This joke will not get old.
It has been a really good few days for the crypto market, where ETH and BNB have done great things and brought some of the best projects out there to the top. Gems like RUNE and LINK have been among the top winners of the last two days, but there are more. I'm sure you have noticed, DOGE is currently the best player on the market.
No hate, I'm sure there are many ecstatic crypto investors who are making crazy profits as we speak, and I'm happy for them. But to be honest, the DOGE thing is out of control and says a lot about the current state of the crypto market: it's crazy. The field is clearly still in its infancy and hype development to leave behind is all the proof you need.
DOGE has a huge community and many years of business, and it is a big issue that it is still "alive". The coin, which started as a joke, is currently the top four cryptocurrencies by market cap, reaching insane trading volumes every day and is mentioned by some of the largest crypto-focused news platforms in the field. Hell, even CZ seems to believe that DOGE deserves to be mentioned in the same tweet as giants like BTC, ETH, and BNB.
Or maybe not.
Actually not. The man runs a business and knows he has a lot to gain from the DOGE talk. Like it or not, DOGE has become a super popular cryptocurrency, and this basically means there is a lot of money to be made, as a growing number of new crypto users want to seize some Dogecoins. Of course, I don't have all the data, but I refuse to believe that experienced cryptocurrencies will even care about DOGE in 2021.
Whether it's real-life use cases or blockchain supremacy or whatever, it's all about value for me. No sane person would think that DOGE is inferior at this point. It has already burst. It is unreasonably expensive; There is absolutely nothing to justify a market capitalization of $ 70 billion in a cryptocurrency industry worth about $ 2.2 trillion. DOGE needs to do 14 times to surpass BTC and become the largest crypto in terms of market capitalization.
To be honest, I burst out laughing at myself after writing the previous line. How did we get here?
What is the problem with crypto?
My personal opinion is that there is absolutely nothing wrong with the field. It just needs time to grow and mature. We have a long way to go before we can talk about mass adoption, and the recent DOGE pumping frenzy serves as proof that the masses are not yet ready for the crypto revolution. In my humble opinion we are just entering the adopters stage and guess what, this is good news.
This basically means we still have plenty of time to fill our bags at a discount and prepare for the upcoming big runs that will take things to the next level. If the hype generated by a few bull tweets shared by influencers is enough to take DOGE into the top four, my guess is that the crypto game is still too complex for the average Joe. I bet the vast majority of new DOGE investors are buying it because they see it tumbling in the same league as the animals while it is worth less than a dollar per token, considering it to be a bargain or something.
Whatever the weather
But who am I to judge? I was wrong about DOGE in the past and more seems to come. Do I think this is a valuable asset? Never. Will I buy DOGE? Never. But I can't promise you won't continue. Another factor contributing to its momentum is the fact that there are millions of forgotten DOGEs permanently lost in discarded hard drives and old laptops. Things like this happen in crypto, especially when a token is deemed completely worthless for years and years until one day it does 200x and stuns the world.
As a result, the game has a longer way to go, and that means me and you are actually early adopters. This is our chance to generate and accumulate wealth, so let's make sure we take advantage of it. Don't be angry at DOGE, be happy to be here in 2021. Come read this post again in 2025 and let's talk then.
That's all for now. Thank you for taking the time to read these lines. This is by no means financial advice. I share my personal views and experiences. Please do not take my word for your investment preferences and always do your own research.
Well written 👍