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Dogecoin Documentary: The REAL Truth About Dogecoin - YouTube
Channel: MagnatesMedia
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dogecoin a cryptocurrency
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built around a meme created back in 2013
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dogecoin started off as a bit of a joke
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to satirize the hundreds of altcoins
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that were being created
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off the back of bitcoin's popularity and
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for a long while
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the dogecoin price generally remained
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well below one
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cent per coin until 2021
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where a sharp price increase of over a
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thousand percent
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saw dogecoin reach a new all-time high
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and talk began to build
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of dogecoin hitting one dollar per coin
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whilst that may not sound like a lot it
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would mean if you got in at around one
[38]
cent per coin
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you'd 100x your investment it's enough
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to make anyone tempted to throw some
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money in
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but should you today we're looking at
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what's actually going on with dogecoin
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whether it can hit one dollar per coin
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whether you should invest
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in dogecoin yourself what do you want
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[Music]
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so
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if you're looking for an explanation of
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what started dogecoin's insanely rapid
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price growth
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it would be fair to say the catalyst for
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it all was elon musk
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the world's current richest man has
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tweeted a significant amount about
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dogecoin
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so much so that the tweets are being
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investigated by his old friends
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the sec but elon has called dogecoin the
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people's
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cryptocurrency and a single tweet of the
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word doge from him or even a doge
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related meme
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can send the prize skyrocketing he's
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even said
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it's his favorite cryptocurrency but
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the crucial thing to remember here is
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that when he was asked
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why he likes dogecoin so much his answer
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was
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i love dogs and memes nothing about the
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cryptocurrency's potential
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or value or actual application just that
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it's a funny meme
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some people also chose to look the other
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way when elon raised concerns of
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dogecoin's concentration
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where a few big whales earn a huge chunk
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of the total amount in circulation
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for example the world's largest holder
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of dogecoin and
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28 of it a position now worth several
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billion dollars so whilst elon clearly
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does like dogecoin
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his actions reveal things more clearly
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elon's company tesla recently invested
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1.5 billion dollars
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into cryptocurrency and they chose
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bitcoin not dogecoin
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so unlike bitcoin's price spike which
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correlated with positive news for the
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currency
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about it being accepted by such a major
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company dogecoin's price increase
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was purely down to hype nothing
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functionally changed there was no
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promising news about it being more
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widely accepted no
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technological improvements it's just
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people were talking about it more
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and so it got more and more momentum now
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can you still make money
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investing because of hype of course if
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you invest right now whilst today it's
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at around 20 cents per coin
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and then some big celebrities start
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talking about dogecoin
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it could easily shoot up to 40 cents per
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coin and then
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you've doubled whatever money you put in
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but
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that's not really investing that's more
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like gambling
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which is totally fine if you know what
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you're getting yourself in for
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you can afford to lose it and you know
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the risks the problem is
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the way people are talking about it when
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i see a lot of people mentioning
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dogecoin
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it's all about a team effort from the
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internet to push the price up
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there's this mentality of we're all in
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this together team doge
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let's do this doge to the moon but of
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course
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the reality is that the price is based
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on supply and demand
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for you to be able to buy it at the
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current price there has to be someone
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trying to sell it at that price
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and so dogecoin has a lot of people
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looking to pump it up
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so they can dump it for a big profit
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those who get in early enough make a lot
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of money
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but leaving those who bought late with a
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big fat loss
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now a lot of people also seem to be
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trying to compare dogecoin
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with what happened with gamestop where a
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lot of reddit users
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all bought the stock at the same time
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and the price shot up
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but there's a crucial difference the
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momentum behind gamestop
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was initially because large hedge funds
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had overshorted the stock
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which basically meant that if the price
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was driven high enough
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these hedge funds would have to start
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buying the stock back at a ridiculously
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high price
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which would in turn squeeze the price
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even higher
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dogecoin doesn't have that nobody has to
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buy it
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the only way you can sell dogecoins for
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a higher price than you paid
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is if more people have bought into it to
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drive the price up further
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and so sometimes the same people telling
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you to hold the line or buy doge
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could be doing so so they can dump their
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own coins
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of course with anything on the internet
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don't just assume
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everyone's intentions are good there
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will be winners
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and losers from dogecoin so by all means
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take a punt on it if you think it can
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become a widely used cryptocurrency
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or you just want to try and time it
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right so you can get out
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after the next pump happens just please
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don't put in more money than you can
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afford to lose
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as it could easily crash down at any
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moment
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now to classify dogecoin as just a meme
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or a pump and dump ponzi scheme
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would be unfair because it's a very real
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cryptocurrency
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that actually has fast transaction
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speeds very low commission rates
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and an active community of fans behind
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it not to mention
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that it has huge appeal to smaller
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investors because you can buy whole
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coins
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so cheaply and of course while some
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people may have thought its name and
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branding would have meant people didn't
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take it seriously
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it's actually worked in its favor and
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helped it become one of the most
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recognizable
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and talked about cryptocurrencies there
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is
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people love the humor of it that's why
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elon was so vocal about it in the first
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place
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you can't overlook the power of memes
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it's not surprising a lot of people are
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drawn to dogecoin
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it's fun but not just that dogecoin does
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have some real world use cases as a
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currency as well
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like it's being used for tipping people
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online and so
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it doesn't seem that unrealistic to
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think more websites
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may start accepting dogecoin even if
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just as a marketing ploy to get in on
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the meme
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and if they did dogecoin could become
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more widely used
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again further creating demand and
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driving up the price even more
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and as if that wasn't enough the doge
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queen foundation has also helped raise
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money
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for kenya's water crisis and sending the
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jamaican bobsled team
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to the winter olympics it's easy to see
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why there's so much love and hype around
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dogecoin
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however let's be clear dogecoin doesn't
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offer anything revolutionary
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compared to any other cryptocurrency its
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success
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is very much down to its mean branding
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rather than its fundamentals or
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technology
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so bearing all of this in mind could
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dogecoin hit one dollar this year
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like some people are predicting the
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short answer is
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it could but it's incredibly unlikely
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the amount of money that would need to
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be poured into doge for that to happen
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just doesn't seem realistic it would
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need to reach a market cap
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close to that of ethereum or even
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bitcoin and those cryptocurrencies
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have so many other uses that it's very
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unlikely hype alone
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is going to carry doge to those kind of
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heights
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another factor to consider is a very key
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difference between
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dogecoin and bitcoin which is that
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bitcoin has a limited supply
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there will only ever be 21 million coins
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in existence
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so the demand may grow but the supply
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will stay the same
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causing the price to increase but
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dogecoin on the other hand
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has no such cap people can keep mining
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it forever
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and so more will be produced every day
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and every year
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which is fine if you're viewing it as a
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currency that you're actually gonna use
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after all the same thing happens with
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fiat cash wheel use all the time
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more gets printed very regularly but
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from an investment point of view that
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lack of scarcity isn't a good thing
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because scarcity increases value so
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if hitting one dollar seems unlikely
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what price target
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is likely
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well we know how volatile cryptocurrency
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can be especially something like
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dogecoin
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so it's almost inevitable there are
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going to be plenty more ups
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and downs the good news is that these
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pumps happen in cycles
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so if you do buy dogecoin and the price
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suddenly drops
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you may be best just not selling because
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at some point the price will likely go
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back
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up when something big triggers more hype
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around dogecoin
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for example one factor that may well
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cause a dogecoin price spike
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is that right now dot coin is harder to
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buy than something like bitcoin
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because dogecoin isn't listed on all of
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the most popular crypto exchanges
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such as coinbase but this may change
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if it does get added to some of these
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other bigger exchange platforms that
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lots of people use
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it's pretty likely the price will
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increase at least temporarily
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because if it's easier for people to buy
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more more people are gonna buy it
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and of course that will then cause more
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news headlines about dogecoin
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which will create more buzz and demand
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around it and cause the price to go up
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even
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more the exact same thing happened with
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bitcoin cash
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and several other cryptocurrencies when
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they got added to new exchanges
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quick side note if you do want to buy
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dogecoin right now
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there are exchanges like finance kraken
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parabu bcx and vcc exchange that allow
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you to do so
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now another realistic factor that could
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cause the dogecoin price to rise
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is if elon goes on another doge twitter
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spree
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or indeed any other high-profile names
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start talking about it
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that's again gonna cause more demand and
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see a sudden price spike
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not only that dogecoin and all altcoins
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typically
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do well when bitcoin does well so good
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news for bitcoin
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can often raise the price of a lot of
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other cryptocurrencies including
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dogecoin
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so if you believe a big bitcoin spike is
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coming
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those coin may benefit from that too the
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problem is
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nobody can really know when or how much
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with enough hype around it it seems
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plausible
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dogecoin could easily hit 30 cents or
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maybe even
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40 cents and above but anyone trying to
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convince you dogecoin is definitely
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going to hit any particular price at a
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certain time
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probably has vested interests for full
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disclosure i have zero dogecoin right
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now
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i'd love to see it hit one dollar or
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above i think that'd be hilarious and
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make a lot of new millionaires
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but there's really no indication that's
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likely
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anytime soon other than blind belief and
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some vocal people pushing it on social
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media
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trying to get new people to buy so the
[670]
price goes up but the good news is that
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even if it just went up to 40 cents per
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coin
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which i think is definitely very
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possible that would still be a 100
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increase of the price right now at the
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time of this video
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so even if it doesn't reach the dizzy
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heights some people are suggesting you
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absolutely can make money with dogecoin
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which may leave you wondering
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why has this video felt a little
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negative towards dogecoin
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and the answer is simply because i'm
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worried that most videos about dogecoin
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are so focused on how high the price
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could go they don't really acknowledge
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how low the price could go
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and how quickly it could fall back to
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one cent or lower
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and people losing all of their money
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that they put in
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of course i'm not a financial advisor
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you can weigh up the risks
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and potential yourself but my personal
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view
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is that putting some but not all of your
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money into cryptocurrency
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makes a lot of sense especially right
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now with governments printing money at
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record rates
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it's a great way to diversify your
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portfolio and i do believe
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cryptocurrency is going to play an
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important role in our future
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but putting money into dogecoin
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specifically
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should be viewed as a bit of fun more of
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a gamble than a place to heavily invest
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the price will very likely continue to
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fluctuate quite wildly both up and down
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based mainly on hype because at this
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very moment
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it seems unlikely it's going to become a
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really widely used currency
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people's interest in doge right now is
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mainly because of price speculation
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not because of its practical usage as a
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cryptocurrency
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but that could change it's all
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speculation and so if you are still on
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the doge hype train yourself
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i'll leave you with something a little
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more positive on a recent clubhouse
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interview
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elon musk was actually asked about
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dogecoin's potential
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as a usable cryptocurrency and whilst he
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initially pointed out doge was made as a
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joke to make fun of cryptocurrencies
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he did also add that fate loves irony
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and what would be more ironic
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than dogecoin actually becoming the
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future currency of earth
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if nothing else that's a funny image of
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your grandma logging onto binance
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to buy some dogecoin but let me know in
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the comments
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your thoughts on all this is it just a
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pump and dump or do you see a bigger
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future for dogecoin
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oh and also watch out because on any
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crypto video
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there tends to be some blatant scammers
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in the comments trying to get you to
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message some crypto advisor
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or some other rubbish but anyway now
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let's move on to some ways of making
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money
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that are less speculative check out
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these videos here which i think you're
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gonna really like if you're looking to
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make
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money and before you go please feel free
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to like and subscribe for more videos
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like this
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coming very soon i'll see you next time
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cheers
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