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Why I sold my Dogecoin at $0.05

10 17 exc boost
Avatar for nomadghada
Written by   61
2 months ago

Background

I use to be a big fan of Dogecoin, so much so that I was on the Dogecoin subreddit as well as had a cheap plastic Dogecoin replica. (I still have that plastic coin).

It was even the first Crypto that I even owned.

Dogecoin was awesome because of its low price and wide acceptability.

But it all change when the Dogecoin went to the moon.

What kind of an idiot am I?

Read on!

Back in the day I didn't had access to a way to buy Crypto, moreover I didn't had any money. But I still wanted some. I believe at that time BTC was around &7,000 (long time ago)

I thought I couldn't buy it so maybe I can mine it.

I wasn't that well aware of mining either

But still I tried to find some information from the web with no results.

So I turned to faucets, those captcha based annoying websites that promise to give you some crypto if you keep at it but never reached the minimum payout.

Guess what! Since Doge was so low valued the minimum payout was within reach, and I did get a payout of a very small amount of Doge.

With rest of the coins I never reached the minimum.

But I was happy that at least I had some Crypto to call my own, I kept it in a custodial micro wallet.

Doge trade

After a few years when the bull run took the prices up I had the price of my Crypto holding shot up to a whopping $1 worth.

Needless to say I was happy.

I did converted it to and from different different Cryptocurrencies and since in the bull run everyone is a genius the value increased again.

Since I wasn't done with Doge I went and found another faucet that paid directly into the wallet. The ones I used earlier were closed down.

This new faucet was ok, I had a minimum payout of 1 Doge which I could reach in 3 weeks if I kept at it. I could claim Doge every 60 minutes.

Again, it was paying out very little but it was something.

I knew I wasn't going to get rich from all these shenanigans but it was fun.

Then the Dogecoin went to the moon

At first I was happy that the value was increasing due to whatever reason, people were screaming 'To The Moon' everywhere you went online.

There were memes, there were tweets, there are watch parties.

It was like a festival.

But then came the problems, since the Dogecoin was worth a good money now faucets payout went down. But the minimum payout kept at 1 Doge, now the payout required 100-200 days to reach 1 Doge payout.

Moreover since it wasn't cheap anymore, people were holding on to it even more and people who shilled Dogecoin became pariah.

Since nobody knew that Dogecoin, a coin with bad tokenomics can be worth a lot

Things went haywire

People we getting serious about it and actually believed (and wanted) it to be bigger than Bitcoin and replace every currency in the world, both Crypto and Fiat.

It became a force of will

It was no longer that fun Crypto that you could acquire from faucets and kept as a small thing to play with.

When the madness went and became too much I converted all my Doge to ADA.

If I had kept my Doge it could have went higher and would have reached at an All-Time-High of $0.68

Do I regret it?

Well no, at best if I had sold at the ATH I would have had about $50 only

Moreover, the drama was too much to handle and the coin has lost its use case of low value coin that could be easily acquired and transferred as well as widely accepted.

I was never going to overtake the Bitcoin and we all knew it and I just didn't believe in it anymore.

Conclusion

So what is the idea behind this story, well a Cryptocurrency needs its use case and utility to be worth anything. If it artificially inflated it can lose even the utility it had.

Today Dogecoin hover around $0.20 and the faucets are still too difficult to get a payout.

If a kid like me wanted to start in Crypto with nothing, then they will not be starting with Doge anymore.

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Avatar for nomadghada
Written by   61
2 months ago
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Comments

Ahh nice earning story of doge coin . Yes, this is true that no one expected doge could pump like this. for a moment when it pumped from 0.0003 USD to 0.05 USD then we thought this was just market movement and we feel this is scam. But later again 3x pump, shit. We missed all the opportunity . But again as like you have said, without usecase no crypto is good. Doge is under this and will lose it value

$ 0.01
2 months ago

Glad to see that there are people who think like me

$ 0.00
2 months ago

Every one think like this man

$ 0.00
2 months ago

Na man, people regret it a lot. most who sold at 5 cent always thing I should have waited.

$ 0.00
2 months ago

Why people do this, I do not know . But the people who know the effect of crypto market, become happy even if they get 2x profit from their investment. And if the investment is free as like your faucet then there has no boundary of joy. I knew many people like this.

$ 0.00
2 months ago

Yeah I know what you mean

$ 0.00
2 months ago

Cheers!

$ 0.00
2 months ago

I had over 1000 digecoin. I lost over 70% to scammers and gave some out. Few weeks later dogecoin skyrocketed to its ATH. It was really painful.

$ 0.01
2 months ago

I am so sorry to hear that, I almost lost my Doge to scam but somehow I just didn't go through with the guys instructions.

$ 0.00
2 months ago

Don't worry you are not alone. I was also holding Doge and sold at 5 cents. I didn't expect Elon Musk to go on a multi-month campaign of shilling doge and bring it close to $1. It was a stupid ride and next we will see Doge going back to lower than that.

$ 0.01
2 months ago

Haha, yeah it was weird times.

$ 0.00
2 months ago