Why Dogecoin Is Crypto's Most Dangerous Joke

[Mahanton]

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.

Doge coin should not be taken as a long term investing coin cause anything can just happen in the market and the unexpected will happen. The cryptocurrency market can be manipulated attracting more investors to buy a particular coin with have a thorough search about what nd where they are putting there money. Eon could be responsible for the surge in the price of dogecoin coin and that does not mean he will keep on pushing the price upward.

You could say so but to know that there are believers who do really accumulate dogecoin back in the past.I would see this coin not to be a shit and it is way more better rather than on most shit coins in the market.
Most dangerous joke? It didnt do anything but rather serve as its purpose and yes its cheap and fees are so to. When it comes to utility then this is something much better than with other alts in the market.
Cant really blame off on why there are people whom do recognize on making out actions on hoarding and make use of Doge.

[Sithara007]

I read the article, and I agree, I've read several posts back then here in the Altcoin Discussion board all about how Dogecoin was actually made just to become a meme, it was really intended to be a meme, and I thought that it only exists just for the laughs, I even introduced cryptocurrency to my friends using Dogecoin, since they love memes, I am sure that they'll try to actually try investing in it, later on, I never expected Dogecoin to go all the way to the moon, apparently, Elon Musk and several people were behind the skyrocket value of Doge, and my friends were still holding it, which means they gained a crazy profit after holding it for a while, Dogecoin really isn't a laughing matter or a meme anymore.

Yeah.. Dogecoin prices have went to the moon.. but that doesn't take away the fact that it is still a meme coin. The prices have fallen recently, as the euphoria created by overhyping from some of the celebrities is waning. In order to stay competitive, it needs to move away from its core function as a memecoin and find more acceptability as a mode of payment or as a speculative investment. It is not going to be easy, as there are far better coins in circulation for these purposes, with much advanced technology and algorithm.

[RealMalatesta]

People will always buy anything that doubles their money, and many people see the opportunity in dogecoin and don't want to miss out. This is why I tell people that most investors are here for the money, not the technology, and that only a few people care about scalability, which is why real Altcoins are still fighting how to get real adoption.

It is true that majority of the investors are here in the market to earn a quick profit. They really do not care about the fundamentals of a project and there are many seed fund investors who negotiate big deals so that they will get huge amount of coins than the general public usually gets and those investors really do not care about the project and once that hits the market they will pump the coin and in the meantime book their profit as well.

I believe the quick profit part is not something that matters when it would be a memecoin. Sure you could make a profit from it but do you really want to risk that on a memecoin? I could invest into bitcoin and maybe I will make a profit, or maybe I won't make a profit but at least I know that bitcoin is a serious thing and even if I lose today, then I can wait and make a profit tomorrow.

However one thing I am pretty sure about dogecoin is that one day it will go down and it will stay down. Which is why the reward of making a good amount of profit from dogecoin comes with the risk of investing into some shitcoin that will be close to few satoshis one day, maybe not today but one day. Are you really sure you are willing to take that risk? I know I won't.

[livingfree]

They have learned it the hard way.

They have to dealt those losses for them to learn that it's not always what they think when someone popular has shilled a coin like Dogecoin.

It will always be a dangerous ground for all those who have believed in the hype and look at it now where the price of dogecoin is going. Its price is never as valuable as before and with the absence of Elon, everything will most likely to come to an end. And right now, i know those people who have been lured by the hype are already in regrets seeing themselves lossing  while selling at a lower price. I hope this will serve as a lesson to those investors who are eager to make huge profits even if it means investing in those coins that have less potentials compared to those solid and well established coins.

I just wish them luck and they've learned the lesson so that they won't buy again just because of one person or influencer that they do think will make them rich.

These influencers are only taking care of their pockets and they have the advantage because they're truly influential and can make the market tank or rise with their few words.

[Botnake]

People will always buy anything that doubles their money, and many people see the opportunity in dogecoin and don't want to miss out. This is why I tell people that most investors are here for the money, not the technology, and that only a few people care about scalability, which is why real Altcoins are still fighting how to get real adoption.

It is true that majority of the investors are here in the market to earn a quick profit. They really do not care about the fundamentals of a project and there are many seed fund investors who negotiate big deals so that they will get huge amount of coins than the general public usually gets and those investors really do not care about the project and once that hits the market they will pump the coin and in the meantime book their profit as well.

I believe the quick profit part is not something that matters when it would be a memecoin. Sure you could make a profit from it but do you really want to risk that on a memecoin? I could invest into bitcoin and maybe I will make a profit, or maybe I won't make a profit but at least I know that bitcoin is a serious thing and even if I lose today, then I can wait and make a profit tomorrow.

However one thing I am pretty sure about dogecoin is that one day it will go down and it will stay down. Which is why the reward of making a good amount of profit from dogecoin comes with the risk of investing into some shitcoin that will be close to few satoshis one day, maybe not today but one day. Are you really sure you are willing to take that risk? I know I won't.

Dogecoin is only good when it was still hyped and a lot have been making profits, but now that Elon stops tweeting about it, its price really went down. Those who FOMO are mostly want nothing but quick profits, but after that i think they are already facing losses right now. Elon was just smart enough that maybe he has sold all his coins already when it was at the top, but for those who come to believe in dogecoin just because of an influencer,  they must be regretting by now. There's nothing wrong investing in a meme coin as long it has its practical application so it won't lose its value because there is still its community supporting it.

[tvplus006]

Doge coin should not be taken as a long term investing coin cause anything can just happen in the market and the unexpected will happen. The cryptocurrency market can be manipulated attracting more investors to buy a particular coin with have a thorough search about what nd where they are putting there money. Eon could be responsible for the surge in the price of dogecoin coin and that does not mean he will keep on pushing the price upward.

Everything you have said can easily be attributed to any coin on the market. But coins like Doge, created for fun, will always be used for dumping and pumping. It is obvious that it is the dump and pump that is the entertainment for investors, for which such meme coins are created.

[bhooscream]

Absolutely agree, its like a ponzi mechanism with many whales among ecosystem that ready to take profit when the price pump.

If you mean the price of Dogecoin is increasing because of the factors of manipulation made by whales, even top altcoins also have the same way. So, I am not sure to say it is a Ponzi scheme, it is different. I think it is a fact that all people involved in crypto must admit, the whales' power has a big role in the crypto ecosystem. The whales can lead the price to have a pump or a dump in a certain time. They take advantage of this scheme.

[Renampun]

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?

investing in coin memes is a very high risk...

dogecoin wouldn't be worth it without a tweet from elon musk. many are stuck because they bought Dogecoin when it was bullish a few months ago, don't take the risk to invest in Dogecoin.

[Shasha80]

Absolutely agree, its like a ponzi mechanism with many whales among ecosystem that ready to take profit when the price pump.

If you mean the price of Dogecoin is increasing because of the factors of manipulation made by whales, even top altcoins also have the same way. So, I am not sure to say it is a Ponzi scheme, it is different. I think it is a fact that all people involved in crypto must admit, the whales' power has a big role in the crypto ecosystem. The whales can lead the price to have a pump or a dump in a certain time. They take advantage of this scheme.

This is the reality that happens in the crypto world, for whales who have very large amounts of capital can manipulate prices in the market. People who
have been in the crypto world for a long time should be aware that whales will use their advantages to generate the maximum profit. Not only
Dogecoin is often used by whales to pump and dump, but like other top altcoins it is also the same. So I don't agree that what happened to Dogecoin
was a ponzi scheme, we do have to realize that Dogecoin is often a pump and dump that can not be separated from whales who often use it to generate
profits if there is a chance. So we ourselves have to be more careful in making decisions, do the analysis correctly, so know when it's right time to enter
and exit. Don't buy Dogecoin if we are afraid of being played by the whales. Because whales often do pump and dump on meme coins which do not
have a clear function, choose investments in top altcoins that are less likely to pump and dump.

[TelolettOm]

There were certain conditions why Elon Musk chose Doge to pump at that time and now he seems like leaving DOge. And we don't know whether it will pump again because of him or not. But at least, Doge at that time is there because of the tweet from Elon Musk.
However, right now I heard that the DOge team has been added and they have much better team members. It may lead Doge to be much better again. But let's see because it is still ongoing and we still don't know the results. Just be wise and careful when there is a sudden pump price on this coin and also other hype coins.

[DapanasFruit]

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?

No one predicted the price of Dogecoin to reach $0.73. This is why some people think that Dogecoin is a dangerous joke. Furthermore, the current dump as if it will never return to ATH ever happened. Elon Musk who was once present for Dogecoin, is now talking about another token in a recent tweet. This signals that Dogecoin will not provide a positive value if Elon Musk leaves it.

The thing is that the man Elon Musk became the driving force for Dogecoin and seems to me that he is not enough to sustain its rising value so there must be more in Dogecoin to make it stay valuable. Well, even the founders of Dogecoin were so surprised why people then started to push this meme coin to the top. I think what is happening with many "valueless" NFT assets can be likened to what happened with Dogecoin and they can be dangerous in the sense that the value can fall anytime that low and there is less chance of recovery not unless Elon is on the scene propping it up all the time.

[iTradeChips]

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?

It is not really that long. I was able to read it in less than 5 minutes. Well, the good thing about this article and about DOGE in general, is that people like are not attracted nor will never be attracted and invest with the said coin. What I think of it before is the same thing that I am thinking of it now, it is a toy coin and I can use it to introduce people to cryptocurrency, what it is and how it works. That's it. Spend 10 dollars and you will be fine. No regrets.

[alpamar99]

Doge coin should not be taken as a long term investing coin cause anything can just happen in the market and the unexpected will happen. The cryptocurrency market can be manipulated attracting more investors to buy a particular coin with have a thorough search about what nd where they are putting there money. Eon could be responsible for the surge in the price of dogecoin coin and that does not mean he will keep on pushing the price upward.

You could say so but to know that there are believers who do really accumulate dogecoin back in the past.I would see this coin not to be a shit and it is way more better rather than on most shit coins in the market.
Most dangerous joke? It didnt do anything but rather serve as its purpose and yes its cheap and fees are so to. When it comes to utility then this is something much better than with other alts in the market.
Cant really blame off on why there are people whom do recognize on making out actions on hoarding and make use of Doge.

when talking about things that have happened in the past, of course, the doge problem will be a little different from today even though the mention is still the same, namely meme coins.
but when looking in the mirror about the past few years when doge was still a coin that was only underestimated and used only because the transfer fee was very cheap, I think it is still very reasonable when using this coin for the long term.
but now it's not a good thing to do because the position of doge which until now is still a pum and dump coin and coins that are indeed billionaire manipulation are still nicknames for doge.
it's not wrong for those who want to hold it for the long term because here there is no coercion and prohibition for this, but when doing so means you have to be prepared with the consequences and the worst that will happen.

[kawetsriyanto]

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

Unfortunately, many people are involved in this FOMO. Many of them don't really care about the purpose or use-case of Dogecoin, they only see how the price of Doge skyrocket. Moreover, they know if a popular person like Elon Musk and Vitalik supporting this coin. So, people don't care about the fundamental aspect of Dogecoin, just focus on the hype. I assume some of them just plan for a short term, but when they buy at the wrong time, it leads them to hold a long time. These people probably are spreading the rumors of $1 Doge price, they are trying to attract people to keep buying at a high price.  This is one of the examples of the risks, trapped in buying at a high price before the big decreases.

[Kyraishi]

It is a joke and so are the people who would willingly choose to buy into the hype.

But at the end of the day it's not malignant. It's not like it harms crypto.

Sure, you could argue that it gives crypto a bad rep given its volatile status and such. But compare that to stuff like actual scams like Bitconnect and CBDCs and very soon you won't bat an eye at it.

[Nakarato]

I really don't understand the joke about dogecoin. I mean, 28% one wallet, it has no limit, ... Why the hell you're mining Doge, only cause it is profitable? You don't know how long... Why the hell you get focused on? Spend your time on valuable coins like Litecoin (Scrypt too) or perhaps Litecoin Cash, or Bitcoin, ...
A dog? Really?
To your wife: "I bought our new car with doge!"
To your wife: "I bought doge for retirement!"
Really? REALLY?

[watergold]

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

Unfortunately, many people are involved in this FOMO. Many of them don't really care about the purpose or use-case of Dogecoin, they only see how the price of Doge skyrocket. Moreover, they know if a popular person like Elon Musk and Vitalik supporting this coin. So, people don't care about the fundamental aspect of Dogecoin, just focus on the hype. I assume some of them just plan for a short term, but when they buy at the wrong time, it leads them to hold a long time. These people probably are spreading the rumors of $1 Doge price, they are trying to attract people to keep buying at a high price.  This is one of the examples of the risks, trapped in buying at a high price before the big decreases.

Actually this thing I think is quite reasonable because most of them are beginners and indeed many people want profits by utilizing the charm of the billionaire.
The usefulness of the doge is not too important for them the most important thing is how to follow and get a good position when the billionaire pumps the coin.

[WeedGoW]

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

Unfortunately, many people are involved in this FOMO. Many of them don't really care about the purpose or use-case of Dogecoin, they only see how the price of Doge skyrocket. Moreover, they know if a popular person like Elon Musk and Vitalik supporting this coin. So, people don't care about the fundamental aspect of Dogecoin, just focus on the hype. I assume some of them just plan for a short term, but when they buy at the wrong time, it leads them to hold a long time. These people probably are spreading the rumors of $1 Doge price, they are trying to attract people to keep buying at a high price.  This is one of the examples of the risks, trapped in buying at a high price before the big decreases.

It shows the true nature of people in crypto: pure greedy and ready to spend their money on anything holding the illusion 'you will be rich. I think if any of you are into the crypto long then you will understand this. No more crypto become top CMC because it was actually good with the technical aspects, a working product with many use cases and users.

[lixer]

It shows the true nature of people in crypto: pure greedy and ready to spend their money on anything holding the illusion 'you will be rich. I think if any of you are into the crypto long then you will understand this. No more crypto become top CMC because it was actually good with the technical aspects, a working product with many use cases and users.

Yes, agree here even now we have some more meme coins like this which are going to hurt very badly this all crypto world just few greedy peoples hyping and with their assets they are bringing more profit from newbies pocket. Too many peoples will also lose confidence on crypto because this all creating feud and peoples having this though all about crypto. But, sadly we have nothing to do with this as we have no central authority about handling scams like this, peoples like Elon Musk are going to take good advantage for long time.

[Meta anggraini]

It is a joke and so are the people who would willingly choose to buy into the hype.

But at the end of the day it's not malignant. It's not like it harms crypto.

Sure, you could argue that it gives crypto a bad rep given its volatile status and such. But compare that to stuff like actual scams like Bitconnect and CBDCs and very soon you won't bat an eye at it.

Its not harm crypto, but its hard to believe that sometimes investors prefer that meme coins over real projects on crypto. It would make some good coins lack of investment and its not really good.