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TikTok User is Pumping DOGE

Author: Moneybags Chowderpuff

Wed Jul 08 2020

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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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