My thoughts of Dogecoin (DOGE) as a Malaysian, the hottest digital asset made famous by Elon Musk 🪙 - Do not invest in DOGE !!! 🪙 🐕
Dogecoin (DOGE) was created as a joke cryptocurrency and it will continue to be....period. The only thing that Doge coin stands out is its dog (Shiba Inu) branding logo. Malaysians are very lucky our Securities C omissions haven't/didn't approve this digital asset to be traded on the 3 licensed digital asset trading platforms in Malaysia (Luno, Synergy and Tokenized). Dogecoin however is traded on eToro and Binance, these two large international exchanges do not have an operating license in Malaysia.
Go to Tiktok and everybody's creating videos about making money from Dogecoin. Some Youtubers also been raving and praising this digital asset. Some say this coin will change the world but were not able to articulate it clearly.
There are ways however for Malaysians to purchase Dogecoin but they need to convert cash into Bitcoin (BTC) 1st and then use Bitcoin to buy Dogecoin. The method is very tedious so not many Malaysians have access to buy and sell Dogecoin.
I am 100% against buying Dogecoin as it is 100% all speculative with classic signs of being a pump and dump crypto currency. It has no real word practical uses. The same cannot be said for Bitcoin (BTC) and Ethereum (ETH). Bitcoin can be used to buy things assuming both buyer and seller agrees on it and Ethereum is now commonly used to purchase NFTs (Non Fungible Tokens). The only reason Dogecoin starting jumping up was due to a random tweet by Tesla billionaire founder Elon Musk. Many people also are not aware Dogecoin is not in limited supply like Bitcoin and Ethereum, it's defined in its code to be infinite and hence it is an inflationary coin.
Every generation experiences being financially burnt in different ways but this generation (2021) financial burn (or ruin) will come from Doge coin (DOGE). As I'm writing this article now, Dogecoin is on a declining trend and whoever is still invested in Doge coin will with without a doubt get their hands burnt on this one "investment". Doge coin now is now experiencing Tulip mania effect where everyone is having FOMO (fear of losing out), so they will keep on buying and price keeps going up and up and then the early traders will suddenly sell their holdings and that is where the big selloff will come. There could be even a possibility that Elon Musk will say something stupid and then it will trigger the big Dogecoin selloff.
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