Is Dogecoin overpriced?

[cryptonx]

in crypto markets i think there is no "overpriced"
because sometimes we think if the price already hit overbought or oversold zone in high timeframe
but the price still grow or down,
for sure doge will always grow if elon musk keep give his support in this coin

[seleme]

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

Maybe someone has a huge portion of the total Dogecoin supply but I don't think holding %30 on one hand and promoting this on the internet is a smart idea. It is obviously fake and the whales have usually around 5% of the total supply. Maybe in the future, the weak hands will be squeezed out and the strong holders will take full control of Doge. The manipulation of the price is real.

[Abiky]

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.

Exactly. There are other coins on the market that are cheaper to use for daily transactions than DOGE itself. The "meme" coin is extremely overhyped because of Elon Musk's positive comments on Twitter. This leads people to buy coins in mass with the hopes of turning a profit in the short term. But that's not the way it works. Eventually, the hype will fade away as people realize that Dogecoin is worthless. The abandoned development progress, and the huge supply of the coin itself are one of the many reasons why DOGE isn't meant to be worth a lot in terms of Fiat (USD). Those who buy Dogecoin now will regret themselves doing so in the future once prices go all the way down the drain. If we take into account the economic model of Dogecoin, then it's by far overpriced.

As far as transaction fees are concerned, it's now more expensive to transact on the Dogecoin blockchain than it used to be some time ago. Paying 5-7 cents per transaction may seem cheap to many, but there are far cheaper options available on the market right now. Coins like TRON and EOS have zero transaction fees, making micropayments extremely practical. Transaction confirmation times are blazing-fast too. But most people don't care about this as long as they're able to make money with the "hype of the moment". Dogecoin is still hyped, so all of the attention will be towards it. Once it all ends, people will look for the next big thing in crypto. This leads me to wonder, which coin will be pumped next? Just my thoughts

[budi12]

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.

I think the current price of Dogecoin is not expensive even though Dogecoin has a large supply because the price of Dogecoin is still below $ 1. The current price of Dogecoin is $ 0.06 and it is still relatively low even though Dogecoin has been on the rise for a while. And in the future the Dogecoin price will go down again according to my predictions.

[migolmigol]

Price is based on the demand. And with the Dogecoin being endorsed by Elon Musk, I believe it actually just forced the demand now making it a hype trade. Traders who consider Dogecoin should be extra cautious as this is bound to crash if people who joined the hype starts to pull out their money. This same goes with other alts as well like BNB which is currently hitting it's all time high in the past days. One thing to take note in mind when trading is that you can not just have a lucky trade and get big profits without proper knowledge. We must have an exit plan in order to secure the profit because any market is bound to crash due to different factors. It may be at a spiked up price now but we do not know until when this uptrend price will be.

[tygeade]

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.

It is quite obvious that dogecoin is only being trending and bought so much because Tesla's CEO Elon Mush, who is apparently the richest man now, has started to talk good about dogecoin and himself also buying dogecoins which creates an illusion for people that dogecoin is going to the moon. People are riding the hype train which might get derailed very soon once the support from Musk is taken back or discontinued. I am really excited to see how people react when they lose money because of Musk's fake pumping.

I am calling it fake pumping because he hasn't given any reason why dogecoin is the future as he said in a tweet and created a poll. Blindly supporting a coin and that too by the richest man, means there is more to it then we think.

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.

I didn't knew that even the owner sold all the coins, which clearly shows that none had the trust in dogecoin apart from Mr Musk who seem to have some kind of affection with the coin.

[_IRMAN]

I thought yes. DOGE is just a meme coin and to my knowledge it has no use and case. With an infinite total supply, the current price is already very high.

[distr@yopmail.com]

I thought yes. DOGE is just a meme coin and to my knowledge it has no use and case. With an infinite total supply, the current price is already very high.

which makes him wonder why Doge gets such a big pump because of a person's writing on social media. consciously we know how doge has an unlimited supply and that keeps its price from growing much. but in fact, increasing demand makes prices continue to increase. at this point, I think Doge will really get a big correction.

[kooboat]

Dogecoin  was never  abandoned  in the first place, people  just undervalued  it. It's  not surprising  that most   exchanges  never delisted it over all these years,  considering all these years when the coin was seemingly  undervalued by most Crypto influencers. The recent  price hike was expected  when prominent  crypto enthusiasts  gave  Dogecoin  enormous  attention or hype as most people prefer to call it. 

[tabas]

I thought yes. DOGE is just a meme coin and to my knowledge it has no use and case. With an infinite total supply, the current price is already very high.

I disagree and agree.
I agree that it is a memecoin but I disagree that it has no use case.
There are casinos that have accepted and supported it as payment. In that case, it has a use case.

[Text]

I disagree and agree.
I agree that it is a memecoin but I disagree that it has no use case.
There are casinos that have accepted and supported it as payment. In that case, it has a use case.

Yes, it does have a use case like Bitcoin for sending and receiving money.  Maybe all they are thinking about is its strange feature or something unique.

The hype has given by Mr.  EM on this coin, still does not stop supporting it, he has a new update on his profile and in tweets.  Every time I see or read something about DOGE, I am checking on socmed what new events are if there is real or if the upgrade or update they are saying is true.

[codpku]

i think in crypto world there is no overprice or overbought, a coin can fly to the moon or fall to zero in a couple of hour
elon musk word so powerful and the community behind doge still lot and i believe elon musk have something secret plan wtih doge, so for me i just think doge was lottery coin and bought some
maybe someday it will 2 or 5 dollars i hope so

[thanhhung2311.work]

Im not sure that but I think no

[jesselui]

It was unreasonable for him to make such a value anyway. Thanks to Elon, it made a ridiculous rise, then fell again and will fall further. We have to be careful or we may lose our money.

[CoinFoxs]

I thought yes. DOGE is just a meme coin and to my knowledge it has no use and case. With an infinite total supply, the current price is already very high.

But it will go to moon soon because must tweeted about this and give a signal to traders for buying of dogecoin so in my opinion it will increase its price and make new records. The reason is that there are many big traders who are behind dogecoin and manipulating its price.

[tabas]

I disagree and agree.
I agree that it is a memecoin but I disagree that it has no use case.
There are casinos that have accepted and supported it as payment. In that case, it has a use case.

Yes, it does have a use case like Bitcoin for sending and receiving money.  Maybe all they are thinking about is its strange feature or something unique.

The hype has given by Mr.  EM on this coin, still does not stop supporting it, he has a new update on his profile and in tweets.  Every time I see or read something about DOGE, I am checking on socmed what new events are if there is real or if the upgrade or update they are saying is true.

I'm also checking his twitter from time to time if there's new tweet for bitcoin or Doge. I don't hold Doge and I don't think that it's going to take a long effect in the market.
It's like the McAfee effect this time but if ever he tweets about bitcoin, the effect is lasting long than his tweets with Doge.

[Text]

But it will go to moon soon because must tweeted about this and give a signal to traders for buying of dogecoin so in my opinion it will increase its price and make new records. The reason is that there are many big traders who are behind dogecoin and manipulating its price.

This does not mean that because Musk mentions this in his tweets, the price continues to rise, maybe yes, maybe not. That still depends on those who want to accept and they want to buy at a high price until it goes up. Not everyone likes or follows what is said in his tweets. We do not know what he intends to do with this coin. Traders also have their perspective, there is still a short or long term, and they also look at the potential.

[TastyChillySauce00]

I thought yes. DOGE is just a meme coin and to my knowledge it has no use and case. With an infinite total supply, the current price is already very high.

But it will go to moon soon because must tweeted about this and give a signal to traders for buying of dogecoin so in my opinion it will increase its price and make new records. The reason is that there are many big traders who are behind dogecoin and manipulating its price.

Honestly elon's tweet won't have the same effect anymore, many people losing in doge flash pump, and they won't participate the hype again, sure there will be bull run again but maybe won't be as spectacular as it was when Elon first tweeted about doge, people already moving on and switching to BTC because it feels more legit following institutional investors.

[ChiBitCTy]

Dogecoin is overpriced and always has been and always will be.  There is literally no reason that dogecoin should have any sort of significant market cap.  The coin was created as a meme, is pumped and dumped time after time, and has no legitimate future.  Think about it, what does Dogecoin offer us that a thousand other coins don't already offer?  If you truly believe in Dogecoins future I've got news for you...you need to spend a lot more time learning some finance /cryptocurrency basics.

[coinporch]

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.

i think the word overpriced is imprecise word for any cryptocurrency my friend
because sometimes when a lot of people think if the price already overpriced but the fact the price still growing