Like many out there, I’m skeptical of Dogecoin. Dogecoin is a bit like that one underpowered champion in a video game — there are many other champions (coins) like it that do what it does, only better. Its biggest super power is that, it’s a meme! Although if we’ve learned one thing from history it’s that, you should not be underestimating the power of a good meme.
Dogecoin has stabilized around 5 cents a coin. That seems cheap but, when you consider it’s been trading at less than 1 cent for most of its lifetime — you must ask yourself if this price will hold. Like most coins, it moves with Bitcoin to some degree. If Bitcoin continues to succeed, that success will be passed onto Dogecoin.
So why consider it over similarly priced coins that actually have intended purposes and roadmaps for the future? Because of the potent public sentiment around it! Regardless of how you feel about him, Elon Musk is bringing a new level of exposure to Dogecoin that hiked the price up significantly and he does not shy away from mention of the coin when questioned about it or crypto in general. What’s nuts about Dogecoin is that, at any moment Elon could paint a Doge on the side of a rocket and send that shit into outer space. Talk about a stunt right?
Coinbase, one of the biggest and most widely known crypto providers for the common dude, does not have Doge as a tradable coin. Why would they? They don’t stand to make money on it, and the coins “purpose” or lack thereof kind of goes against their whole schtick.
However, Coinbase is about to go public via a direct listing. Coinbase was used for Tesla’s purchase of Bitcoin… and the CEO of Tesla is Elon Musk…you see where I’m going with this. It would not be out of the realm of possibility for Coinbase to add Dogecoin to “celebrate” the milestone of going public and spur interest in the stock. While they don’t stand to make money on it, allowing Doge to trade on Coinbase might bring an influx of users to the platform. If Dogecoin is added to Coinbase, you can expect a price lift.
Dogecoin is either a massive trap for the average investor at the moment or a rocket ship preparing for takeoff. One things for sure, this coin should absolutely be on your watchlist! I’ll take it a step further and say, it’s probably wise to have an account set up where you could easily buy Doge at the drop of a hat just in case. No telling if or when this train will leave the station (or go in reverse)!
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BTC: bc1q4jg9j2utjs6ukxukh42ju774kpzh8hgqxpvxv4
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DOGE: DTnB5TLmynxVTCs1QQ7Mb6V9UEQ4u7dpNw
