Every Doge Has Its Day
Dog days are famous here in Asia
People just love to tell themselves (and others) they will rise up one day, they will rise in the ranks someday, every dog has its day after all.
Well, this dog is more a Dojj, and this is not an article about a proverb or an animal, it's about a cryptocurrency called Doge. This article is in response to the recently announced Doge Day on Twitter by the Doge community. It's no doubt a fun way to celebrate something, and really a great idea to hike and pump the price of something that literally started as a joke. This should be no better than the guy who sold a fart as an NFT a few days ago for $85 in New York City.
Let's combine the hype created by the Doge community with Google Search trends, here is what's going on in the minds of the people who run the world!
Not to mention, it is getting famous in Afghanistan too, where people are mostly worried about saving their life one last time while there are outside their home, or finding out the way to earn just one more to live just another day.
Doge started its circulation of 100 Billion coins (which is an insane amount) on December 6, 2013, and by the mid of 2015, they mined their last 100 billionth coin. Since that 100 billionth coin, every year a whopping 5 billion more coins are mined and added into circulation. This makes it a never-ending supply unless there is another plan that I do not know about. Usually, the economies in the world that do that would collapse very soon.
It would be safe to assume that, there will be a Dogecoin mined for every fart produced by anyone in the world until the end of times. Please do not take it as an offense, I only said that because the coin started from a meme or a joke, and I have the right to make jokes about it.
People O People! there is no rocket science in understanding that if something has an unlimited, undefined, non-theoretical limit on supply, the price of that thing will not go crazy up! Or if you have another theory please enlighten me about it, enlighten me why do you think the price will keep going up until it reaches its fair price, and what is its fair price? What if there is a Doge for every cent in the world? what will be its price then?
Why are people buying Doge?
- The Hype created by the Doge community.
- Recent news about WallStreetBets Reddit opening discussion on BTC, ETH, Doge, and some other coins.
- Worldwide trends
- Hedging of current crypto sell-off. Most people are buying it to hedge their current crypt investments going down.
The last thing to mention is, Doge currently has room for a sharp decline of over 50%, unlike any other cryptocurrency at the moment, so think while you have time. It may very well go up by a couple of 10s of %s, but there is more room to fall than go up now.
Let me know what you think of this coin?