First of all a lot of people I know call it “doge” instead of “dog-e” not knowing or believing it is a reference to the creators love for Shiba Inu dogs. It is true that it started off as a joke coin after an internet meme but after years of dire predictions of its demise it has continued on. Not only has it continued but it has a stronger community who actively use it and it hasn’t attracted big investors.
This is all a positive sign and I think a potential for long-term upside if the developers just take it seriously. For friends and family who want to buy some cryptocurrency without the high price tag I always recommend Dogecoin as a low risk but possibly high upside coin.
The reason being is that not only is it a good buy in my opinion but if everything crashes and the value plummets Dogecoin will still stand. The reason I say that is the community behind it, it is here because people love it and use it, not because of hype and not because of institutional investors that are pumping it. In fact Dogecoin is almost identical to Litecoin you could say, the difference has all been in the team and the marketing. Dogecoin has had trouble shaking its image as a joke coin based on a dog.
I agree it was a joke initially, but today it is hardly anything but. We should also recall there was a time where people exchanged Dogecoin for BTC or vice versa to give you an idea.
Now I don’t say even in a million years that you will see Dogecoin hit prices like Bitcoin but it definitely has a strong upside potential.
So here’s the post on Bitcointalk.org that apparently started it all once it made the rounds on reddit:
I type d that tyitle twice because I knew it was wrong the first time. Still wrong. w/e. GF’s out at a lesbian bar, BTC crashing WHY AM I HOLDING? I’LL TELL YOU WHY. It’s because I’m a bad trader and I KNOW I’M A BAD TRADER. Yeah you good traders can spot the highs and the lows pit pat piffy wing wong wang just like that and make a millino bucks sure no problem bro. Likewise the weak hands are like OH NO IT’S GOING DOWN I’M GONNA SELL he he he and then they’re like OH GOD MY ASSHOLE when the SMART traders who KNOW WHAT THE FUCK THEY’RE DOING buy back in but you know what? I’m not part of that group. When the traders buy back in I’m already part of the market capital so GUESS WHO YOU’RE CHEATING day traders NOT ME~! Those taunt threads saying “OHH YOU SHOULD HAVE SOLD” YEAH NO SHIT. NO SHIT I SHOULD HAVE SOLD. I SHOULD HAVE SOLD MOMENTS BEFORE EVERY SELL AND BOUGHT MOMENTS BEFORE EVERY BUY BUT YOU KNOW WHAT NOT EVERYBODY IS AS COOL AS YOU. You only sell in a bear market if you are a good day trader or an illusioned noob. The people inbetween hold. In a zero-sum game such as this, traders can only take your money if you sell.
My wife asked me what the term “HODLING” or “HODL” meant because it’s been referenced all over social media. I honestly just thought it was the ticket symbol for Interstellar Holdings HOLD spelled wrong!
In the above post the poster goes on a rant about why they decided to hold apparently to spite the “day traders”. Some have said the poster was drunk but could it also just be an angry rant, combined with life issues and a few typos?
We may never know for sure because I haven’t read the hundreds of pages in the thread and I am not sure where the poster is now or if they’ve still held their BTC or not. If they’ve still hold on until recently they’ve obviously been right to hold but as we all say “hindsight is 20/20” back in those days no one was sure Bitcoin would continue its metaphoric rise to hit the 20K mark and settle back down at the approximately 13K mark at the time of this writing.
Whatever the real story may have been behind the post, a lot of crypto traders and investors are really referring this rant to explain just how wise it is to hold onto their currency despite apparent crashes.
Personally I’m all for HODLING if it’s based on fear and not by a real technical or game changer in a currency.