DOGE: A Case Study
1) Create coin that has zero innovation but panders to an untapped market (reddit)
2) Redditors buy/mine the everloving crap out of this flavor of the week coin
3) Redditors get stuck bagholding
4) Redditors use their immense volume to pump/promote this shit coin
5) Coin becomes mainstream
6) Coin doesn't die like normal memes because of the Redditors holding
7) Newcomers continue the whole bagholding/pumping/promotion cycle until the coin's ultimate death
I love what DOGE did to introduce so many new people to crypto. I hate DOGE because it lacks innovation. If it didn't, it might survive the inevitable altcoin genocide that most people think will happen to all the copy-coins. Ultimately, this will burn a lot of bagholders and leave a bad taste in the mouth of thousands, if not millions, of people in terms of crypto and turn them completely off of it. I refuse to support DOGE because it is overall bad for crypto.