Dogecoin was never a promising to invest, it never was a real coin. The reality is that Elon Musk tweeted about it and it became bigger than it should be. Realize the fact that how it was created was a pure joke and that's it, people used it mockingly, it didn't worth anything at all, and all the people that bought it and used it was doing it for fun and jokes.
After a while some people started to take it seriously when it shouldn't have been and it became to worth a lot more than it should worth and that is why it increased, the intention wasn't to make money with it, the initial intention was to have fun with it, but I guess some traders took it too seriously and it worth something. On top of that Elon tweeted about it and now people think it may worth something. In all seriousness if Elon tweets about it you could make money, but that's about it.
After a while some people started to take it seriously when it shouldn't have been and it became to worth a lot more than it should worth and that is why it increased, the intention wasn't to make money with it, the initial intention was to have fun with it, but I guess some traders took it too seriously and it worth something. On top of that Elon tweeted about it and now people think it may worth something. In all seriousness if Elon tweets about it you could make money, but that's about it.
Couldn't agree more with you, mate. The reason why Dogecoin is pumping hard is because of Elon Musk shilling it across social media. There's nothing else to it. There are far better cryptocurrencies out there on the market with better features and active development than Dogecoin itself. People are crazy these days investing into something based on hype rather than doing their own research beforehand. They will eventually regret themselves once Dogecoin goes all the way down the drain. The inflationary model of DOGE will make this happen faster than you could've ever imagined. Consider the rules of supply and demand and you'll see what I'm talking about.
Nonetheless, I don't see Dogecoin reaching a price of $1 anytime soon. $0.25 (USD) per coin is way overpriced in my own opinion. While the current pump is a great way to make money in the short term, don't expect to rely on Dogecoin as a long term investment because of the reasons mentioned earlier. Once Elon Musk gives up on Dogecoin, the hype will be nothing but over. Only then people will look for the next big thing in crypto. As a realistic prediction, I'd say Dogecoin will be worth less than $0.01 in a couple of years from now. Just my thoughts
