Dogecoin ($DOGE) - Is it making anyone else sick?
So I'm sure everyone is aware of the huge surge in the price of Dogecoin in the last 3-4 months. It fucking kills me that there are actually morons with no investing or finance experience getting rich off of this intrinsically worthless joke-coin (https://twitter.com/prothedoge?lang=en) AND then go on to brag about how much money they've made, promote it, etc.
I have friends with no investing experience who Yolo'd $500 or $1,000 into it when it was around $0.07 and will not stop talking about how much money they've made. I've been following it since the beginning of the year but never pulled trigger bc I think it's obviously pure speculation / gambling, and this makes it hurt even more.
I don't know why celebs like Elon Musk, Guy Fieri, and even Mark Cuban at this point are either endorsing it or giving it the time of day... other cryptos I can understand to an extent (although most crypto endorsers are generally unbearable), but this takes the cake as it all just seems like one big pump-and-dump joke / market manipulation play. Seems like the whole point of the coin was intended to be a joke, and now I read about people (like the Twitter guy I linked) talk about how it will be the currency of the future.
And now the fact that the market cap is eclipsing the size of Ford, Twitter, etc.? Jesus Christ. I can't help but think that there have to be some huge hedge fund / traders in the mix here somewhere. Or maybe there are few extremely wealthy elite families who are literally buying and selling unfathomably large amounts to manipulate the market or launder money (Saudi anybody?)
Also I think about all the poor suckers and novices who are going to invest now and lose shitloads of their money when this (inevitably?) comes crashing down because of internet / Tik-Tok promoters... buyer beware I guess, but still...
What do you guys think? Don't get me wrong - I am less-so pissed and moreso just baffled and amused (in a regretful sense for missing out, I guess) by this whole situation.
TLDR: Annoyed at Tik-Tok generation making outsized returns and then bragging about it (when clearly they are just getting lucky), interested in what other people have to say.