Crypto guys* what's up with Dogecoin this week?

[d-tiger45]

From Feb 2021 to March or so of this year my dogecoin went up 700%. Then I lost it all back to my initial investment.

This week it's back up 45%. Is this an anomaly or is it going to rebound back to it's past high?

 

[Sparty1045]

I don’t understand crypto. Isn’t it backed by US dollars? If so, what’s the point of it if it’s equal to the dollar.

Forgive my complete ignorance on the topic.

 

[TopHook]

I don’t understand crypto. Isn’t it backed by US dollars? If so, what’s the point of it if it’s equal to the dollar.

Forgive my complete ignorance on the topic.

I don't believe it's back by anything just people trading nothing like an nft. Probably wrong tho. Never had a good explanation that made sense.

 

[d-tiger45]

I have no idea what it is either. I just dumped a few hundred in it when it was $0.04 per share. Now it's $0.08

 

[Sparty1045]

I don't believe it's back by anything just people trading nothing like an nft. Probably wrong tho. Never had a good explanation that made sense.

I don’t understand nfts either. Doesn’t make any sense to me.

 

[d-tiger45]

Up 40% more today. 107% this week. Dogecoin to the MOON

 

[ChicagoFats]

Up 40% more today. 107% this week. Dogecoin to the MOON

It’s climbing on the speculation that musk will incorporate it into Twitter somehow.

Dogecoin economics (billions of new coins are created every 5 years or something like that) tells me that it won’t be a serious investment. I think it’s mostly a ponzu like deal.

It is definitely an interesting phenomena though.

No, cryptos are not backed by the dollar. They are backed by computing power, scarcity, and cryptography. Different coins operate in different ways and have different economics.

 

[22*43*51]

Doge is a meme coin. Not backed by anything. No utility of any kind. Only worth whatever traders can make of it.

I personally don’t trade meme coins. Been picking up a lot of utility blockchain. There is CBDC(central bank digital currency) infrastructure being set up around the world.

If you pick the correct utility blockchain network you can have a potential windfall when fiat currency collapses.

The conversion to digital is what we’re being set up for. None of this global economic collapse is organic.

 

[ChicagoFats]

Doge is a meme coin. Not backed by anything. No utility of any kind. Only worth whatever traders can make of it.

I personally don’t trade meme coins. Been picking up a lot of utility blockchain. There is CBDC(central bank digital currency) infrastructure being set up around the world.

If you pick the correct utility blockchain network you can have a potential windfall when fiat currency collapses.

The conversion to digital is what we’re being set up for. None of this global economic collapse is organic.

Big fan of BTC over any CBDC.

CBDC's are a bad concept. The nanny state will thrive with CBDS's. I'll do everything in my power never to own one.

 

[Rebarcock.]

Up 40% more today. 107% this week. Dogecoin to the MOON

Read at 4am that there is some correlation bw musk taking over twit and the increase. I was hungover reading so I can't recall more than that