Today I saw the price of DOGE very high on the Binance exchange, I immediately sold all the DOGE that I have. After I found out why the DOGE price hike was due to tweets from WSB Chairman and Elon Musk. I wonder. Why do famous people's tweets have such an effect on the price of an asset?
If you buy with the pump, you are going to die with the dump. People act as if doge actually had a reason to go up, sure bitcoin is number one ranked and even though it was pumped, it could take that pump and stay there if it wants, that would take some time and effort but bitcoin is bitcoin and it could do that. What can doge do? Doge doesn't have that kind of investors and this pump was obviously not sustainable, a lot of people will lose money because of it.
I understand that wallstreetbets people wanted to take part in this, but they can't really understand the fact that they are buying and selling from each other, not against another company, in the GME deal they do, they took money from citadel and melvin, here in doge they buy and sell from each other. This is why some of them will lose money, they didn't see that coming and will probably go back to stocks.