DOGECOIN IS EXPLODING

Dogecoin is exploding – here’s the truth about dogeday 4/20

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On February 1st I made a video talking about Dogecoin going to the moon, at the time of the video Dogecoin’s price was 3 pennies. At the peak on April 15th it went up to 42 cents. That’s 14x your money. Moral of the story? Subscribe to my channel! In this video I want to explain what’s going on with Dogecoin’s price and if you should still buy it, and then I’ll share my theory behind what is happening because people are starting to talk about the mystery buyer of Dogecoin, the mystery whale that holds as much as 28% of the supply of Dogecoin so let’s talk about what it all means and where we’re going.

WHY IS DOGECOIN EXPLODING?

Reason 1: Everyone is talking about Dogecoin which has a relatively small market cap the price has skyrocketed because it’s much easier to move an asset that’s worth 30 cents than it is to move one that’s worth tens of thousands of dollars like Bitcoin (with over a trillion dollar in market cap). Another reason why Dogecoin is pumping is thanks to Robinhood. Right as Dogecoin was going up in value on Thursday (thanks to Elon Musk), there was an outage with Robinhood and the brokerage crashed which further increased people’s interest and awareness in Dogecoin.

Reason 2: Dogecoin is increasing because of Satoshi Street Bets which has now grown to 395,000 people! And on April 20th, Dogeday will try to pump Dogecoin to 69 cents (on 4/20) which is exactly the kind of fundamentals I’m after. Just remember anytime the public is told one thing, that’s usually when the opposite thing happens so be careful.

Reason 3: because Elon Musk, the hype man, the rocket man, the man with the diamond hands loves Dogecoin. The recent tweet he made with the picture of the dog looking at the moon literally tripled the price, plus there’s a petition going on right now for Amazon to start accepting Dogecoin as a payment and if that happens, much wow.

Here’s my observation: billionaires and people of influence are using Dogecoin to have fun and test their influence with a small cap unregulated asset. All it takes is one tweet from Elon Musk or Mark Cuban and the price pumps higher all the while giving them more publicity and attention – it’s like having a money printer that prints tendies and publicity whenever you want.

SHOULD I BUY DOGECOIN?

The downsides: The majority of Dogecoin is owned by 100 wallets, and the wealthiest wallet has 28% of the entire supply – however, it’s very likely that the biggest wallets are probably the exchanges. For all we know the top 10 wallets with dogecoin are companies like Robinhood and that’s not so bad – the distribution is probably not as bad as people say it is.

Another downside is an infinite theoretical supply. We’re creating 10,000 dogecoins per minute, and since there are 525,600 minutes in a year, we make 5 billion 256 million Dogecoins per year. As long as there are more buyers than sellers, Dogecoin will continue to go up.

WILL THE PRICE REACH $1?

I think the price could possibly reach $1 this year – easily. Someone like Gemini or Coinbase will start listing it because they want to make revenue on fees and when that happens, it will easily 2-3x. Especially once Elon takes the literal dogecoin to the literal moon on his SpaceX rocket. The price will also go up if the whales agree to Elon’s request, here’s what he said:

“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo,” – “I will literally pay actual $ if they just void their accounts.”

I treat Dogecoin like a lottery ticket (Mark Cuban’s analogy), it’s more fun than playing the lottery, and maybe someday it will become the money for the internet because at the end of the day, what is money if nothing more than a social experiment we’re all a part of? Memes never go out of style. I like Dogecoin, but speculate wisely.

*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

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