A meme coin with no real usage managing to get a market capitalization of $50 billion. The only question now is when the bubble is going to burst. It can happen tomorrow, it can happen after one month, or it may not happen this year. Among my friends, I haven't tried to discourage anyone from investing in Dogecoin, because if it can move from $0.5 billion to $50 billion in market cap, then it is definitely possible that it may go up to $100 billion in the future.
Indeed, Dogecoin is in a bubble right now. Only a newcomer into crypto will think otherwise. There's really nothing to DOGE considering that it's been abandoned by developers for quite some time. Besides that, there's huge inflation on the cryptocurrency itself. If you're keen in economics, you'll know that this is bad for the long-term value of Dogecoin. People are only pouring money into it, because they're following Elon Musk and Mark Cuban's footsteps. Once these public figures get bored, people will move on to the next big thing in crypto. Afterwards, DOGE's price will go all the way down the drain until it's worth less than $0.01 USD.
Nonetheless, I strongly believe that Dogecoin is extremely overpriced these days. The hype will last until people move on to the next big thing in crypto. What Elon Musk is doing is "shilling" Dogecoin for his own financial benefit. I'd bet he made a lot of money with the recent pump where DOGE hit a price of nearly $0.50 per coin. The rest of DOGE investors will lose money big time, as everything will go down the drain at a very fast pace. Newcomers will be the ones mostly affected, making them believe Dogecoin was nothing but a scam. At least, the blockchain network is still alive and running after all these years. As long as DOGE remains decentralized, nothing else matters. Just my thoughts
