Chasing Green Candles = NUTS

in LeoFinance21 days ago

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$68 Billion Doge Coin has changed hands in the last 24 hours and just wish someone could tell me why and what is so special about this shit coin.

Doge Coin at number 6 being a Meme coin is showing how ridiculous crypto investors are and you wonder why people outside of crypto don't take it seriously. A joke coin having a market cap of 46 Billion is like showing two fingers at everyone and this won't end well.

Rumour has it the target is $1 which will take it over $100 Billion and just can't see it as whoever buys in now is at a huge risk of a dump at any moment being left holding a bag of what? Bull markets are irrational and this doesn't make sense which is why there is so much money flowing into it.

We tend to forget how well this coin has done rising from $0.002 just 1 year ago showing us it is now over 18 000 % up which is rather telling. This I believe also shows why coins that have no road map and no use cases will still be around for many years to come. Just think Doge has a market cap 20 x bigger than that of Hive and that makes no logical sense.

The first lesson you learn in trading is you buy the red and sell the green and what we are seeing is "investors" still buying a high risk even though it is up over 400% this week alone. You can understand if there had been an announcement on development or a use case but this is high stakes gambling.

The exchange Robin Hood was under pressure this evening as more buy orders flood in for Doge. Maybe it will go up to $1 and prove many people wrong which adds fuel to the fire that crypto could be going through a type of bubble which I don't believe, but can understand why people are thinking like this.

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Elon Musk also seems to be bullish about Dogecoin.

Which is stupid if people follow him and lose money. I see this as reckless in many ways on his part.

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i bought some of it (unfortunately not more) as a joke last year. Now I am one of those guys that is a little worried every time I wake up not wondering if I should sell or not. I think I need to at LEAST set a stop loss because we are well beyond FOMO at this point as far as i am concerned since I already took my initial investment back out. I don't need the money at this point but it would be a real shame if it did nosedive.

On a side note I have never used Robin Hood...