Author: Moneybags Chowderpuff
Wed Jul 08 2020
WORLD - I woke up this morning and went through my routine of hitting a few faucets and checking if anything interesting is happening on my favorite exchange. This all only takes a few minutes before I start my workday. Anyway, I notice that the entire column of prices against DOGE had gone red, in double digits red. This means that DOGE is going up very fast!
Of course the first thing I did was sold off a bunch of DOGE. On the exchange anyway. Because you never know. It could crash again in 10 minutes. So I locked in a profit. Besides, that was a tiny amount. I still have all my other DOGE.
It's worth telling this story from this angle because for as long as I've been doing this, I kept a couple of cold storage wallets to offload into. So when I get enough DOGE from wherever, I offload it to those wallets. Because DOGE is a primary, top level coin, and it's also affordable compared to, well, all the other top level coins... It is also available on all exchanges. So wherever I have crypto, I can always convert to DOGE and withdraw it.
To the heart of the matter
Some dude on TikTok created a viral thread exclaiming that if people start buying up the coin, it will increase the price. They are trying to pump it to $1. At the time of my writing this, it is currently about $.005, or half a cent. Which, for the record is actually pretty high. It's up some 80% over the past couple of days. But that's still only 1/2 of 1/100 of the way there. If they succeed in their mission, and every DOGE you have is suddenly worth $1, there are going to be a lot of very rich people.
I have not seen the thing... I just read about it when I typed into Google, "Why is DOGE spiking?" (These are great time we live in.)
I suspect that the author of the viral post is saying something exceedingly similar to what I just did. And there are likely a lot of people that believe it. Usually a pump like this has barely any effect. It is usually some dude with 100 friends that buy up a cheap coin, pump it, and as soon as the price spikes, they dump it. Everyone who bought in and doesn't sell before it crashes, loses. They are left with a bag of useless tin coins.
But this pump is different. It appears to be working. And I have no idea why. Perhaps it's because of the origin of the coin itself. The story I heard was that it was created and named for an internet meme. The doggy in the picture there. I can only guess that the sheer cuteness of the dog attracted people to the coin. But seriously... It was intended as a joke. But somehow people caught on to it, and the volume increased, and because of its low value it became a staple of micro-tipping around social media. A joke that somehow turned into practicality. That's really astonishingly lucky no matter how you look at it.
So here we are a few years into that story, and now we have a new crop of daytraders. And someone is pumping it. Someone should probably copyright the term "DOGE Pump 2020". Because that is what this is.
My advice: Don't take my advice.
I refuse to be responsible for your losses. But I will enthusiastically take credit when you win.
My advice: If the trend continues, you might want to buy a bit. But watch carefully. Because it may (almost certainly will) dump.
My terrible advice: If you're a gambler, buy a bunch now. You'll have a better chance a payout - and possibly a larger one.
#oil #bitcoin #cryptocurrency #doge #dogecoin
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