I did some research in the matter of dogecoin, but not from the aesthetic-promotional perspective I did previously, but from a more technical financial one.
I was under the impression it was just a funny meme that people invest to for fun, but there's actually an entire system that manipulates people into buying it.
It's almost just as bad as r/bitcoin & bitcoin.core, if not worse. But in this article we won't analyze the manipulation tactics only, but also the stock value of the coin, its history, and how much damage has been done already.
It's true that dogecoin started as a refreshing meme and a joke for the crypto communities, then it became an actual asset that has a total value of billions, however.
Currently it has turned into a tool to promote another ponzi scheme, similar to the ones who claim that bitcoin will reach 100.000, but in this case it is "dogecoin will reach 1 usd".
The current price of dogecoin while I am writing this is 0.03 and the post in the screenshot was also taken the same time it claims that it will be 0.1 usd.
Which implies that we speak about a total 1000% price increase, in half a day.
Unfortunately such fairytales rarely happen and this is most of the times a promotional trick to get people to invest in a ponzi scheme.
The saddest aspect of this is:
They are aware of this. The moderators of r/dogecoin and reddit are perfectly aware of this.
Gaining 500% value in a year when the initial value is 0.003 usd, is nothing impressive, such things happen very frequently with alt coins, and every stock has a big bump then a big crash, is nothing unexpected or out of the book.
It's terrifying how such a huge amount of people are joining in a trend that has zero technical, programming, or scientific basis.
r/cryptocurrency apparently tries to do something about it and they don't censor the ones who speak down on such absurdity, however..
The situation in social media, reddit, and discord is insane, and I admit that I was also part of the ones who got manipulated because I wanted to join in the fun and bought some dogecoin myself.
Which is embarrassing.
Now let's see the stock value of dogecoin shall we?
The price actually dropped while I was writing this article. It literally dropped just now lol.
In the watch list of more than 100.000 people... 10 billions usd..
I don't even know how I can write more about this because the whole scam is so successful it left me speechless, and the fact I was part of it is even worse.
This is the end of this article, forgive me for the lack of more information I will update it later on when the whole situation has a final chapter.