Yesterday was an exciting day in the crypto community and dogecoin was at the root of this excitement. The meme-coin pumped more than 120% and was the number one trend across various social media platforms.
I had my friends asking (as they usually do when the price of a popular coin goes up) if it was a good time to get some dogecoin. I wonder why anyone would seek financial advice from a noob like me. I know little about the market and how to play it.
There was another set of people online who were not particularly happy about the doge pump. I wasn't unhappy about the pump per se but I knew a lot of people were going to get rekted chasing the top.
Although doge happens to be a shitcoin it does have a solid community and that is valuable, even more valuable than fundamentals in this bull run. If you consider doge from this standpoint than you will understand why I think it is undervalued and has the potential of reaching a dollar. Even Elon Musk is a strong believer in the meme-coin.
Speaking about Musk, I watched an interview where he was featured. The interviewer asked asked about his opinion on dogecoin and the Tesla boss had an interesting story to share.
Initially, dogecoin was created to mock crypto (from his narrative). Now it makes perfect sense why people like Elon are pushing this supposed joke to the top--to change the initial narrative of the coin.
Anyway, I was a little hard on myself because I did not buy doge before it pumped. The same thing happened with xrp. I keep hesitating and missing the chance to make a quick buck.
I know I should know better than chasing the fast money. I should stick with the fundamentals and probably with the coins I already hold which are a lot already.
It is quite easy to give in to greed and chase everything shiny out there. Irrespective of the fact that there is a lot of dumb money out there for grabs, it is impossible to win every time.
There will be more opportunities. Feeling salty because you missed out on a couple of great opportunities does not mean you failed or are missing out on everything. Many people FOMO their way to zero. That should not be you.
No one can call the top. It is almost impossible. Thus it is easy to chase everything and lose when you do not define your entry and exit point. We are all in this for different reasons. Having clarity of purpose is one way to stay solid
Right now, the only coins I am interested in are hive, Leo, cub, and bnb/btc (maybe doge). There are other great projects out there and chances are that I will never hear about them and I am fine with that.
Well, I hope you found this post useful in some way. Hope you come out with a good strategy to make the best out of this bull market. Cheers!
Posted Using LeoFinance Beta