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As far as what’s going on with Dogecoin RIGHT NOW…lets talk about both the PROS AND THE CONS so it’s not only easier to follow along to…but, so that we get the FULL UNDERSTANDING of what’s going on, from both sides:
First, on the PRO SIDE:
I have to say, I’m ACTUALLY rather impressed with how well it held up. Even though, today, at the time I’m making this video - it’s down about 40% from its peak…I think it COULD HAVE been a lot worse, and the immediate sell-off following the episode HAD THE POTENTIAL to completely collapse prices, but it didn't.
Second, a few days ago, Space X recently announced that they would accept Dogecoin as payment for their upcoming mission to the moon, called the Doge-1.
Third, there’s absolutely value in what’s known as the Network Effect, in which the value is derived EXPONENTIALLY from the number of users it has.
Fourth, anecdotally…there’s a lot of people who believe that it will follow the same path as bitcoin, which routinely falls 70-90%, consolidates, and then moves to a new all time high a few years later….so, why not with Dogecoin, too, which has also risen, fallen, and recovered in the past?
Fifth, the Mike Novogratz said that the Dogecoin rally was a “middle index” to the system, and that - there was something pure about the recent rally in terms of what Dogecoin has done.
Siixth - I have to say, I’ve never seen a community as strong as Dogecoin.
Seventh…there’s also speculation that it might be one day listed on Coinbase, which would give it significantly more exposure.
And finally, eighth….there might be something to be said about people rotating out of the stock market, and into cryptocurrency..
But…just with anything, there are some DOWNSIDES that people are pointing out, that deserve to be acknowledged:
First, the last time SNL talked about a meme - they marked the absolute peak before a massive sell off.
Second, even though it would be a fun idea that we could take over the world with Dogecoin…and honestly…I wouldn’t mind it…. the fact is, it can’t actually be used as a viable currency until its price stabilizes, and we have a solid baseline for what people UNIVERSALLY think it’s worth.
Third, just because it’s always recovered and gone back up in the past - doesn’t mean it always will. It’s also incredibly easy to draw comparisons between Bitcoin, showing how many times it’s crashed - and then recovered.
Fourth, there’s also a clear problem with copycat currencies popping up, hoping to capitalize on the recent enthusiasm at peak hype.
Fifth, at some point - the SEC is likely to reevaluate what they consider to be a “currency” and what’s a “Security” so they can further impose regulation, and that will drop prices.
And lastly, sixth….ANYTHING that goes up 20,000% in a few months, has the potential to drop SUBSTANTIALLY…and that needs to be considered.
I would be worried that, as with anything this volatile, there’s some BIG MONEY at play here looking to take advantage of retail traders buying in…so, I would be cautious and realistic about where you think this will go, and when.
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