Is Dogecoin overpriced?

[ogundowotoby01]

I agree that Doge coin is overpriced. Doge coin is a coin with no specific use case and doesn't solve any problem so i really do not see why people are hyping it so much. Considering that it has no maximum supply, makes it hard for me to invest in it, because as the supply keeps increasing the value would drop to adjust to the supply increase.

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[sapnu]

For a currency that has been considered as a dead coin once, we may say that dogecoin is quite overpriced but considering the circumstances, as it gets more popular and patronized due to Elon Musk's advertisement in twitter, it somehow justifies its current value. As years pass by and as Elon Musk continually supports it, there's a high chance that its value will reach $5k in no time. Still, the risk is there since Elon made a huge contribution on its price boost, if ever he decides to abandon it, huge dump should be expected already.

[Miaallen]

My response to this is affirmative. And so also are everyone that has been in Cryptocurrency world for sometimes and also understands it. DOGE is currently overpriced as no development has been done about it since its creation and it has no use. The creator of DOGE even did so as a joke. That's why it is always referred to as meme coin.
And every one knows the reason it could attain its current price is the aggressive hypes by Elon Musk which is just to manipulate the Cryptocurrency prices to his own personal advantage against the general public

[sitbang]

In my opinion, people don't care if a coin is too expensive, if investors make a profit, they still invest in doge coin.

[revilo]

For a currency that has been considered as a dead coin once, we may say that dogecoin is quite overpriced but considering the circumstances, as it gets more popular and patronized due to Elon Musk's advertisement in twitter, it somehow justifies its current value. As years pass by and as Elon Musk continually supports it, there's a high chance that its value will reach $5k in no time. Still, the risk is there since Elon made a huge contribution on its price boost, if ever he decides to abandon it, huge dump should be expected already.

The question is difficult to tackle anyway. When do we know whether a cryptocurrency is overpriced? I feel like there is almost no wrong or right answer to that question. Even if you ask that question for Bitcoin or Ethereum, are they overpriced? Or not? How do we know and how do we measure what is overpriced and what is not? With stocks it is easy as you can apply certain valuation methods, but you can't do that with cryptocurrencies unless they have an underlying business model that produces returns.

[Henrobakkara]

We all know that dogecoin is on a constant pump because of the impact of Elon musk, one of the most influencers billionaire of the cryptocurrency industry. The reason why dogecoin was termed a meme coin is because it was created as a joke, there's really nothing substantial or of value that is performed by the project.

You are right with everything about Dogecoin, we cant really say what the project is about except being a meme coin that was meant to joke on the real cryptocurrencies but unfortunately, Elon Musk has succeeded in overhyping Dogecoin which is obviously overpriced to me, and secondly, Elon is really no Crypto Influencer IMO, he might be a billionaire that happens to make some profits off crypto but certainly not a crypto Influencer.   

[Abiky]

The question is difficult to tackle anyway. When do we know whether a cryptocurrency is overpriced? I feel like there is almost no wrong or right answer to that question. Even if you ask that question for Bitcoin or Ethereum, are they overpriced? Or not? How do we know and how do we measure what is overpriced and what is not? With stocks it is easy as you can apply certain valuation methods, but you can't do that with cryptocurrencies unless they have an underlying business model that produces returns.

You know when a cryptocurrency is overpriced when current price on the market doesn't match its total supply. This is all about economics. The higher the supply, the greater the inflation rate. This translates into lower price per coin over the long term. With all of the Dogecoin currently in circulation (plus the new DOGE that will be mined every year), price per coin should've been a lot lower than 1 cent (USD). What's keeping the "meme" coin afloat is Elon Musk. Once he becomes bored of DOGE, expect the coin to go all the way down the drain in an instant.

Of course, nothing is set in stone. After all, crypto behaves in strange and bizarre ways. DOGE could go either up or down in an instant. What's important is that you secure as much profits as possible regardless of the coin's current price on the market. As long as you do that, you'll have nothing to worry about. Just my opinion

[Xinarae*]

We all know that dogecoin is on a constant pump because of the impact of Elon musk, one of the most influencers billionaire of the cryptocurrency industry. The reason why dogecoin was termed a meme coin is because it was created as a joke, there's really nothing substantial or of value that is performed by the project.

Currently the price of dogecoin is much lower prices for elon musk's tweets began to rise but if there was no demand for the currency in the market prices would continue to fall. The demand for investment in the market has increased due to the increase in the price of bitcoin that is why the price of other altcoin increases.

[bluebit25]

In my opinion, people don't care if a coin is too expensive, if investors make a profit, they still invest in doge coin.

I think you should rethink the issue because profits always come with risks. With a coin that has been exaggerated in terms of its use value, I think it is really a big risk for those who follow.

[Chato1977]

We all know that dogecoin is on a constant pump because of the impact of Elon musk, one of the most influencers billionaire of the cryptocurrency industry. The reason why dogecoin was termed a meme coin is because it was created as a joke, there's really nothing substantial or of value that is performed by the project.

Currently the price of dogecoin is much lower prices for elon musk's tweets began to rise but if there was no demand for the currency in the market prices would continue to fall. The demand for investment in the market has increased due to the increase in the price of bitcoin that is why the price of other altcoin increases.

no demand for the market about dogecoin? who told you that? Dogecoin is one of the most used crypto in gambling industry . so don't post things that you don't really understand.

In my opinion, people don't care if a coin is too expensive, if investors make a profit, they still invest in doge coin.

dogecoin is super cheap . and still one of the best cheapest coin that has future.

[bitterguy28]

In my opinion, people don't care if a coin is too expensive, if investors make a profit, they still invest in doge coin.

I think you should rethink the issue because profits always come with risks. With a coin that has been exaggerated in terms of its use value, I think it is really a big risk for those who follow.

But how could an investor knows if the coin will make them profiting or losing ? so it is wrong to say that people don't care if the coin is too expensive or not because it is their money that in risk here.
and if mine? lol i will care so much for my funds.

[Text]

But how could an investor knows if the coin will make them profiting or losing ? so it is wrong to say that people don't care if the coin is too expensive or not because it is their money that in risk here.
and if mine? lol i will care so much for my funds.

Anyone who invests in cryptocurrency especially in this coin will not immediately know if they will make a profit, maybe they are just really basing it on the tweets that EM makes.  I read a lot in the comments of his tweets that others or his followers are complaining and crying because they think that they will continue to earn a lot from it immediately.  It's their fault that they believe in a well-known person who doesn't know anything and is just new to the world of crypto, even a financial advisor shouldn't do that.

[Woodie]

Agreed It is overpriced, as far as I can tell the the price is artificially influenced once the pump is over we all know what follows...a dump and that's when we get to know it's true value!

Let's not forget, people trashed away this coin in the bin  and it was hardly on the radar, how it got back is through one man's deep pockets but once we remove him, dogecoin is going back to the history books. If crypto is to grow coins with real use need the stage, not memes of jokes.

[Smitty Werben Man Jensen]

But how could an investor knows if the coin will make them profiting or losing ? so it is wrong to say that people don't care if the coin is too expensive or not because it is their money that in risk here.
and if mine? lol i will care so much for my funds.

Anyone who invests in cryptocurrency especially in this coin will not immediately know if they will make a profit, maybe they are just really basing it on the tweets that EM makes.  I read a lot in the comments of his tweets that others or his followers are complaining and crying because they think that they will continue to earn a lot from it immediately.  It's their fault that they believe in a well-known person who doesn't know anything and is just new to the world of crypto, even a financial advisor shouldn't do that.

That is if it is easy to be influenced by people even with just tweets,
with things like this of course we can take lessons so that in the future we don't repeat the same mistakes,
after all investing in dogecoin is not the right decision and it needs to be reconsidered

[elisabetheva]

That is if it is easy to be influenced by people even with just tweets,
with things like this of course we can take lessons so that in the future we don't repeat the same mistakes,
after all investing in dogecoin is not the right decision and it needs to be reconsidered

as long as many people are affected by tweets, then something like this will happen again. everyone can understand that it is only temporary and benefits certain people who clearly have bad intentions, so don't give a chance for such people to do anything, otherwise it becomes a bad habit in the future. dogecoin is rising on a momentary boost and it's definitely not a good investment.

[Mistafreeze]

Whether it is overpriced or not, more investors will still be interested in buying the coin if  the price keep going up. Most times the crypto market is unpredictable which is the reason why profits and loses are very much constant. When an op loses another one gains. A lot of people might be lured to buy this very coin just because of it upward movement, then the price suddenly falls making a lot of people to lose their funds.

[conected]

Agreed It is overpriced, as far as I can tell the the price is artificially influenced once the pump is over we all know what follows...a dump and that's when we get to know it's true value!

Let's not forget, people trashed away this coin in the bin  and it was hardly on the radar, how it got back is through one man's deep pockets but once we remove him, dogecoin is going back to the history books. If crypto is to grow coins with real use need the stage, not memes of jokes.

- The price of dogecoin is very expertly faked, although it had a few fake points since the beginning but the quick values made people drop their doubts and jump into dogecoin so they don't miss out, a long line of people queuing to be bought and not realizing the real value until strange rumors surfaced by businessman Elon Musk. But the fake face and unexpected high prices were torn by the honesty and strength of the crypto community, the believers failed badly, this lesson has probably penetrated into the brain and cannot be forgotten

[SaveOurSea]

if you look at the history, chart and fundamentals of the coin, it is true that the price of Doge is very overvalued,
because with a total supply of many Doge it can reach a price of more than $0.1 even almost to $1,
of course it cannot be imagined by expert traders, because of the support of the community and Elon,
make Doge can reach a very expensive price, but be careful, even though it has dropped to $0.2,
Doge may come back below $0.1, so be careful

[Sanitough]

if you look at the history, chart and fundamentals of the coin, it is true that the price of Doge is very overvalued,
because with a total supply of many Doge it can reach a price of more than $0.1 even almost to $1,
of course it cannot be imagined by expert traders, because of the support of the community and Elon,
make Doge can reach a very expensive price, but be careful, even though it has dropped to $0.2,
Doge may come back below $0.1, so be careful

Any coin that only gets successful due to hype will always come back, and that is because of correction, and the moment Elon is done shilling with DOGE, eventually, there will be a lot of dump situations we will witness as newbie investors will easily panic.

The growth of DOGE is very impressive, but we know from the very beginning that it's only brought by hype, not its fundamentals, you know what I'm saying.

[VanDeinsberg12]

In my opinion, people don't care if a coin is too expensive, if investors make a profit, they still invest in doge coin.

I think you should rethink the issue because profits always come with risks. With a coin that has been exaggerated in terms of its use value, I think it is really a big risk for those who follow.

when a coin become too expensive that it doesn't make sense anymore, that's where pure speculative trading come to play, many people don't realize it but coin that are overvalued like doge is purely speculative.

and what I mean by that is the price could plummet literally down more than 90%. that's basically the same as gambling isn't it? meanwhile other coin that have better fundamentals will always recover back after dump eventually because many people
know that such coin have use case, doge in the other hand? just full of people who screaming they believe in doge while in reality they want to take profit too.