Hi!
Over the last few weeks we have seen many people talking about the cryptocurrency Doge Coin, and they have been speaking with regard to the amount of money that they have made in profit on the coin. We have seen the likes of Elon Musk speaking about, which of course is going to drive the price up with people expecting to be able to make a large number of money. Since the turn of the year, the coin has gone from being valued under $0.01 to a high of around $0.72. Of course that is not huge returns if you were to only hold a single coin, but the presumption with the price being so low, is that people would own more, say $100 worth, this would at its peak have been able to be sold for $7,200. Not a bad return for when all you had to do was a hold a fake coin that you can’t buy anything with for around 4 months. This is the case with all cryptocurrencies as they are unable to be used as a method of exchange for a large majority of utilities in the world right now, with Bitcoin being the only one that has some semblance of us in reality. With Tesla now accepting it as a method of payment for its vehicles (After purchasing a large amount of the coin, owned by Elon Musk!), we have seen this coin continue to fluctuate with severe depressions and exceptional highs. But for what reason have we seen more and more people become invested in Doge and them becoming of the opinion that by ‘Hodling’ the Coin can go ‘to the moon’? That is actually quite a simple explanation, it is due to social media and the ability for celebrities and business owners to manipulate the price of these Coins, and get away with because they are not regulated. Since the start of 2021, there have been multiple stories about the stock market, with the likes of Gamestop and Wallstreetbets on Reddit going to the forefront of all of our minds. But why do some people think this can soar, and others believe an implosion is coming? We need to go back to the beginning of the coin to truly understand;
Continue reading “Doge Coin – Implosion Pending?”