Starting Today Tuesday June 1, transfer DOGE into your Coinbase Pro account ahead of trading. Support for Doge will generally be available in Coinbase’s supported jurisdictions. Trading will begin on or after 9AM Pacific Time (PT) Thursday June 3, if liquidity conditions are met.
This official statement came out by coinbase.
A long month of crash , falling prices and after all this again a hope of light is surged when coinbase listed doge coin on their pro platform today,
So is there anything new?
Well no matter how silly it sounds but it’s now becoming a reality that the crypto that was made as a joke can reach its big dreamed goal of 1 dollar and can reach 100 billion dollars market cap target before the end of this year.
None of this is an financial advice investment in crypto is subject to market risk please do
research before investing.
Well certainly many experts are now predicting with elon musk tweeting on accepting doge as payment method for TESLA it’s a very possible fact that doge coin will have a very big use case hence making this currency way bigger in valuation.
But there is a catch.?
Well, the infinite supply of doge coins even mentioned by Elon musk himself is a big problem although elon musk lovers argue about how dollars are getting printed infinitely without any support for the price in terms of asset.
And many people consider investment in crypto as a hedge against inflation; it’s no longer a fact that crypto is here to stay.
But talking about DOGECOIN particularly with an infinite supply of coins it is always going to be a hustle, a never ending race ?
What do we mean by hustle?
Well consider this assuming you have something to offer someone that worth 100 dollar per object now consider on your first day of selling your product you have only 100 pieces to offer,
But you are a famous person and the object that you are offering there are way more than people who want to buy it from you then you thought would be interested.
Now just in a hour or two you sold 80 objects and now you are left with 20 considering the demand in market you will increase the price of the object because if you don’t then just in a day it will end and everyone wants to make a profit specially if your offering is considered as a good investment or maybe a fashionable trend.
This is the same phenomenon on how markets work and why there are upwards and downward trends.
But how is doge coin an hustle and why it can be a very risky investment.
Now as you know the price of an object only increases if there is more demand for that thing and less supply to maintain a balance until and unless more of the object comes in.
Now think of doge coin as that object with infinite supply of coins till there is anything good going in market good news or anything like that , people will buy more but after reaching a certain point of price whenever they will dump more coins in the market the price will fall catastrophically if there is no amazing news out there for it that can keep up with the hustle.
So should you invest or wait ?
Well if you started early then you have already got an amazing amounts of profit but for new investors you should wait and watch how things goes for the coin.
If Elon musk and doge coin devs worked out something to tackle this issue like burning of doge coins or maybe changing the proof of work to stake things like that will maintain an order in the market hence giving that strength to doge coin
So you should wait and do your research before investing in doge coin as per current scenario it is a risky investment indeed.
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Again this is not a financial advice these are just my opinions and there are many more factors that are behind deciding a coin price not just the supply and demand.
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