Hey Shibes,
I just wanted to put my 2 cents in on current events, mainly for new investors and people who have YOLO'd into Doge in the last few days/weeks.
The growth we are seeing right now is indeed exciting, (This is not a post to spread fear! Quite the opposite!) I have been holding since 2014 and believing that Doge will one day be a true, accepted currency. However, the growth we are seeing will, I believe, take a huge dive very soon due to one of two (or both) factors.
- The hype that has been created around Elon Musk hosting Saturday Night Live and the hope that he will mention Doge.
If he does, there will be a sharp spike in Doge price, followed by the same sharp drop which could trigger panic selling and drive the price down. This is what happens every time he tweets, however it usually creates a higher low, which is good. If he doesn't, it may stay steady, or people may think he has abandoned Doge and sell anyway. This is a stupid notion as he has expressed his interest and love for Doge multiple times a a usable currency. - The event that we hit $1.
There are no-doubt, many many people and corporations that have set a sell limit at the $1 mark. This means that the moment Doge reaches $1, sell orders will be triggered and billions of dollars worth of doge will be sold which will cause the price to plummet. How far, no one knows.
Now for the good news! All we have to do is HOLD. When the price plummets after reaching $1, many people will panic sell and say its all over. This will drive price down even further, AND is a fantastic time for you and I to add more Doge to our wallets.
All of this to say. The price goes up and down...but its on a very steady run up. Bitcoin has been pronounced dead over 400 times since it was created, and look at it! So have faith in your fellow shibes, and HODL! Every big shot investor on Wall Street said Doge would never be worth a thing, and its making millionaires out of ordinary people like you and me. Doge is going to do some AMAZING things if we just give it the chance.
None of this is financial advice. I'm just a poor shibe who wants to see us all succeed.
Do Only Good Everyday!
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