Why Dogecoin Is Crypto's Most Dangerous Joke

[coin-investor]

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?

The article presented a lot of bad facts about Dogecoin that those who are interested to invest or still holding Dogecoin to read it and think if Dogecoin is still worth investing,

These two are alarming

Whales control the blockchain
Dogecoin has one of the most lopsided wealth distributions in the crypto space, with just one address accounting for 28% of all Dogecoins. A mere eleven addresses hold 46% of the circulating coins, while just 82 addresses account for over 64% of the total supply.

Hardly anybody uses Dogecoin
The Dogecoin blockchain recorded just over 23,000 daily transactions on Aug. 9, according to the latest available data. That's a mere fraction of the 1.2 million transactions recorded on Ethereum (CRYPTO: ETH), and the roughly 200,000 recorded on Bitcoin (CRYPTO: BTC).

Based on this fact Dogecoin is a shitcoin that will not die because it's back by one of the popular influencers in the investment field, and small investors should know what they are getting into when investing on Dogecoin.

[gwdf1]

I have always been convinced that dogecoins and other meme coins are dangerous for this market. Maybe they attract new investors and made some people rich, but actually they don't carry any real utility for crypto market, so they are likely to die and many people get disappointed in meme coins and crypto because they lose on meme coins so they abandoned this market then.

[Sithara007]

I agree with all of the major points put forward by the OP:

1. Almost no one's using Dogecoin, but the currency still undergoes huge swings.
2. A very small group of large holders have outsized influence over Dogecoin's price.
3. Investors who buy in chasing monster gains may come to regret it.

Personally I don't know anyone who has used Dogecoin as a mode of payment. On the other hand, I know people who have made payments with BTC, BCH, ETH, USDT, ADA, BNB, ETC, XMR and XLM. But not even once I heard of anyone making payments using DOGE. And I have been using cryptocurrency for more than 7 years. I am yet to come across any online store, that accept Doge as a mode of payment. The current valuation doesn't make any sense, and IMO it represents an overvaluation of 1,000x.

[Findingnemo]

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

Because of the Elon Musk who influenced the Dogecoin lately for his benefits but people get influenced and act accordingly.

Meme coin which itself shows the purpose of the coin but still people consider it as one of the best cryptocurrency.

[Viscore]

I have always been convinced that dogecoins and other meme coins are dangerous for this market. Maybe they attract new investors and made some people rich, but actually they don't carry any real utility for crypto market, so they are likely to die and many people get disappointed in meme coins and crypto because they lose on meme coins so they abandoned this market then.

Dogecoin has never shown any good potentials that may attract investors until Elon Musk started to hyped it. It was only then that a lot of investors never miss the chance of investing in dogecoin because of its own value that create a continuous surge. But in reality, there is no real utility case that will keep its investors wanting it. Its only the price that made most of the investors end up panic buying because they really believe that if Elon will keep on tweeting dogecoin, then its value will definitely reach an all time high.

[rhomelmabini]

I have always been convinced that dogecoins and other meme coins are dangerous for this market. Maybe they attract new investors and made some people rich, but actually they don't carry any real utility for crypto market, so they are likely to die and many people get disappointed in meme coins and crypto because they lose on meme coins so they abandoned this market then.

Dogecoin has never shown any good potentials that may attract investors until Elon Musk started to hyped it. It was only then that a lot of investors never miss the chance of investing in dogecoin because of its own value that create a continuous surge. But in reality, there is no real utility case that will keep its investors wanting it. Its only the price that made most of the investors end up panic buying because they really believe that if Elon will keep on tweeting dogecoin, then its value will definitely reach an all time high.

But somehow innovation comes to play and more development along the way. For example, Vitalik Buterin is having a vision on regards to Dogecoin transitioning to PoS and I think that Dogecoin is somehow huge to be ignored these days considering how it grows. It may have been called a meme coin way back but the community somehow is huge and use cases of it is increasing.

[john_nautica]

The bad thing about this is that people doesn't know about the risk of this meme coin and some people really consider it as an investment and invested a huge amount of money for a coin that they don't know what is about or what its use. Honestly I do invest on Dogecoin for fun and to go along with the hype and earn some profit but making it a long term investment is not really a good idea not unless they make some changes on it.

[alpamar99]

I have always been convinced that dogecoins and other meme coins are dangerous for this market. Maybe they attract new investors and made some people rich, but actually they don't carry any real utility for crypto market, so they are likely to die and many people get disappointed in meme coins and crypto because they lose on meme coins so they abandoned this market then.

I'd rather say it's risky.
and in fact, if it can be said that it is not only doge who become mesa-coins, other coins are the same. but what makes doge even more risky because it is the pump that is given continuously from the billionaire and the fomo that his followers do that makes a lot of people lose here.
apart from that, the actual risk is definitely haunting in any crypto coin, but coin manipulation like this is much more dangerous

[konflikkastil]

I wouldn't agree less, Dogecoin is the joke of the joke of the century. Having taking a careful look at the whole situation surrounding the coin. You will know that the only people behind the pump of this coin is Elon Musk and his friend. They did a pretty good job anyways. But the question this has less me is that will they have the power in the Crypto space to sustain that for a very long time. It is very obvious that they can't do that, and anybody investing Dogecoin will be doing that at their own risk.

[swogerino]

I think that people got in Dogecoin after hearing Elon Musk talking intensively in his tweets in Twitter about this coin.I think this crypto was created just for fun to be a meme and does not make a lot of sense to hold this for a long time.Again Elon Musk tweeted Baby Doge and now Shiba Inu is listed in quite a lot of exchanges.These coins don't bring new values for example like Cardano tries to solve many problems in real life and they deserve to be 3rd by market capitalization while Doge does not deserve to be 10th by market capitalization.I think people who are holding Doge will regret their choice.

[pjwaffle]

We know that a lot of the dogecoin supply is controlled by a few whales. Investors should be aware of the risks. I really feel it's very dangerous. Some people may be greedy and lose a lot of money if whales decide to dump but this is no different from gambling. The risk is pretty big on this and it is hyped by Elon Musk, he pumped it and at any moment he will be able to pull out and the price will completely crash. I think This is a meme and that means Elon musk doesn't have any plans to make it a good foundation for the long run.

[Twinkledoe]

I think that people got in Dogecoin after hearing Elon Musk talking intensively in his tweets in Twitter about this coin.I think this crypto was created just for fun to be a meme and does not make a lot of sense to hold this for a long time.Again Elon Musk tweeted Baby Doge and now Shiba Inu is listed in quite a lot of exchanges.These coins don't bring new values for example like Cardano tries to solve many problems in real life and they deserve to be 3rd by market capitalization while Doge does not deserve to be 10th by market capitalization.I think people who are holding Doge will regret their choice.

Or better yet, for those holding doge, they need to assess now the situation. Will there be any progress in terms of development? Do you think Elon Musk and the doge dev team has real collaboration and they are really cooking up something here? I like doge way before this hype as I used this for transfer purposes and now, their fees are more expensive than other alts like TRX or XRP. So its old use case is like abandoned already by this hype. I don't know where this hype is going but holders should really think about this old alt, on where they stand.

[asriloni]

But the question this has less me is that will they have the power in the Crypto space to sustain that for a very long time.

It has been so many years for the doge coin exist in the crypto market. What you are saying was not true at all. A legit coin has the power to sustain for the long term as it has big community eventhough a coin like doge as nothing to do with its utility but people keep buying it caused by the speculation. So many times I heard that people said if doge coin will become the new currency of internet. This is bullshit but people keep believing on it caused by the big boys were brainwashed all of them with the thing if doge will become the next mainstream crypto or even next dollar. Totally nonsense for me. This hype keep the doge coin can sustain for the long term. I can't deny that the major coin has more resources to create more and more hype. The shit coin like doge needs hype only and it doesn't need any usability to be bought by people. Speculation will always become the reason why people make it sustain for the long term. The only risk when the whales dumping their doge and people have no chance to take their money from the market.

[7788bitcoin]

I have always been convinced that dogecoins and other meme coins are dangerous for this market. Maybe they attract new investors and made some people rich, but actually they don't carry any real utility for crypto market, so they are likely to die and many people get disappointed in meme coins and crypto because they lose on meme coins so they abandoned this market then.

Dogecoin is created as a meme coin but i cannot understand what is your claim behind Dogecoin not having any utility. It is listed in all the exchanges and if you want to gamble there are multiple casinos that accepts Dogecoin. I am not talking about the rest of the trash coins. What is the utility of hundreds and thousands of other coins or tokens in the market, literally nothing while you can trade Dogecoin in major exchanges or you can gamble with it is the utility  .

[flip4flop]

Sure it was created as a joke and like many coins at the time and even some currently they never were more than a joke or a pump and dump scheme. Unfortunately DOGE got caught up as a meme and now the general public think its more than just a joke and many people I talk to think it was never a joke and just jumped in like it's the next bitcoin. It's going to be hard to suppress it back to its original levels as long as social media influencers and celebrities continue to pump it up. It does have the potential to turn into something of use but its value is probably going to stay under .50

[martina14]

I don't know or I am not exactly so sure, if it is true that there are only few holders of this coins in which whale investors who has
the capacity to manipulate the price in the market. It just got increased only when one of the popular influencer in Twitter social media
promote it then suddenly it got pumped at once. Then, got dumped rapidly when the price of Bitcoin down in the market as well. But I can't
deny that in some other places in the world dogecoin has a big community.

[Ararbermas]

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?

its a meme coins so stop wondering why there are some people saying that doge coin is a very dangerous crypto in the market, because indeed there's already a proof how bad they are and that's what happened to some meme coin wherein suddenly turn into shitcoins after all. And for me probably the rank itself in the market is the one thing that can lead more investors into massive losses, because imagine its still listed as a top 10 crypto currency in the market.. Lol

[Strongkored]

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?

When reading the article on Key Points no. 1, then it's not 100% correct so I don't agree with that points, Dogecoin is widely used by Casinos and if I'm not mistaken there is a baseball club that accepts it as payment for ticket purchases (but not sure if it's still done)
source : https://markets.businessinsider.com/news/currencies/oakland-athletics-as-tickets-100-dogecoin-major-league-baseball-2021-5

However, it is undeniable that this coin has been used by whales as a way to enrich themselves with all kinds of news that are used to pump and dump the price, and small investors will be at a huge disadvantage so it's true this can be dangerous especially for small investor or those who are new to the crypto world.

[Gayong88]

In my opinion, just focus on the fully diluted market cap, which is calculating crypto valuations based on total supply and reading news developments if you want to invest with the coin, for example, Elon Musk will launch a DOGE-1 rocket in Q1 2022 https://btcmanager.com/spacex-dogecoin-satellite-moon-q1-2022/ means that by then the probability of woof-themed coins will increase. The point is, you don't need complicated formulas, just Elon pumps doge with his magic tweet = DOGE Up. one more thing Liquidity is also important, if the liquidity is small and the difference is far from the market cap, it is riskier to be slammed.

[aioc]

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?

Have read it and agree with what it says because it is backed by facts, some dangerous signs are on it, Dogecoin is an example of a coin used by whales to do a pump and dump scheme, majority of investors are in FOMO, there are times FOMO is but if you don't know when to exit you are in trouble of being a bag holder or cutting your losses, it's still the meme coin that we all loved but I don't see Dogecoin lording it over coins with
with real potential in the market and with contributions to the development of the community.