If Elon wants to keep tweeting until they hit £400 a coin I’ll buy a Model S off him
I’ll prob just leave them to it, see what happens in the long run. Only bought them as a joke and an experiment. That been said if they started getting crazy high I’d think of cashing out but I’ve not really thought too much about it.
Dogecoin’s rise is a classic example of greater fool theory at play, Dogecoin investors are basically betting they’ll be able to cash out by selling to the next person wanting to invest. People are buying the cryptocurrency, not because they think it has any meaningful value, but because they hope others will pile in, push the price up and then they can sell off and make a quick buck.
But when everyone is doing this, the bubble eventually has to burst and you’re going to be left short-changed if you don’t get out in time. And it’s almost impossible to say when that’s going to happen.
Bought 397 coins back in February during the first wave of Dogecoin hype for £20 as a joke and forgot all about it. A post on Reddit yesterday reminded me of them and they’re now £106 - a pretty successful gamble! Of course this might well plummet in a couple of days but I don’t really mind because I only invested for a laugh and if it goes to zero then I’ve only lost twenty quid, so I’ll strap in and enjoy the ride!
Cashing out now would represent better than a 10 X return on your ‘investment’. That’s pretty decent. Why not cash out now and leave someone else holding the bag when the music ends and it all collapses?