Cryptocurrency and blockchain was once an industry for people that were seeking for the freedom of financial rights. Earning a passive income with cryptocurrency at that time was not what was motivating the people to introduce new technologies around the core of assets such as Bitcoin, Litecoin, Dogecoin, Reddcoin or Ethereum.
Over the past two decades cryptocurrencies have gone wild continue showing an extreme volatile yet rapidly growing market with an adoption rate so big that we already know that there is no denying that the future will involve cryptocurrency or blockchain involvement at every corner of the street.
Despite the fact that the growth and adoption rate of cryptocurrency and blockchain is extremely satisfying among most of us, I personally believe that there is currently a happening around projects that are rising around the “meme” hype. Back in 2017 if projects would only dare to speak about creating a cryptocurrency “just for fun” they would be terminated by communities itself as there was an army of serious investors, project analysers and simply said very critical people that didnt allow projects to mess with the money of people.
What has gone wrong since then that we now live in a world were coins like doge is inspiring a whole new era of animal named oriented cryptocurrency projects.
If you ask me it’s a scandal how the cryptocurrency sphere is able to mess around with the people. It is a fact that the cryptocurrency market is growing, aiming to go sky high and probably even during this bull much higher than the point where we are standing today. This doesn’t justify what is happening currently and if we don’t put a stop to it then the portfolios of hodlers are in bigger danger then they might realise.
You got to imagine that we are at a point where for example the “DogeCoin” was always looked at as a joke coin, a scam coin, a project with no purpose or as most serious investors would do “laugh in your face” if you suggested that dogecoin would even reach $0.05 in the future.
There is alot of problems and reasons on why dogecoin is a terrible example in the market currently. Elon Musk quoted that faith loves irony. Despite the fact that that may be the case there are several reasons why the doge coin bubble is an extreme issue in the worlds of crypto.
My reasons on why the dog kennel crypto hype is fatal
- Multi-asset holding investors (Hodlers) who are not likely to pay attention on a frequent basis are overtime falling deeper and deeper into a pattern of asset dilution, meaning that the more new “especially worthless” assets being created while money making its way from Winnings or Losses A or B to pool C or D.
What we are looking at here is a cat and mouse game, where most people always end up being the mouse. Resulting in a halving of the assets they are holding within their portfolio. Many may not realise how we are being lured into the (same old) wilderness all over again.
- Dogecoin indeed started out as a joke/experiment. At that time there were not many cryptocurrency or blockchain innovations around. There was a lot of room and adoption for new blockchain projects at that time with the competition it had back then compared to the adoption of new (crypto tokens or native blockchain) based projects. Dogecoin at that time may or may not have been planted for this purpose but one thing that we can be certain about is that everyone has always believed that dogecoin wasn’t meant to sustain that long.
Of course, it contributed a lot when more and more people started to hold a lot of doge coins and the community around it started to believe in the possibility of turning Dogecoin into the friendly money of the people.
What we are experiencing now, however, is that dogecoin is the example in the market for a ton of new “doggy style coins”. These assets are not built on the same aspects and long-term foundation that Dogecoin itself has gone through. One funny example is that I mentioned to a friend watch and see before we know there will be a CATE coin, I don’t think it was a few hours later till I saw a random chat on telegram indeed talking about CATE already. The market is very predictable when you are focussing on the short-minded money makers that learned the tricks of crypto and blockchain long before most of us.
Not every joke is funny, not every meme will be successful.
- The billionaires club has the advantage to select a coin that is mostly backed by people with little access to funds and often laughed at by the more serious investors who do not see or ever will see the advantages in a coin like Doge. What we are looking at here is again a new famous face hyping particular cryptocurrencies and to a certain extend claims to do it for the people.
How many of us do remember when John Mcafee was on that ship claiming similar things just for different coins. Now there is a huge difference between Elon Musk and John Mcafee off course. But none of us “more experienced” and “longer involved” investors/company owners that are fully oriented around cryptocurrency and blockchain can deny that what we are looking at here is very disturbing.
The mass amount of adoption and so many new use-cases certainly do contribute to what we all stand and hail for. But the way that we are seeing things go now is not the way to go at it. You got to imagine when people like Miley Cyrus and other jokes from Hollywood are all about Dogecoin then we already know a deep and dark scam is being pulled. I am not going to make this article about blaming people specifically, therefore I don’t believe that people like Miley Cyrus really have an idea of what is happening other than either reading a script that was provided on paper or like most of us hoping to get an additional income from a good old shill in the market.
The danger is that even more experienced traders are mind-fucked so hard that they saw doge making crazy spikes and still bought the news around the spike of the market. I don’t deny that I am one of the people that made a rookie mistake on Saturday before SNL while not putting a stop-loss to secure against FOMO and News sellers.
I wanted to do a shout out and share some props to the DogeCoin Millionaire who actually predicted or guessed that this would happen right before SNL, I watched his episode before SNL started so I can personally verify that he indeed had shared this before the SNL show even started. My feeling said he was right, but this is the brutal aspect of the illusional mind-fuck that we are being dragged in.
We simply are hesitating more on our calls or dumps compared to 2017 because back then at least most of us knew that the well-funded establishment was fearing this revolution. The fact that many Hollywood clowns are now embracing cryptocurrency (especially Dogecoins) and that they are basically telling us that the money of the people can be established out of a joke is what in my opinion tells us exactly how the financial industry and banking sector for that matter have been treating us for decades and probably even centuries.
The Dogecoin Millionaire predicted what would happen, he was quite certain on it. The next day we saw the next video from him. I am still wondering whether or not he was one of the people that sold their Dogecoins, knowing that it would drop when SNL would start for whatever reason (let’s not forget this man is being invited by the mainstream media to talk about it).
Nevertheless, the next day he shared the following video which despite my own losses was still pretty fun to watch:
PS: I AM NOT SUGGESTING THAT GLAUBER CONTESSOTO DID SELL HIS PORTFOLIO.
I just wouldn’t blame him if he did with the wisdom or at least the feeling that he shared with us. In the end, we were all in the position to sell and most of us simply didn’t.
- Knowing that Dogecoin was always known as the biggest joke in crypto and that Elon Musk has said now that Dogecoin is the money of the people. But if we look at it from a different perspective and Dogecoins being the money of the people then is it fair to assume that we are the pets of the establishment?
Is the irony behind what DOGE is doing now and what the establishment is showing us that it doesn’t matter what we think of cryptocurrency or what asset we believe in and that in the end, they are the ones to decide what will or will not succeed?
It is undeniable that Dogecoins have always had a strong community and that it was growing, nothing wrong from that perspective. But knowing the market is now exploding and the top trending projects are all MEME’s and jokes kind of shows me that we are coming towards the end of the current bull run. In the end, everything can be justified by those that earned the most claiming that you should never invest more than you are willing to especially not in projects that are most likely introduced as a joke.
Dogecoin may rise even further yes, this is possible. Other Meme / Joke coins will probably to now and DeFi Food projects will probably no longer be the latest hype in the market (despite that still very popular). We got to realise or be aware that even knowing that Tesla might accept Dogecoin for their cars, SpaceX might accept Dogecoins for space journeys and a ton of other platforms adopting Dogecoin as a payment. In the end, all the use cases around other coins have never allowed any cryptocurrency to avoid dropping back when the bull market ends and moving back into a bear market.
And due to the fact that it is simply not within the interest of the global governing establishment that we will all become wealthy and financially independent I predict that it is coming faster then we can expect.
This entire post is based on my personal opinion (Jaimy de Vries).
This post may be published on the BSCN News Network however, derives on my personal opinion, experience and observations.
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