AKITA, SHIB and DOGE – and every other coin belonging to the meme coin category is on fire.
Even as the market crashed, these coins didn’t fell as hard ad Bitcoin and Altcoins like Ether, ADA and Litecoin.
But should you buy these meme coins?
The short answer is NO.
DOGE is the only meme coin that pulled of what it pulled off – a massive payday for all HODLers, including me.
I’ll be honest, I made good money with DOGE. I bought a bunch of them on March 18th and converted them to ETH and BTC at 0.60 USD.
However, I bought DOGE when I was naive in the crypto space. I solely bought it because I heard of it, just like ETH, BTC and ADA.
The first four coins I bought were DOGE, BTC, ETH and ADA. In the same order. I got interested in the crypto space because of Charles Hoskinson, so I had to HODL some ADA.
I currently HODL three, ETH, BTC and ADA. Had I bought DOGE back then if I understood crypto as much as I do now?
DOGE has no use. And people that have purchase DOGE deny every evidence and refuse to believe that it has no utility, future and development scope.
It has nowhere to go. To brand it as a currency people could use is futile. It is easily influenced and it’s highly manipulative.
There is no development tea behind it making it better or even fixing security breaches if that ever happens. It’s inflationary and it has no institutional value.
What happened these past weeks with Dogecoin was amazing for crypto in general. Millions of people were introduced to the crypto space. People made a boatload of money, had a good time.
But in the long term, the effect isn’t good. Compared to people who made money, much more lost. Imagine people who bought it at $0.65 thinking it would go to $1.
Which is still possible, DOGE could go to $1. It’s not something to really get crazy about. The recent trend shows people are getting into cryptocurrencies in the hope of making quick money.
One of the many reasons why DOGE skyrocketed was a combination of Robinhood traders and Elon Musk constantly talking about it.
This isn’t sustainable. Heck, nothing is sustainable right now when it comes to crypto.
Remember, not every dip is an opportunity. Take Coal India for instance.
The market is going down, which is good. An opportunity for new investors to get more coins is here.
But don’t get fooled by all these SHIB, AKITA, and other new coins. If you want to truly “Invest” in any cryptocurrency, buy Bitcoin. Because Bitcoin is the only digital crypto asset.
Apart from Bitcoin every coin or took is a “Purchase”, not an investment.
Don’t be a sheep.
P.S. having a few hundred coins at a price that won’t bother you even if it goes to 1 cent, is probably the best you should do.