I Wouldn't Invest $1 In Dogecoin And Here Are 10 Reasons Why

[Traderbtcc]

Honestly, dogecoin is overpriced for a meme coin without any use case and no valid product, after going through your thread I just found out more reasons why I would never want to buy dogecoin, investing in dogecoin is like a gmable, your not sure if you're going to win or lose, most people buying dogecoin now have no idea its just like the regular fiat no fixed supply, the fact that 108 addresses hold the most percentage of dogecoin should make them scared, cause if they decide to dump, not even Elon Musk's tweets will be able to save the amount of people who will get Rekt.

[HyunBin]

1. 108 addresses (whales) own 67.34% of all Dogecoins so price could drop 50% in a minute.

2. This coin has no limited cap. It goes on forever like fiat. We all hate fiat for that.

3. Despite what Elon Musk says this coin has no real utility. Even if a company paid with Doge for Musk to send a satellite (because Musk asked them to use Dogecoin) it still doesn't mean a thing. They could have used carrots or Zimbabwe dollars instead.

4. This coin is all about hype. Once the hype is over down it goes. Even if Musk will boost his toy as long as he wants one day he may get bored like all billionaires do.

5. This coin is a meme. A really good one that I've enjoyed myself! We all like good jokes but we also get tired of them sooner or later. A joke is a joke and the joke could be on you.
 
6. Imagine a real corporation/business putting their investments in Dogecoin. You have to be a little insane and there aren't so many dumb people out there as Elon thinks.

7. Elon Musk is a narcissist - he admitted this himself - if you don't know what dealing with a narc is I invite to find out. You're only boosting his ego and I wouldn't dare playing with a narc's toy.

8. Do you think billionaires have any interest for poor people to become rich? Do you? Dream on. You're only making Musk and the whales richer than they already are.

9. This coin is highly manipulated. If you like manipulation go for it. But manipulation doesn't end well in life. Don't be a sheep, use your own mind, don't follow the crowd. Where many follow it's not good in general.

10. Even if it will ever reach $1 this coin is not sustainable in the long run. Musk will have to pump every few days with his tweets. When this coin will worth $1, BTC will easily worth $100K or more. Dogecoin has always been pump and dump, look at the coin's history and look at BTC.

There are a lot of other alt coins much safer and with a better image which can make you rich faster and easier than Dogecoin. You just have to use your mind. Doubling from 50 cents to $1 is not a spectacular gain after all.

When Dogecoin drops like crazy don't come here to cry, you've been warned.

Good luck folks!

All of this are true and factual however it still good to invest on it in a short term manner especially seeing that almost 1000% massive pump percent happened to doge in just a short span just don't try to be wiser and be cautious in dogecoin to avoid burning and losing important funds.

[efreeti]

I can name just one thing : it is a memecoin. That is a good enough reason for me to not invest into something, I do not really look for something else when making an investment, as long as it is a serious project with a good deal behind it, I would invest into it but if there is nothing that supports that notion and it is only a "joke" then there is no way I would invest.

Nowadays they are creating similar stuff (or already created but hyping just now) to make things worth again, like shiba or whatever that is called became very high as well, why? Not really a proper reason, just because it was another meme coin that resembles doge and doge went up too much so people instead moved their profits there to make that kind of return again. Long story short, if the project is not a serious project with a good usecase I wouldn't invest into it.

If you consider it from that angle I agree. Meme coins are getting too much attention, but their success also demonstrates that a lot is possible if the community cooperates and coordinates market momentum and you also have a catalyst like a guy with a lot of money like Musk. Still I see it the way you do and for me it wouldn't feel great to have DOGE.

[jaberwock]

This coin is all about hype. Once the hype is over down it goes. Even if Musk will boost his toy as long as he wants one day he may get bored like all billionaires do.

This is the best point among all the other good ones you made. I mean there is literally no use for dogecoins and the owner himself called it as a meme so why would anyone believe it go higher? Just because of the hype!

People need to understand that the actual value of dogecoin was a thousand times lesser than it is now if not even lesser, and the token was not underpriced because it was meant as a meme.

And I like the point you made about accepting dogecoin because even if Tesla accepts dogecoin it does not change the fact that dogecoin remains useless and Musk could have accepted literally any coin from the market with a decent market cap. One can always buy from the market and sell to the market in real-time whenever they need.

[MUG1WARA]

1. 108 addresses (whales) own 67.34% of all Dogecoins so price could drop 50% in a minute.

2. This coin has no limited cap. It goes on forever like fiat. We all hate fiat for that.

3. Despite what Elon Musk says this coin has no real utility. Even if a company paid with Doge for Musk to send a satellite (because Musk asked them to use Dogecoin) it still doesn't mean a thing. They could have used carrots or Zimbabwe dollars instead.

4. This coin is all about hype. Once the hype is over down it goes. Even if Musk will boost his toy as long as he wants one day he may get bored like all billionaires do.

5. This coin is a meme. A really good one that I've enjoyed myself! We all like good jokes but we also get tired of them sooner or later. A joke is a joke and the joke could be on you.
 
6. Imagine a real corporation/business putting their investments in Dogecoin. You have to be a little insane and there aren't so many dumb people out there as Elon thinks.

7. Elon Musk is a narcissist - he admitted this himself - if you don't know what dealing with a narc is I invite to find out. You're only boosting his ego and I wouldn't dare playing with a narc's toy.

8. Do you think billionaires have any interest for poor people to become rich? Do you? Dream on. You're only making Musk and the whales richer than they already are.

9. This coin is highly manipulated. If you like manipulation go for it. But manipulation doesn't end well in life. Don't be a sheep, use your own mind, don't follow the crowd. Where many follow it's not good in general.

10. Even if it will ever reach $1 this coin is not sustainable in the long run. Musk will have to pump every few days with his tweets. When this coin will worth $1, BTC will easily worth $100K or more. Dogecoin has always been pump and dump, look at the coin's history and look at BTC.

There are a lot of other alt coins much safer and with a better image which can make you rich faster and easier than Dogecoin. You just have to use your mind. Doubling from 50 cents to $1 is not a spectacular gain after all.

When Dogecoin drops like crazy don't come here to cry, you've been warned.

Good luck folks!

You really went hard  on this one, but all are absolutely true, there's no difference between dogecoin and the fiat  crypto was created against, also with the amount of whales holding that high amount of dogecoin is really something one should consider before think of buying dogecoin, to me dogecoin reaching $1 doesn't mean a thing cause I know when the bearish market starts it will dump no matter the tweets from Elon.

[efreeti]

Dogecoin is literally a quick rich or quick poor scheme coin. Majority of people jump into this because of their greed, many cry babies will whine and its going to be messy once it pop. I hope small bettors are knowledgeable enough to find an exit not a loss exit.

Lol you are right, people will cry on this thread a few months later. So far, Doge is still very hype as a Coin that provides a fairly fast ROI compared to other altcoins.  Dogecoin 24-hour trading volume is insane on the binance exchange. I prefer to remove Dogecoin from my portfolio because it is 90% more to lose than the profit I would have had if I bought at the current price.

You put this as if there was no risk involved by saying it provides a fairly fast ROI. DOGE is a damn hot iron to put your hands on right now. It is fun to watch it of course, but it's no fun anymore when you jump on the train and you have no idea where it is going next.

[virtualdn]

It seems Doge is sinking heavily. 32% off in 1 week and according to Max Keiser it goes to 90% off.

My friendly advice for you Dogecoin holders would be to switch fast to BTC while BTC is still cheap. Things will change in the coming months and BTC will start a new ATH trend.

It's the best move you can make now instead relying on some billionaire's tweets. Or do as you like, but you've been warned, you'll get musked, don't come to cry

[Bilgent]

2. This coin has no limited cap. It goes on forever like fiat. We all hate fiat for that.

This is one of the biggest problems for Dogecoin. If it has unlimited max supply, then what is the point here? It has no difference than fiat money in terms of this feature. And this is also a factor which prevents Dogecoin from reaching much higher prices than now.

[Stanlo]

1. It's the no limit supply for me
2. It's use case isn't new as majority of new altcoins have faster transaction speed now
3.  it's a meme coin and that's all there is about dogecoin

The dip will be massive leaving most investors will near zero

[paxmao]

I only need one reason: I do not want Elon Musk deciding on his own volition the value of my investment. Exactly the same goes for McAfee and other "pseudo influencers" that seem to tweet irrelevant messages just using their twitter dominance to create classic pump and dumps. If you are serious about any coin, you want its value to grow healthily based on adoption, good news, large investors, inflation-deflation,... not based on how bad was someone else´s weekend.

[harapan]

10 good reasons why I wouldnt bother buying dogecoin either, it's the real example of a bubble about to get burst, it will be really devastating if any of those whales decide to dump their dogecoin for profit, the price of dogecoin will definitely be affected by it, and with its unlimited supply like fiat, dogecoin holders will be doomed in the future, I can't buy dogecoin the risk of losing is higher than making a profit.

[tsaroz]

People do have options and choice to buy coins of their likes. But most of the proposition made about doge are not entirely true. If we are to go with that narrative, almost all of the coins have no base and value, all of them are hype, manipulation and fake tokens as almost all of their price depends on the market and not determined by a collateral. 100 addresses (including exchanges) having more than 50% of supply is true for most of the coins. I don't mean to say that Dogecoin is a good coin and take it now, it's surely had an unnatural growth and their are larger chances of correction than going up. But I just wanted to clarify that almost all of the coins in crypto market works in the same way.

[imstillthebest]

2. This coin has no limited cap. It goes on forever like fiat. We all hate fiat for that.

This is one of the biggest problems for Dogecoin. If it has unlimited max supply, then what is the point here? It has no difference than fiat money in terms of this feature. And this is also a factor which prevents Dogecoin from reaching much higher prices than now.

if theres a difference that is dogecoin is decentralize , digital and its value can grow even if it has a huge supply but fiat are centralize , non digital and stable .
10 reasons would be enough if there are still people that are not convinced that doge is a bad choice  .
 no need 10 reasons for me but 1 reason is enough and that is when i heard that doge coin is a meme coin. that prevents me from not picking this coin .

[Silberman]

I agree with you the coin is just a meme coin, people should realize that people who are just getting in with crypto should keep away from this coin, because it's just being hype, without any purpose, the current victims to fall for getting the coins are just listening to other people without making research which they should do always when buying coin or token because if you just listen, you will be manipulated.

Unfortunately what happens is the opposite, instead of staying away from coins like this one that have no substance behind them and that are mostly impulsed by hype and by the masses doing what everyone else is doing people decide that instead of making any kind of research so they can make a safe investment especially in a market that moves so abruptly as this one they decide to buy the hype, and while on the short term they may get some positive results there is not doubt in my mind that most of those people will lose most of their money when dogecoin finally crashes.

[blackened515]

Thank you so much for this, I told my friend today who has an inkling for investing in altcoins alone about how he should try not to be so enticed by the hype about doge coin to the extent that he converts all his coins to it because the coin is highly unpredictable. I am not the type to argue because he almost started an argument about it and i simply just let the matter be. Because i love him too much, and he is my friend. I will share this with him, so he can see for himself that there is a whole community of people who have done their research on the subject.

There are few that understand what this pump and dump is, and so who ever make you think you are wasting your energy explaining this to him should be stopped talking to as quickly as possible, the behavior that newbies exhibit am follow shows exactly that they are after the money and follows the hype of crypto assets, the ecosystem is not for joke and that rho ever understand how this system works is a perfect crypto enthusiast, you just have to free your friend, experience and sometimes been hurts is the greatest teaching you can ever had.

[Cryptoshops]

I am a happy bunny with Doge because I mined thousands of it when it first launched in 2013 and I just let it sit there. Now thanks to Mr Musk I am smiling   Doge is also used for payments because of its low cost transaction fees compared to other coins so it does have a use and it is also still pretty easy to mine compared to a lot of other coins ... Doge to the moon

[Oasisman]

I am a happy bunny with Doge because I mined thousands of it when it first launched in 2013 and I just let it sit there. Now thanks to Mr Musk I am smiling   Doge is also used for payments because of its low cost transaction fees compared to other coins so it does have a use and it is also still pretty easy to mine compared to a lot of other coins ... Doge to the moon

Good for you.
So, you mean you still holding it up until now and only used it for payment?
Then you must be one of those Doge believer and a loyal supporter since day one.
However, that doesn't change the fact that Doge is memecoin, because most of the alts in the market were aiming for a high tx speed and low fees just like XRP.
And that doesn't change the fact that what the OP said is true.

[Johnyz]

I am a happy bunny with Doge because I mined thousands of it when it first launched in 2013 and I just let it sit there. Now thanks to Mr Musk I am smiling  Doge is also used for payments because of its low cost transaction fees compared to other coins so it does have a use and it is also still pretty easy to mine compared to a lot of other coins ... Doge to the moon

We have to see this one as a reality, before DOGE is just an ordinary meme token now that there’s a huge hype on this project, it became more expensive and the hype is still strong with DOGE. You might not want to play long term with DOGE but seriously, you can actually make a lot of money by just trading with DOGE because its very active in the market right now, so better to ride the trend now.

[buyandhold777]

There are a million cryptos like that. Why single out dogecoin?

[DarkDays]

1. 108 addresses (whales) own 67.34% of all Dogecoins so price could drop 50% in a minute.

2. This coin has no limited cap. It goes on forever like fiat. We all hate fiat for that.

3. Despite what Elon Musk says this coin has no real utility. Even if a company paid with Doge for Musk to send a satellite (because Musk asked them to use Dogecoin) it still doesn't mean a thing. They could have used carrots or Zimbabwe dollars instead.

4. This coin is all about hype. Once the hype is over down it goes. Even if Musk will boost his toy as long as he wants one day he may get bored like all billionaires do.

5. This coin is a meme. A really good one that I've enjoyed myself! We all like good jokes but we also get tired of them sooner or later. A joke is a joke and the joke could be on you.
 
6. Imagine a real corporation/business putting their investments in Dogecoin. You have to be a little insane and there aren't so many dumb people out there as Elon thinks.

7. Elon Musk is a narcissist - he admitted this himself - if you don't know what dealing with a narc is I invite to find out. You're only boosting his ego and I wouldn't dare playing with a narc's toy.

8. Do you think billionaires have any interest for poor people to become rich? Do you? Dream on. You're only making Musk and the whales richer than they already are.

9. This coin is highly manipulated. If you like manipulation go for it. But manipulation doesn't end well in life. Don't be a sheep, use your own mind, don't follow the crowd. Where many follow it's not good in general.

10. Even if it will ever reach $1 this coin is not sustainable in the long run. Musk will have to pump every few days with his tweets. When this coin will worth $1, BTC will easily worth $100K or more. Dogecoin has always been pump and dump, look at the coin's history and look at BTC.

There are a lot of other alt coins much safer and with a better image which can make you rich faster and easier than Dogecoin. You just have to use your mind. Doubling from 50 cents to $1 is not a spectacular gain after all.

When Dogecoin drops like crazy don't come here to cry, you've been warned.

Good luck folks!

Thanks for sharing your thoughts on DOGE. I really agree with the main points which for me are the first 3 mentioned.

The fact that whales have the majority of DOGE to me is an instant no, no, investment. Whales can easily manipulate the market, and as you point out DOGE has become a hype coin obviously perpetuated by Elon.

With so many options out there, for me DOGE is not a coin for investment. The advice I'd give others is to choose with care!