I'm in support of what you mentioned because the dogeoin has disappointed so many people . Initially it was a promising coin because so many investors are earning profit from it, but later it is appointed all the investors.
Well I wasn't really surprised of the disappointment because the coins generally do not have anything reasonable to offer. That is what will happen to 95% of coins without any use cases. The coin was only profitable to early investors that was all
The coin would have done better if it was designed in such a way that it will have a limited supply, but the unlimited supply would make it difficult for its adoption by numerous users to reflect its market value.
Yes , that is what determines the price of a particular cryptocurrency. Even if the value may be higher but without it having at least a little something to offer it will still be very difficult for it to be adopted because it doesn't have any reason to be adopted.
Because the Dogecoin is unlimited in supply , it will make lose it value on a daily basis. Because it will be iin large quantity in circulation , it will lose its value unlike bitcoin that is limited in supply.
What I was observing about Dogecoin is that it was being hype by a huge influencer ( Elon Musk ) . When the coin start reducing in value is when the man stop promoting that cryptocurrency.
You are looking for a coin that is influenced by pumping and dumping strategy it is the Dogeoin . You can enjoy a lot of pumping and dumping by the whales and that is why if you want to make profit from this cryptocurrency, you will follow the trading strategy of the whales like Elon Musk.
I wouldn't want to involve in pump and dump again. There was a time the coin was pumping to almost 40 Percent. Then I was just new into cryptocurrency and I bought it around it's peak ( 40 Percent) and the coin immediately started dropping. Well the story is for another day.
This is actually a very good investment strategies. You are going to last longer in the market if you see past opportunity has passed and look for opportunities to just go into the next one.
No, what I am trying to say is that the coin was not really profitable. I bought it its peaks and the coins started dropping because people were dumping the coins after a pump
I missed the opportunity to make money from Doge. I just joined cryptocurrency when Elon Musk made the tweet. I should have invested in it then but for God know reason, I didn't. That had gone. The coins is influence by a lot of things. I'm not interested in it.
