Why Dogecoin Is Crypto's Most Dangerous Joke

[Kongxx]

This article is very long.

https://www.fool.com/investing/2021/08/24/why-dogecoin-is-cryptos-most-dangerous-joke/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article&yptr=yahoo

Do you agree with what it says?

[dansus021]

i dont know but i would say it could be

since dogecoin invented as meme coin and its become popular since famous people like elon musk tweet about doge

and the clone keep pop it up everyday on other chain like bsc and matic hodling it kinda dangerous and yes the older hodler like from 2014 will get advantage from it

[Bagong91]

Yes, we know that initially Dogecoin was made just for fun and there was no purpose for this Dogecoin, and of course this is dangerous for those who only follow the trend of a coin and they are too fomo with the promise of New ATH 1$, the result is that many of them can't get out. from the top price

[FinneysTrueVision]

We know that a lot of the dogecoin supply is controlled by a few whales. Investors should be aware of the risks. I don't really see it as dangerous. A few people might get greedy and lose a lot of money if whales decided to dump but this is no different than gambling. If you want to make money it is your own responsibility to asses the risk. There is no protection in case your bet doesn't pay off but at least you had all the information you needed to make an educated decision.

[BrianH]

We know that a lot of the dogecoin supply is controlled by a few whales. Investors should be aware of the risks. I don't really see it as dangerous. A few people might get greedy and lose a lot of money if whales decided to dump but this is no different than gambling. If you want to make money it is your own responsibility to asses the risk. There is no protection in case your bet doesn't pay off but at least you had all the information you needed to make an educated decision.

Elon Musk pumps this meme coin anytime he wants to skim some money from suckers to fund his 6 kids.

[cryptoaddictchie]

Yes, we know that initially Dogecoin was made just for fun and there was no purpose for this Dogecoin, and of course this is dangerous for those who only follow the trend of a coin and they are too fomo with the promise of New ATH 1$, the result is that many of them can't get out. from the top price

Thats because everyone got lured by the hype. Thats thr problem when you are too excited about something and you believe it would go straight in favor of mass community. Everyone has been fooled in a indirect way. Of course crypto has always set back and as far as I can tell it could also be a dangerous ground for investors. Those whou bought the top is either expecting now or probably sell at a loss. This is a meme coin but it doesnt mean Elon musk dont have any plan to make it a good platform.

[lizarder]

This article is very long.

https://www.fool.com/investing/2021/08/24/why-dogecoin-is-cryptos-most-dangerous-joke/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article&yptr=yahoo

Do you agree with what it says?

I totally agree with this statement, dogecoin was only popularized by Elon Musk and his friends, there is no good long term for dogecoin, we can see this from the movement in the market and the soaring price of dogecoin at that time did not last long.

Then how can Dogecoin be used as a long-term investment, if the market is like this and the price of Dogecoin keeps dropping all the time, almost no one even uses the Dogecoin blockchain at this time, that's why I think Dogecoin is not a good decision to make long-term investments.

[Silver80]

This article is very long.

https://www.fool.com/investing/2021/08/24/why-dogecoin-is-cryptos-most-dangerous-joke/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article&yptr=yahoo

Do you agree with what it says?

maybe it happened but the worst meme joke for dogecoin has been going on for a long time but he's survived quite a bit so far and this won't be affected forever.

[RussianEnglishTranslation]

TLDR, stop investing in meme coins and invest in projects that will change the world, like XRP, LINK, NEAR, and Celo.

[JeffBrad12]

I do agree with some points that already explained by that article

1. So many big players dominated doge coin and you can see the coin distribution of doge coin. there was a wallet that was holding billion of doge coin.
2. This coin has no utility usage or the tx record on its blockchain was still low compared how big the marketcap that already achieved.
3. Infinite supply that will be harming the hodlers. The miners will always be throwing their coins to the market as soon as they have mined it.

I personally feel skeptical about this coin. Too much hype but it can't go along with the utility usage of coin. People were using this coin was not as a joke coin but as a speculative asset only.

[john_nautica]

Yes indeed it's long, I think you should try to give at least brief explanation about that article. Well I think Elon Musk and the founder of Ethereum are working together to improve Dogecoin and to expand the project more, I really think the Dogecoin is started to gets serious with its business I'm starting to load some Dogecoin, we're not sure what will happen in the future.

[Al Qiyamah]

I agree with the article. Investing in a meme coin is very risky, the beginning of this coin is just a joke. With an unlimited supply, making this a problem because supply and demand is a fundamental factor of a healthy market.

[usaha jaya]

because I think at first Dogecoin was created just for fun and there is no purpose of this Dogecoin but I will say it's possible because dogecoin was created as a meme coin and became popular ever since famous people like elon musk tweeted about doge and of course this is dangerous for those who just follow the coin trend and they are too fomo with the promise of New ATH 1$ and get stuck at that high price.

[AwoCorporation]

The beginning of Dogecoin was made just for fun and not to be taken seriously, but the trend created by ELon caused Dogecoin to go up, this makes the risk of those who follow the Doge trend even greater, especially if they have too high expectations to achieve the new ATH that is predicted will reach $1, but as a result a lot of people lose their money, instead of making a profit, they are just wondering how they can get out at the highest price they have missed.

[bonjouros]

This article is very long.

https://www.fool.com/investing/2021/08/24/why-dogecoin-is-cryptos-most-dangerous-joke/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article&yptr=yahoo

Do you agree with what it says?

I don't have time reading long posts such as that but one thing I know why it's dangerous is it is because there's no way we can use it somewhere even Elon Musk can't answer what Dogecoin is in one of his interview. Yes the price keeps increasing but you are buying coin that you can't do anything about.

[DarkDays]

We know that a lot of the dogecoin supply is controlled by a few whales.

Yes, this true and not just for Dodgecoin, and it makes me nervous. However, given the next to no utility for DOGE to me it is still a joke coin, no matter how much social figures like Elon Musk tweet about it.

Because of its very nature of being volatile from the push of a tweet button, to me DOGE is a dangerous coin. Remember what happened to BTC when Tesla tweeted about not accepting it as payment? Unlike DODGE, BTC is not supported by a few but MANY and so the consequences for DODGE when (and if) the wheels turn could be devastating.

[Natalim]

We know that a lot of the dogecoin supply is controlled by a few whales.

Yes, this true and not just for Dodgecoin, and it makes me nervous. However, given the next to no utility for DOGE to me it is still a joke coin, no matter how much social figures like Elon Musk tweet about it.

Because of its very nature of being volatile from the push of a tweet button, to me DOGE is a dangerous coin. Remember what happened to BTC when Tesla tweeted about not accepting it as payment? Unlike DODGE, BTC is not supported by a few but MANY and so the consequences for DODGE when (and if) the wheels turn could be devastating.

Well, it's a different thing since Dogecoin is a meme coin that has no utility case, unlike bitcoin that is a solid and promising coin that has been backed by a huge community. Dogecoin has been popular only when Elon starts to tweet on it and since there are a lot of Elon's followers, so Dogecoin was hyped. But in terms of its market's demand, there was really none. So this must be the reason why Dogecoin was a dangerous joke that will make all its investors experience losses at the end of the day. Just because of FOMO, a lot of panic buyers of Dogecoin are now drown into losses.

[MCcryptonia]

Yes, we know that initially Dogecoin was made just for fun and there was no purpose for this Dogecoin, and of course this is dangerous for those who only follow the trend of a coin and they are too fomo with the promise of New ATH 1$, the result is that many of them can't get out. from the top price

Coins like Dogecoin and other meme coins are only good for short term investment, meaning know when to get in and know when to get out, this coins are based only on FOMO and yes they are faster way of making money only with exact amount of money you are ready to lose, meme coins and doge coin have no real use cases but Elon musk can make something good out of doge coin, he has the power to but still I don't wanna keep any for a long term

[Nakarato]

This article is very long.

https://www.fool.com/investing/2021/08/24/why-dogecoin-is-cryptos-most-dangerous-joke/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article&yptr=yahoo

Do you agree with what it says?

Yes, thats totally true.

Dogecoin shows how confused the market is.

Litecoin should be in place of Dogecoin.
Dogecoin is more worth than Litecoin, Litecoin Cash and Bitcoin Cash.

People value a meme more than a real investment.

-

Nakarato

[makishart]

Do you agree with what it says?

I do and the fact that if there was an address that was even holding 8 billions worth of doge coins https://bitinfocharts.com/top-100-richest-dogecoin-addresses.html
So many coins were getting controlled by the whales and when they will be dumping some of their bags to the market and this will create another fear to the market and potentially to dump the price of doge coin back to the old price again before the whales were pumping the doge coin. The data was telling the truth and i can't deny what already explained from the article.
At least if doge coin has utility usage and this maybe a bit better than didn't have any utility usecase.

I have heard about similar article in the past.