After a few days of drought, Dogecoin (DOGE) turned bullish again. But an investment in the coin remains a game with fire.
“We haven’t finished yet!” This is the battle cry of the Dogecoin Army these days. Because after DOGE fell more than 40 percent downhill at the beginning of the week, things are now looking up again. Today, Friday, June 25th, the Memecoin is again in the black and is quoted at 0.26 US dollars by the editorial deadline. This means that the coin with the borderline Shiba Inu dog in the logo makes up a whopping 12 percent within the last 24 hours. In the top 10 largest cryptocurrencies by market capitalization, Dogecoin is the absolute top performer.
At this point one can only speculate about the reasons. At least it cannot be due to the fundamental values of the dog coin. After all, DOGE is neither used as a store of value nor as a means of payment. In addition, around 28 percent of the entire supply is at a single address. However, it is not known who this giant whale is.
Even the supply of Bitcoin is not limited to a certain number, but is expanded indefinitely. DOGE also results from a Bitcoin fork. However, the makers found the fundamental value proposition of the limited offer unconvincing and turned Dogecoin into an inflation coin.
DOGE: Some get rich
But the DOGE Army is celebrating like no other. A look at Reddit also shows that DOGE is seen above all as a vehicle for making money. While topics such as scaling issues or the macroeconomic situation are discussed in other subs, r / dogecoin is primarily about making money.
This is of course nice for the individual. The only problem is that DOGE is hardly suitable as a long-term investment. The codebase of the coin is hardly maintained – even “Dogefather” Elon Musk cannot find any developers. In addition, the price is extremely volatile even for crypto conditions.
So if you don’t jump out early enough and realize your profits, you run the risk of wrecking. The top 5 coin is also miles away from its all-time high of $ 0.75.
So far, Elon Musk has not been able to change that either. The entrepreneur once again underpinned his dubious reputation as a Dogecoin maximalist, how could it be otherwise, on Twitter. In a tweet from Jack Dorsey, Musk suggested that the “B-word” might not be Bitcoin, but rather Dorsey’s interest in bisexuality. An at least tasteless pun.
After all: In the end, the two billionaires were able to come to an agreement and agreed to talk. Hopefully on the right topic.