I bought some Dogecoin (DOGE). Why? Well – aside from being an absolute monkey-see, monkey-do, copy cat – it’s just for fun, for speculation, and obvs for the memes!
To be honest, I don’t know much about the short-term or long-term prospects. I just thought it would be fun to try out. This is a completely speculative purchase and if it goes up, that’ll be a thrill. On the other hand, if it goes down – as it has in the few days since I first bought in – then it’s no sweat, as I spent a small sum.
I am not a financial adviser, but I do know one thing: do not speculate wildly on cryptocurrencies with money you need. It is a highly volatile, and largely unregulated, industry. You would not be the first person burned by an unfavourable market-movement. That said, if I had spent the last decade dollar cost averaging a small weekly purchase of Bitcoin (BTC), for example, I might be a few years ahead on that retirement plan.
There are many stories of people who regrettably sold part or all of their BTC stake early on, only for the price to soar in more recent years. I do not foresee a BTC-like mountainous rise in DOGE anytime soon. Nor do I believe it will hit $1, as the joke-coin’s community believes, or hopes. However, I do plan to “hodl” longer-term, regardless. With diamond hands, if you will. Just to see what happens. Will it be rewarding if it works out? Absolutely! It won’t break the family finances, either, if the value recedes to being mainly used for tipping people you agree with, or otherwise appreciate, on web-forums and social media sites.
To the moon, my fellow Shibes!
And if you happen to want to tip me some DOGE – I would not object!