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When you invest in a particular cryptocurrency with all your belief whether Bitcoin, DogeCoin, Cardano or anything, it can be hard to give up on it.
Most investors are willing to be patient if they see that the token they have invested in has the potential to deliver strong results. While easy money is what we all love, it is not available everywhere. Unfair practices and manipulation towards hedge benefits are common.
Investors are fundamentally bullish or bearish or technically bullish or bearish for different reasons. And, suddenly there are going to be tweets from influencers who have no reason to influence the market and the price goes crazy up.
For instance, Elon Musk posting a photo of a new pet Shiba Inu “Floki” and the value of meme coins like DogeCoin, Baby Doge Cryptocurrencies jump high.
Whales have the power to move the markets and it is a widespread belief that Elon Musk and Mark Cuban back the DogeCoin.
In the past, Mark Cuban stated, “The point about DOGE that people miss is that DOGE’s imperfections and simplicity are it’s greatest strengths. You can only use it to do 2 things: Spend It or HODL It. Both are easy to understand. And it’s cheap to buy. Which makes it a community anyone can join and enjoy.” He also stated, “Without the community it’s nothing. But that also the same for all popular crypto. Without network effect BTC is nothing.”
While there are several other coins with imperfections and simplicity, the strong argument for DOGE is just that people with influence promote it, which is at least something to consider.
Community response: Isn’t that true of pretty much any useless token in existence? You can spend or HODL thousands of different cryptos DOGE isn’t cheap (marketcap is $40B and rank #7). It just plays into low unit bias, most ERC20s have 18 decimals. What makes DOGE unique is Elon and memetics).
Mark Cuban is really still thinking that DOGE is cheap, because the denomination is tiny whilst it still being a $40b coin.
It’s crazy to see Mark Cuban say Doge is cheap with such a huge market cap – a deceiving narrative. Sad to see people just want to cripple this industry with mediocrity. After all we will still make big money with fundamentally strong projects.
The unserious nature of it allows people to get into crypto easily and justify it by saying, it’s just for fun and they don’t mind if they lose it. All investing should work that way (It’s ok if I lose it), but that’s not how most people function.
