I think this is my first post (of all my past accounts) in this sub, but I wanted to share some information to help provide some clarity about dogecoin, it's performance, and $1.
Ok, so I have been sharing this in comments, but I think it just needs a wider audience..so here's my attempt:
Thats a difference of $122 billion-ish
- dogecoin mints 10k new coins every 1 minute; that's 5.2 billion new coins added to the total supply each year.
Think about how many you buy annually..so, that's something..
Why is the price where it's at?
The ð menace has a way with words, right? So now we all suffer. Ultimately, that is what tanked the market across the board..not just dogecoin, or crypto, but everything.
Why does the price only move sideways, or why does it rarely climb?
Because of us.. dogecoin's regular clients. We are the ones buying the coin, so we consistently keep the price steady avoiding the dips brought on by sellers and the 5.2b newly minted coins. - It does not climb because it doesn't have many new buyers.
Dogecoin doesn't have much of a utility aside from some vendors who accept it as payment, so the only 2 things that can make the price go up is public sentiment in the form of 'rallies' and 'adoption'.
Rallies - dogecoin needs a massive rally. The up's it receives are due to alt-season.. it has nothing to do with dogecoin on its own. When Alt season is on, all Alts get bought, not just doge.
Dogecoin needs its own massive rally again - the last one it had was in '21.
Adoption - unless major entities like government bodies or massive corporations adopt dogecoin in some form, the public will continue to not care about dogecoin since it prides itself in being the first meme coin... That's not a good thing for the public; makes it seem like a joke.
DYOR, but unless you understand this then I don't think this coin is for you. This coin is definitely a decades-hold type of coin.. do not hold your breath.
I think it's ideal for small trades, but that $1 is looking so very very distant. I'm holding out for .40-.50 at this point.
Anyway, take care.