(1/?) #Dogecoin: A thread.

Hey #DogecoinArmy, I know a lot of folks have gotten anxious with the bit of stagnation we've seen this week, and especially the dip today. I just wanted to offer my thoughts on the current state of $DOGE and all I've seen happen in the last few weeks.

(2/?) First, let me say I'm not a financial advisor. This is not me telling you what or what not to do with your money (or Dogecoin respectively). These are just my personal opinions, experiences, and speculations.

(3/?) So in the last month and a half, we've seen $DOGE kind of rise from the grave. It was developed a few years ago and mostly kind of sat there, garnering little attention until a few TikTok videos brought it to the attention of a new younger audience.

(4/?) Then we saw the first major pump and Elon started tweeting and things took off from there.

A lot of people, myself included, who had $DOGE from before this spike were caught off guard, but pleasantly surprised. Speaking personally, I first bought in as a joke.

(5/?) I had a client pay me $34 USD worth in $BTC a while back. It was the first time I'd received crypto as payment. I found out it was such a small amount that it wasn't worth it to try to transfer it out and withdraw it as USD. So for fun, I exchanged it for 10k $DOGE.

(6/?) I never expected it to go anywhere, I just did it 'cause I thought it was funny. I even set up a page on my website to accept payment in $DOGE in the future because I thought it was so funny. This was back in, like, September or October of 2019 or so.

(7/?) Sometimes I'd check in on the wallet just to remind myself that it was still there. I never expected it to be worth anything, but it always made me smile, and that was enough.

But imagine my surprise one morning when I checked it and my $34 had become $108.

(8/?) My brother explained why. Something to do with a TikTok trend. I laughed, it was funny that it had grown, but I didn't expect the price to stay elevated.

This was back in November or December.

The price dropped a little, but never went back down to what I bought it at.

(9/?) That I recall, the lowest it went was, like, $93. I thought "cool", but it didn't really change my attitude towards it. It was still my funny coin that always made me smile.

(10/?) Then a few weeks ago, I got a message from my brother. Said $DOGE was exploding for some reason. Sure enough, I checked my wallet and my 10k $DOGE had risen from about $90 to $550.

And it kept rising.

(11/?) I thought "what?!" and spent the next hour laughing my ass off as the price went up and down like a roller coaster. I didn't buy or sell, just laughed.

That turned out to be a pump and dump. The enthusiasm went down and the price started tanking around 3am EST that night.

(12/?) I thought to myself "meh, that was fun, but probably just a fluke". Except again, as with the TikTok pump, it never went back completely down to what it was before.

It had established a new floor price. My $34 initial investment was holding stable at ~$300.

(13/?) Then the #DogecoinArmy formed.

It turns out, there was a community (new or revitalized) of people, both old #hodl'ers and new investors, interested in $DOGE. A fresh meme culture built around it, and I found other people like me who also found joy in the coin.

(14/?) And Elon continued tweeting, and things really took off. I put some more money into it myself.

But in light of the stuff going on with people trying to hijack WSB for pump and dump schemes after their initial attack on short sellers, people were scared. And rightly so.

(15/?) Every time the price dipped, people got scared that the dip wouldn't stop - that the whole thing is just one big pump and dump.

And it's true, there have been pump and dumps with $DOGE. We saw that with the first time coordinated buy attempt: someone shorted it.

(16/?) But though it fell after each all time high, $DOGE continued time and time again to re-stabilize itself at a higher floor than during the previous pump.

However, the fear still persists. The newfound volatility has attracted larger actors who want to cash in on the hype.

(17/?) And maybe, just maybe, $DOGE IS over-hyped right now. Maybe it's due for a dip. But here's the thing: the dip looks bad on your portfolio, but it brings the coin closer to it's true value based on current demand. And I guarantee that's WAY higher than where it started.

(18/?) And as the price stabilizes, volatility goes down, the whale sharks lose interest since it's not a quick buck for them anymore, and we attract more long term interest since we've proven that $DOGE has a place in the market and isn't going away.

(19/?) It's often pointed out that the same thing happened with Bitcoin back in the day. It took time after its initial rise and fall for it to re-establish itself in the market. Part of the reason is that a lot of development still had to go into the infrastructure.

(20/?) Infrastructure like wallet services, crypto exchanges, and services that would accept $BTC as payment. These didn't happen overnight, and neither did Bitcoin's current price.

It took YEARS for many vendors and corporations to even believe it COULD be viable.

(21/?) But here's the thing: $DOGE isn't starting from scratch.

Exchanges already exist, they just have to add an extra currency.

Not wanting to be left behind, some vendors have already started accepting Dogecoin.

And better still, we have reawakened the development team!

(22/?) That means that in the coming months, $DOGE is going to see new features.

Cryptos don't have "fundamentals" like stocks do, but they do have different behaviors. Despite being a fork of $BTC, Doge has some unique features all its own that give it a market niche.

(23/?) One of its biggest features is the lower cost and higher speed at which you can conduct transactions in $DOGE vs. other cryptos. And there's talk that cross-compatibility with the Etherium network is in the works. That would be HUGE!

(24/?) Another feature is that $DOGE doesn't have a fixed circulation volume. Some people have criticized this, saying that it limits the maximum value of a Dogecoin and makes it inherently inflationary (decreasing in value over time), but consider for a moment...

(25/?) $DOGE has a fixed rate at which new currency is introduced: about 5.3 billion coins per year. Meanwhile, in 2020, we went from having 15 to 18 trillion USD in circulation. That means that 1 in 6 dollars that exists today were made LAST YEAR.

(26/?) That means the U.S. printed 570x as much money in one year as $DOGE did, so even though $DOGE is inflationary by design, it still appreciates against the U.S. dollar just because WAY less of it is made per year.

(27/?) Plus that means that even if some $DOGE exits the market because people lose access to their wallets, which happens with $BTC all the time, the amount of $DOGE in circulation will never approach zero. So $DOGE has more potential for long term price stability.

(28/?) So $DOGE definitely has some stuff going for it, and some stuff in the pipeline, that give people - me among them - an incentive to invest in it for the long term.

(29/?) But even in the short term, we've made a mark. In only three weeks, $DOGE broke in as the #9 cryptocurrency by market cap (price × circulating supply). That means there's been a HUGE demand. We NEARLY shoved $BNB and $LTC out of the way to rank in at #7.

(30/?) And we've been holding stable between #12 and #10 crypto even during this stagnant week.

That means that exchanges and major online wallets CAN'T ignore $DOGE anymore. It's just a matter of time before the holdouts add it for purchase on their platforms.

(31/?) And as those services start supplying $DOGE, more consumers will have access to it and be able to participate in the market.

(32/?) Does that mean you're gonna be a millionaire off a $1,000 investment next week? Next month? No, probably not. That's unrealistic.

But could $DOGE still eventually reach $1.00? For sure! It will just take time, continued development, and a consistent positive community.

(33/?) I've seen some people hyping this coin well beyond what's reasonable though. I think $1.00 / $DOGE is very possible. But even if suddenly, over night, the market cap of $DOGE increased to match that of $BTC, based on the circulating supply, it would be worth $6.88 / $DOGE.

(34/?) And some people have proposed that it could go as high as $100 / $DOGE. If you do the math for that, it would require that about half the GDP of the USA be pumped into $DOGE to get that high.

(35/?) You've gotta keep things in context. Don't go by the price per coin. $DOGE will NEVER trade at the same prices as $BTC. Go by the comparison of the price now to what it was before: the percent increase.

If $DOGE rose from $0.05 to $1.00, that's 2,000% growth! That's HUGE!

(36/?) But again, it takes time. Maybe months or years. If you intend to hold, you'll have to ride out pump and dumps, market blips, and all other manner of fluctuations.

You know who loses on pump and dumps? People who buy in late due to FOMO and people who sell during the dip.

(37/?) But if you're in it to become a quick millionaire by skipping buying a few cups of coffee to buy $DOGE, you're probably gonna have a bad time.

Like I said at the start of this, I got in 'cause the coin made me smile. It still does, regardless of where the price goes.

(38/?) And now, we've got an amazing community with the #DogeArmy and some serious prospects for the long-term growth of $DOGE. We just gotta stick with it.

(39/?) I don't actually have the source myself, but I heard about someone asking Elon if he thinks $DOGE will be the future currency of earth. Supposedly, he asked "Do you want it to be?". The interviewer said "Yes." To which Elon said "Then it will be."

(40/?) If you and others still believe in it despite any dips or crashes that may occur, then it will still have value by definition.

And even if it's just you, though it won't have any market value, maybe you're like me and it will still make you smile. And that IS valuable.

(41/41) Anyway, that's the end of my little rant. I'll step off the soapbox now. If you made it this far, thanks for reading!

#Dogecoinarmy for life!

Love and luck, Shibas!
--The @DogecoinBeggar