I admit peer pressure got the best of me when I bought into Dogecoin. I bought in at 60 cents a share and lost a good chunk of that when the share price dropped to about 40 cents during or after Elon Musk's appearance on SNL. I was disappointed. Fortunately, I only invested just under $100 bucks.
The only thing my friends told me was that Tesla owner Elon Musk backed Dogecoin so then it must be something to it. That was wrong since you can't use it to buy anything from Elon Musk's companies! From my research, I discovered that Dogecoin was created to be a joke. As such, it was not created to be a good competitor against other cryptocurrencies. I suppose the only scam is not Dogecoin, since it actually exists. In my view, the scam here is a "pump and dump" type and I blame some of the big names who created the hype.
The only thing my friends told me was that Tesla owner Elon Musk backed Dogecoin so then it must be something to it. That was wrong since you can't use it to buy anything from Elon Musk's companies! From my research, I discovered that Dogecoin was created to be a joke. As such, it was not created to be a good competitor against other cryptocurrencies. I suppose the only scam is not Dogecoin, since it actually exists. In my view, the scam here is a "pump and dump" type and I blame some of the big names who created the hype.
Source: Investopedia
