Due to his great charisma, Elon Musk shakes the cryptocurrency market with every tweet. Musk is idealized by his followers and is not just considered a visionary. For some, he’s quite a prophet. His relationship with Dogecoin is especially odd because, according to his own admission, it all started as a joke. Because of the ridiculousness of the project, it was easy for him to make a joke. However, for a fan in love, a joke can get out of context and turn into anything. Then hunger followed the urge to eat. The Lord who loves to get attention and people looking for a Messiah
The truth is that Elon Musk’s comments have become a self-fulfilling prophecy. If we read their tweets, you don’t have to be a genius to know that everything is a joke with bad taste. In fact, it’s more than a joke, it’s a joke. However, when we listen to Dogecoin followers of almost religious faith, they declare that the origin of their devotion is the unique and unmatched Elon Musk. Now it turns out that the ambiguity of his tweets adds a mystery to the prophet. Which makes it more powerful deep down. And to add insult to injury, in the end the prophecy turned out to be true. That increases the faith of your church. After all, the price of Dogecoin has miraculously increased. So it’s very easy for fans to say, “I told you.”
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What is ironic and offensive about the Dogecoin phenomenon is how much it resembles Bitcoin in that the projects are so different. D.ogecoin is a creepy parody of Bitcoin. In theory, they’re pretty much alike, but not in spirit. They obviously share many elements in common, but Dogecoin possesses them in its most grotesque form. One could say that Dogecoin is the cartoon of Bitcoin. Paradoxically, a Bitcoiner who criticizes Dogecoin at heart feels a bit like a NoCoiner who criticizes Bitcoin. He is like an old school rocker who was criticized by his parents in his youth and who criticizes his teenage son today for the musical taste of the “youth of today”. The situation is not without its ironic side. Queen is not Bad Bunny, however.
“Dogecoin is a speculative bubble”. “Everything with Dogecoin is a manipulation”. “The currency has no future” “The price is rising due to a misleading campaign staged by a group of opportunists looking for profit”. “Everything will end very badly”. “The project has no intrinsic value”. What do the defenders answer? Well, just like we answered Bitconer. I am referring to the tests. We refer to the big price hike as irrefutable proof of legitimacy. When there is demand, there is value. Ouch!
Like it or not, Dogecoin has its community. You may seem crazy to us. But they’re crazy organized under one roof. There are thousands of churches and organizations in this world whose beliefs may seem ridiculous to us. However, common sense is not a prerequisite for people to band together on a common project. There is everything in the Lord’s vineyard.
Bitcoin was forged with strong ideological elements. The early Bitcoin community suffered from a pseudo-religious seriousness. Anarchists, libertarians and anti-system reformers. Of course, over time, with the arrival of investors and speculators from more traditional worlds, the community has evolved into much more pragmatic positions. The Dogecoin community, on the other hand, is much more frivolous and superficial. The original Bitcoin narrative contains many fantastic and utopian elements. But the Dogecoin narrative is just childish. Pretty stupid indeed. Two key arguments: the recent price hike and Elon Musk’s support. Simple but effective.
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Elon Musk’s impact on Dogecoin is made possible by the small size of the project. The limited liquidity makes such increases possible only with the comments of a charismatic billionaire. In short, the current speculative fever was linked to the irresponsibility of a joking billionaire. This is a phenomenon consistent with Robinhood merchants, Reddit forums, and programs like the one at Gamestop. It’s about social media, overflowing liquidity, rampant greed, and Wall Street for steroids, all of which are put together and combined.
Now, of course, it is possible to make money from these programs. But it would be a big mistake to fall into illusions. There is nothing poetic or romantic here. We are talking about highly opportunistic speculative programs with no support other than the short-term pursuit of profit. The risk is very high. The higher the price of Dogecoin goes, the riskier the move. Which means it is more of a casino than an investment. Many projects with no real future have grown exponentially due to the speculative rush of the altcoin boom. The ways to make money quickly are obvious. But you have to be clear in life. These are extremely risky short term speculations. Who falls in love loses. 99.9% of the projects are rubbish. You have to get on and off pretty quickly.
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It is entirely possible to make money from Elon Musk’s tweets. Buy in advance and sell after the rally. Likewise, in search of a quick profit, you can also speculate on other ridiculous projects like Dogecoin. However, these steps are not recommended for newbies. To act, you have to know what you are doing. And newbies usually lack the discipline, experience, temperament, and technique required to navigate this chaos unscathed. Those bitten by the mosquito of greed do not listen to reason because they are caught in the spell of the gold rush. The illusion of being millionaires overnight is simply irresistible. But these are the scammers who usually fund these programs. You are the first to lose money.
Now I have nothing against casinos. Speculating is not a sin. But it’s one thing to make money by taking advantage of a temporary bubble and quite another to believe the big story through and through. That said, the altcoin boom needs to be weighed in its right measure. Things as they are. Elon Musk needs to be removed from its pedestal. Because the subject is not a saint. Far from a clairvoyant sage.
That is the great contradiction of today’s youth. They are overly skeptical and suspicious of some things, but dangerously naive of others. Everything is a conspiracy. And they don’t grow up to be an authority. But every video on YouTube or every tweet on Twitter can become a sacred truth. The secrets of this present!