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Dogecoin Is A Ridiculous Bubble (And How To Manage FOMO)

“Bitcoin is the strongest money we have ever had. It has fixed supplies. HODL it like your life depends on it, because it definitely does. Don't sell cheap.” ― Olawale Daniel

“Americans aren't stupid. We are, however, preternaturally disposed to herd behavior (FOMO), with a strong desire to preserve a sense of individuality and maintain control over our decision making. We're joiners and don't want to be left out of fads; we're also fiercely independent and don't want to be told what to do.” ― Holly Whitaker 

 

I've got to be honest, I’ve been FOMO-ing big time over this incredible surge in the price of Dogecoin over the past week particularly. In fact, in the past few months its risen from .5 cents to over 40 cents per coin. THAT'S crazy!!

But, as A LOT of my audience is new to both traditional investing AND to Bitcoin and cryptocurrency investing, I wanted to use this as an opportunity to cover two things:

  1. Why I believe Dogecoin is ridiculous a bubble and,
  2. How to deal with FOMO (fear of missing out) anytime you’re tempted to “jump on the bandwagon” of any meteorically rising investment.

Let’s get into it...

Hey friend, it’s Brad Long here with ZeroDebtCoach where we help 5 and 6 figure corporate burnouts escape their nightmare by teaching them how to: 1) organize and optimize their financial lives, 2) eliminate debt and 3) accelerate toward financial independence by starting and growing an online business. 

Quick disclaimer: I’m not a licensed investment advisor, so nothing I say should be taken as financial advice. As always, make sure you do your own research.

 

Why Is Dogecoin A Bubble?

A brief history of  Dogecoin or “doggycoin”. It was created in 2013 as a meme or joke coin by Jackson Palmer as an alternative to Bitcoin.

I’m not sure that there’s actually a REAL use case for Dogecoin. In my years in the crypto space, I’ve always seen it as a “jokecoin” and have stayed miles away from it. If there is some kind of use case I’m missing, please do let me know in the comments below.

Now, I will say that I’ve heard rumors that Mark Cuban, owner of the Dallas Mavericks was going to start accepting Dogecoin as payment for season ticket holders, but that hardly sounds like a broad use case that would warrant a price spike of this magnitude.

A review of a couple of articles to illustrate:

https://www.cnet.com/news/dogecoin-passed-40-cents-why-that-excites-the-internet/

https://cryptoslate.com/dogecoin-pumps-200-to-become-5th-largest-crypto-and-no-one-knows-why/

 

 

This free “Basics of Bitcoin” resource that will help you blast through this first few steps of this process with ease and confidence.

Download the free guide and (safely) start your crypto journey.

 

If you're not much of a reader, this video walks through the entire contents of the "Basics Of Bitcoin" Guide.

 

How To Deal With FOMO In Investing

If I’m still tempted “FOMO" into” Dogecoin after being in this space for about 10 years, you WILL also be tempted.

When it happens, it’s good to have a solid playbook in place to help you keep a level head and avoid any potential bad financial moves.

  1. Just like with traditional investments, make sure you do your research and have solid reasons for being in a given “coin” or “project”.
  2. Whenever a coin starts pumping, (like Doge is doing right now), DON’T immediately “pile in”, rather start looking for the underlying reasons as to “why” it’s pumping. 
  3. Understand that coins and projects are “pumped and dumped” on a regular basis and you don’t want to get stuck with a worthless asset when it dumps.

Some good places to start your research:

  1. Google trends research.
  2. Trusted “influencers”
    1. TMI (The Modern Investor): https://www.youtube.com/channel/UC-5HLi3buMzdxjdTdic3Aig
    2. Andreas Antonopolis: https://www.youtube.com/channel/UCJWCJCWOxBYSi5DhCieLOLQ
    3. Perusing articles on several of the cryptocurrency websites like, CoinTelegraph.

Leave your favorite “trusted” crypto influencer in the comments below. 

So again, just make sure you have a solid “short list” research system in place for when you’re tempted to pile into any coin or project that’s pumping.

 

The Ultimate "How To" Guide: 

Now, if you’re new to Bitcoin, Dogecoin and crypto in general, I wanted to offer you this free “Basics of Bitcoin” resource that will help you blast through this first few steps of the buying, transferring and holding process with ease and confidence. There’s also some bonus material in there about how to lock down your online identity and data security as you enter into the space.

 

This free “Basics of Bitcoin” resource that will help you blast through this first few steps of this process with ease and confidence.

Download the free guide and (safely) start your crypto journey.

 

Also, by popular demand I'll be creating much more content around this in the coming months, so be sure to subscribe and join our coaching community to stay on top of all the latest developments. 

And, if you have particular questions or things you’d like for me to talk about, leave me a comment below.

 

Conclusion

So, am I telling you to not invest in Dogecoin? No. Not necessarily. Personally, I wouldn't, but that's not the question here. At the end of the day, you have to be the one to decide that on your own. 

My only encouragement is that you use the contents of this video/post to arm yourself with the resources to do your own research and be able to discern if it's a good place to park your hard earned currency.

So I’m interested in hearing your thoughts about this. Leave a comment below telling me… Do you agree? Am I missing anything? Where am I wrong?

Also, let me know what you had for breakfast.. AND what your favorite cryptocurrency is. :)

 

 Struggling Or Feeling Alone?

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    All that said, let's keep on building your financial acumen and make this your best year yet!

    Thanks so much for reading and we’ll see you in the next video post!

     

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