with the hype can make profit. We cannot remove the fact that DOGE is a meme token and it is being manipulated by many so be very careful dealing with meme token, they can pump and dump at no time.

This is what those people do not really get, Elon is just playing, for him all of this is nothing more but a simple game which he uses to manipulate the dogecoin market, but why he has decided to do this? Because he can, if he could he would try to do the same with bitcoin as this will benefit him economically, but since he has lost any kind of credibility with the bitcoin community then he has decided to do this to the dogecoin community instead, and unfortunately for them they are moving in the exact way in which Elon predicted they will react.

[Polkeins]

...Now the deal with Tesla bitcoin is seen differently, initially I thought that it was all for the sake of hype and profit, so he probabbly really had plans for bitcoin after all. It will be interesting to find out later what went wrong.
Although apparently in reserve 25% of the initial purchase Tesla left on the balance sheet.

Now Tesla had a good opportunity to buy bitcoin at a reduced price and thus reduce the average purchase price. And if such a purchase has really been made, then we will be able to find out about it only after the publication of the quarterly report, that is, at the beginning of 2023.

Now it’s clear why bitcoin began its growth at the beginning of 2020, before the reporting, apparently someone knew in advance about the purchase of bitcoins by Tesla even then, and the second wave of growth was just at the publication of Tesla’s reporting at the beginning of 2020. Quite possibly this year will also be, the purchase price is lower than Tesla sold BTC in 2022.

It is not clear why then Musk initially chose DOGE for his promotion? Partly apparently due to the low transaction prices, but then he could choose instead of DOGE, for example, LTC.

[Chainsmokers]

Dogecoin has increased almost 2x in this bear market, yes we know that many altcoins have decreased by -95% and some even more,
but because Elon Musk Doge really came out of the bear market,
it means of course when Doge is bullish it is certain altcoins will also be bullish and the fact that at this time it is true that altcoins with Web3 and the metaverse are experiencing high gains,
so hopefully this is a bullish start for cryptocurrencies.

[wheelz1200]

Even if elon supports dogecoin it won't ever be some sort of ground breaking crypto.  It is a joke, jokes die no matter who is behind them.  Doge was a viral hit and just like anything else that's viral, it has its time and then it passes and people move on to other things.  Doge will prove that is no different.

[Silberman]

Dogecoin has increased almost 2x in this bear market, yes we know that many altcoins have decreased by -95% and some even more,
but because Elon Musk Doge really came out of the bear market,
it means of course when Doge is bullish it is certain altcoins will also be bullish and the fact that at this time it is true that altcoins with Web3 and the metaverse are experiencing high gains,
so hopefully this is a bullish start for cryptocurrencies.

Bull markets have always been led by bitcoin and no other coin and we can see why this is the case, the market cap of bitcoin is by far the biggest we have in the market so when bitcoin moves then most of the market reacts in the same way, however there are exceptions, which is what we are seeing with dogecoin and a handful of coins which are going through a hype phase, but once that disappears then they will join the rest of the coins and show a heavy correlation with the way bitcoin moves.