It's very easy to get FOMO. There are ton's of people falling into it. Doge has never been a good investment from multiple points. Particularly the easiest ones to overlook, away rom the charts:
1. Created as a joke. Yep. The creator doesn't hold it either because it wasn't meant to hold value.
2. No coin cap. This isn't Bitcoin or a deflationary asset that Ethereum has the potential to be post EIP-1559 this summer. This is an uncapped, unburnable asset (at least BNB has that going for it).
3. No utility. If you don't understand what that means. You probably shouldn't be hodling. Other crypto assets have designated utility.
4. Doge is perilously controlled by a very small group of people. The top 15 accounts have majority of the currency, and the top account has over 1/4 of doge.
By comparison, Bitcoin doesn't have a single account holding over 1% (Doge has 9) and even the top 2238 accounts only hold 41.82% at the moment.
5. The blockchain data is there. USE IT. The whole purpose of a crypto asset is to give us transparency within our financial autonomy.
I've linked chain data for both Bitcoin and Doge below where you can readily check major crypto assets and their distribution. THIS IS IMPORTANT.
Why does this matter?
If you think Bitcoin had a bad day seeing $7.6billion in long positions liquidated over an hour, (less than 0.75% of the market cap) when the equivalent of a top account liquidates simultaneously... You're going to have an awful time, should any of the top Doge users liquidate and take profits. Never mind the idea that just15 people could easily conspire to drain the rest of you of your money.
Do your homework, trade smart. Don't fomo. Good luck to all.
https://bitinfocharts.com/top-100-richest-dogecoin-addresses.html
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
*Disclaimer* I have never taken a position on doge (short or long) and don't care if this hurts your feelings. If you're bringing your feelings here, you're trading emotionally and should work on that.*
1. Created as a joke. Yep. The creator doesn't hold it either because it wasn't meant to hold value.
2. No coin cap. This isn't Bitcoin or a deflationary asset that Ethereum has the potential to be post EIP-1559 this summer. This is an uncapped, unburnable asset (at least BNB has that going for it).
3. No utility. If you don't understand what that means. You probably shouldn't be hodling. Other crypto assets have designated utility.
4. Doge is perilously controlled by a very small group of people. The top 15 accounts have majority of the currency, and the top account has over 1/4 of doge.
By comparison, Bitcoin doesn't have a single account holding over 1% (Doge has 9) and even the top 2238 accounts only hold 41.82% at the moment.
5. The blockchain data is there. USE IT. The whole purpose of a crypto asset is to give us transparency within our financial autonomy.
I've linked chain data for both Bitcoin and Doge below where you can readily check major crypto assets and their distribution. THIS IS IMPORTANT.
Why does this matter?
If you think Bitcoin had a bad day seeing $7.6billion in long positions liquidated over an hour, (less than 0.75% of the market cap) when the equivalent of a top account liquidates simultaneously... You're going to have an awful time, should any of the top Doge users liquidate and take profits. Never mind the idea that just15 people could easily conspire to drain the rest of you of your money.
Do your homework, trade smart. Don't fomo. Good luck to all.
https://bitinfocharts.com/top-100-richest-dogecoin-addresses.html
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
*Disclaimer* I have never taken a position on doge (short or long) and don't care if this hurts your feelings. If you're bringing your feelings here, you're trading emotionally and should work on that.*
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Most importantly, I''m afraid for people buying into a currency that has majority distribution amongst such a small group of people. This control is literally what happened in the fiat world that made you want to get into crypto, and you're willingly giving it back.
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Downward trend solidified early with resistance at .4343. See 1 hour charts for confirmation.
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Right on schedule.
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Too Easy.
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Good Dog.
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Another day... Where'd everybody go? It's so quiet...
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Now the slower ascent to a lower top and we keep falling apart as the smart who dumped took their money and reinvested in actual value.
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2 weeks in:
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Volume noticeably declining. Awaiting the SNL May 8th Dogefather 'meme culture event' that may artificially affect the natural process of price movement.