Is Dogecoin overpriced?

[laredo7mm]

I'm surprised to see an abandoned coin like Dogecoin surging in price like crazy. People are overestimating Dogecoin without realizing that it was never meant to be taken seriously. The huge supply of DOGE in circulation, along with abandoned development and innovation, tells me that it should be less valuable than what it is right now (please correct me if I'm wrong).

What are your thoughts? Do you think Dogecoin is overpriced? If not, why? Your input will be greatly appreciated. Thanks.

You have already mentioned why it's overpriced. It's an abandoned project and has a huge circulating supply. People just brought it with FOMO and we could see a big dump in its price. Without that tweet from Elon Musk, its price would never reach that high. Soon people will get that dogecoin is nothing but a pile of rubble. It has not future nor the potential to hold its price.

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[cfif]

We should to consider tech compound of coin to real conclusions. I think not only you are surprised. The coin looks realy much overboughted without of coin tech part. The people still injectives in the Dogge.

[DU18]

Dogcoin has always sold at a very low price. And personally, I believe that if the Dogcoin went up in price, then it is very low. But if suddenly the price of Dogcoin rises in price, then this coin in the future can be considered as a very promising investment. So at the moment the coin is in very low activity.

DOGE overhyped is the whole reason. I don’t understand why Elon Musk is supporting this coin.

Now the price of Doge is quite expensive and indeed Elon's tweet gave a strong enough impetus to the increase in Doge's price and now traders are very enthusiastic about raising the Doge even though we know that Doge has something interesting in its technology because it was when Dogecoin was discovered only as a joke but now the price of Dogecoin can drop at any time and of course this is very dangerous for Dogecoin holders in the long run.
I think Elon Musk won't tweet forever about Dogecoin,  so be carrefull guys ...!

[milani]

I'm surprised to see an abandoned coin like Dogecoin surging in price like crazy. People are overestimating Dogecoin without realizing that it was never meant to be taken seriously. The huge supply of DOGE in circulation, along with abandoned development and innovation, tells me that it should be less valuable than what it is right now (please correct me if I'm wrong).

What are your thoughts? Do you think Dogecoin is overpriced? If not, why? Your input will be greatly appreciated. Thanks.

In my opinion this coin is really overestimated, just the PR step from an influential person. This coin will never be in TOP list, because it has very high emission. We all know the name of this person. And nowadays it is just really too advertised and nothing more.

[ukw]

Of course, Dodgecoin is overpriced. A coin that was created for fun and even the creator sold all the coins from it.

The rise in the price of the coin in the near future is only the result of the interest shown by Elon Musk, at least that is my personal opinion.

[sgenuine]

Doge has several advantages: cheap transactions and high speed. Dogecoin is considered a "popular" coin. Now Elon Musk has added popularity with his tweets, most likely he has big plans for Doge, and wants to multiply his fortune many times, and he does it well.

[Mtaiwo]

a price of coin is not determine by a single person, its determine by force of the demand and supply, so the price of Doge coin is not over price, because it attain the value, due to people demand for it, if it does not have uses people will not demand for it. so to me its not overpriced.  

[uneng]

There is some hype over dogecoin right now and that helps to boost the price without any doubts, but at same time it's a very popular oldschool altcoin, which many people have sympathy for, even though doge doesn't have any unique feature other altcoins couldn't replace with excellency.
Furthermore someone could say the entire crypto market is overpriced right now, but in fact that is something we should be getting used to, because the tendency is to see these prices increasing more and more as crypto currency walks towards mainstream.

[Nikola95]

It is overpriced because one person have 30%, and can manipulate the price. This situation with doge shows that people like Musk can push some coin for a short period of time, nothing else. But I say again for now, in 2021 year.

[Russlenat]

It is overpriced because one person have 30%, and can manipulate the price. This situation with doge shows that people like Musk can push some coin for a short period of time, nothing else. But I say again for now, in 2021 year.

Are you sure with that 30%, you mean Elon Musk?

I guess it's not only him who move the price, it's everyone who followed his tweet in buying manner, so the price move and FOMO was created.
It's of course overprice because of what happen, but overtime if Doge will continue its consistency to survive even if it will dump soon which is likely to happen, then I guess we can conclude that it's not overprice.

[CapGelatik]

I'm surprised to see an abandoned coin like Dogecoin surging in price like crazy. People are overestimating Dogecoin without realizing that it was never meant to be taken seriously. The huge supply of DOGE in circulation, along with abandoned development and innovation, tells me that it should be less valuable than what it is right now (please correct me if I'm wrong).

What are your thoughts? Do you think Dogecoin is overpriced? If not, why? Your input will be greatly appreciated. Thanks.

When viewed from the Doge chart, it is indeed Overpriced, because we know that Doge has a very large total supply, this increase was triggered by many people who fomo and buy Doge, with Elon tweeting musk again and again, but if seen from the indicators of course all it shows that it is time to sell Doge, so be careful if you want to invest in Doge or trade in Doge.

[Text]

All of their speculation about dogecoin are based on the tatus of dogecoin before, but now that there are many progress and huge movement in that coin, it will also change the market performance and price value. If you will think deeply, dogecoin increases its price value but not because of Elon Musk tweet, but because many people bought it and invest it that is why it has a sudden market pump.

If you read the replies after your post you may be enlightened. Which of the following is a development that has taken place in this coin? Are those just buyers and investors? They would not be interested in doing it if it were not for the hype created by EM. With the issue of their outdated official wallet, you will no longer like to use it. You will not even be able to recover the account associated with your lost device because they have no way to recover it using keys or phrases.

[okissabam]

I think DOGECOIN is fairly overpriced for it is just supposedly a meme coin. Elon Musk was the reason why it’s overpriced and I couldn’t think of any reason why he got interested on this coin.

[Banulit]

Seeing how dogecoin exponentiate massively over the pass few months, I can say that it is somehow overpriced knowing that it doesnt really have any uses and the creation of it is just only for the purposes of having a meme coin. Also, I think the main reason why it turns out to achieved its enormous pump is because Elon Musk is hyping and shilling it.

[TastyChillySauce00]

It is overpriced because one person have 30%, and can manipulate the price. This situation with doge shows that people like Musk can push some coin for a short period of time, nothing else. But I say again for now, in 2021 year.

Who's this person though? Owning 30% of total supply is no joke and that person is insane enough to put that much of money in one basket?, Elon in this case is basically out of the question since I believe he didn't buy that much coin more specifically just for meme, if any he'd invested to bitcoin instead since it's what he's doing with his tesla company over there.
I don't believe someone owns 30% of the total supply, that's just insanity.

[tygeade]

Dogecoin is overpriced in my own opinion. You have to wait for a major correction or retracement of Dogecoin. We all know the sudden pump is as a result of Elon Musk's shills. Wait for some corrections.

The corrections are going to be quite big too in my opinion because correction don't bring the market down by much but this time it might collapse the market once it happens.

-snip-

Some amazing insight and I agree that a coin like dogecoin is best suited for cheaper price because the transaction fees is hence lower and the confirmation timing is also faster since not many transactions happen when the price is low.

I think the price will stay for a while because the guy backing dogecoin is no ordinary man and he is now the richest person so he must be able to hold the market to a certain price himself if even everyone else dumps.

[redsun114]

Doge has several advantages: cheap transactions and high speed. Dogecoin is considered a "popular" coin. Now Elon Musk has added popularity with his tweets, most likely he has big plans for Doge, and wants to multiply his fortune many times, and he does it well.

Cheap transactions? Well yes considering 5-7 cents per transaction is cheap but not the cheapest given there are coins like TRX which allow free of cost transactions. The transactions in dogecoin aren't too fast either now so I don't know why you termed it as "popular". The only reason dogecoin even survived was because it had a funny theme of a dog and when it first launched we didn't had as any coins as we have now. Right now I don't think doge coin serve any purpose at all but all been said, I don't hate doge coin either because when directbet.eu was running, I used to bet with doge coins only and they saved me a lot of fees.

I have good feelings about doge coins but that doesn't mean it should be a good investment. Lets hope the market doesn't die all of a sudden which is what happens with most of the hyped coins.

[JooBra]

Dogecoin may seem overpriced when considering the fact that the circulating supply is so high and the coin isn't a utility coin and barely has any worth on its own. The point is that most people never saw it coming and its depressing when I remember how I sold my 40,000 dogecoin without even considering the possibility of the value increasing substantially.

The price it's where people things it needs to be. Being meme coin and being for what it is it has some value so I think it's okey to have the price it has now. All of that adds something to it.

[just_Alice]

We are both legendary members, and we are here for centuries. I can't say expected this from Doge! I have some amounts here and there, but if I knew this will happen, I would save a lot more! I say it like that because I gambled away a lot of Doges, simply they were cheaper, a lot cheaper...
I am not sure is it overpriced, if I have to choose yes or no, I would choose no! Simply we underestimated the power of Doge and Doge community! From people to people, that was on their site back in the days (maybe still is, I am not sure, I didn't visit doge site for some time). I think more people will join Doge movement! After all it's one of the rare decentralized projects, fully decentralized! And that means something, looks like it means a lot more as time is passing!

Basing on what you just said here, would you advise investing in Dogecoin? I'm thinking of investing in some altcoins and Doge is one of my priorities, due to rising interest in it worldwide, growing market cap, full decentralization, and very attractive price. I think everyone can afford to buy a couple of hundreds Doge coins, it's not such a big money. However, it might be something big in the future, so why not risk it?
Also, between XRP and Doge, which one do you find more promising?

[Nikola95]

It is overpriced because one person have 30%, and can manipulate the price. This situation with doge shows that people like Musk can push some coin for a short period of time, nothing else. But I say again for now, in 2021 year.

Are you sure with that 30%, you mean Elon Musk?

I guess it's not only him who move the price, it's everyone who followed his tweet in buying manner, so the price move and FOMO was created.
It's of course overprice because of what happen, but overtime if Doge will continue its consistency to survive even if it will dump soon which is likely to happen, then I guess we can conclude that it's not overprice.

I didn't say Musk holds 30%, just info I read somewhere. I googled it now and there are few articles that someone have close to 30% of Doge. Maybe it is fake, maybe it is true, who knows.. If true, than it is bad for Doge