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.
That basically sums up my “shall I buy some” thoughts!
I admire the people who will make a quick buck.
Hopefully they can rinse-and-repeat and make a living from it.
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!
397 DOGE @ 0.0255 (Feb-21) = approx £10
397 DOGE @ 0.25 (now) = approx £99
I would personally sell now.
But take professional advice on your investments to ensure you receive the best possible returns.
US-based FinTech embracing crypto:
Doge pricing is on one again, think part of its because another exchange had enabled it to be bought and sold on their platform.
My £15 is worth £165 now was £109 couple weeks back.
Not to fussed if this goes all pear shaped as bought these just for a laugh, worst that happens is I lose a whole £15.
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?
I put a fair chunk in at 14p. It’s now at 40p. Let’s just say I will finally be buying a PS5 and a handful of games the next time there’s some stock!
Ah ha that’s not bad at all
I sort of agree, but to me the risk of £15 would be worth continuing.
Would I be more annoyed if it collapses and I lose £15 or that it goes cray cray and my stash was worth £10k but I sold?
At £165 I’d be miffed probably and think I should have listened when people said get out, but if I could have made a lot more, I’d regret that more.
Not sure where my tipping point would be. Probably around the £1k mark I think. Buy a new tv and everytime I watch it, remember it cost me £15.
I thought about buying some the last time this was around and never got around to it. I probably should do it this time.
I understand that, and realised I should’ve mentioned that there is a way of both having your cake and eating it anyway:
Sell £15 worth of your stash.
Your £150 could grow and grown until it reaches the moon. If so, good for you.
Or it could crash. If so, you’ve lost nothing because you’ve already taken out the money you put in.
I believe some people refer to this sort of thing as a ‘free ride’.
This is good advice* and I follow exactly this. The free ride is a guaranteed get-back-what-you-invested and anything else is a bonus win or a lossless loss
*but not expert financial advice tailored to your specific circumstances.