For a coin that doesn't have a capped max supply? Dogecoin is overpriced in my opinion, but people no longer care about the max supply of dogecoin or the circulating supply, their only concern now is how to buy dogecoin now and wait for Elon to make a dogecoin meme tweet so that the prices will starts pumping , then they sell at a higher price than what they bought and make profit from it, that's what matters most to everyone now, just make profit from holding dogecoin.
No hard cap is supply means an ever-growing inflation rate meant to devalue the cryptocurrency over the long term. But most people don't care about this, as long as there's money to be made in the short term. Elon Musk knows that as long as people are made to believe something is good, they're fall for it like there's no tomorrow. It's why he keeps shilling DOGE for his own financial benefit across social media platforms. Prices continue to rise because Musk tweets about Dogecoin. Once he gets bored, it'll go all the way down the drain faster than you've previously imagined.
At current prices, Dogecoin is extremely overpriced. Transaction fees are now higher in terms of Fiat (USD) since 1 DOGE is now valued at nearly $0.62 per coin. Imagine paying 62 cents for each transaction, when it was less than a cent before the craze. The higher DOGE goes, the higher the cost per transaction will be. Based on DOGE's inflation rate and circulating supply, we could say that current prices are NOT sustainable in the long term. Time will tell us how far DOGE will go, as people move on to the next big thing in crypto. Just my opinion
