One of my favorite lines in investing is "nothing has to happen." It is something I have embraced, especially since my favorite investing line of "the market can stay irrational longer than you can stay solvent (or we can say sane).
These play into one another and in the end are mantras to remind us just how mind blowing investment markets can be.
Many examples but we'll look at the obvious one.
As people, especially retail crypto folks who have "bought crypto" on robinhood, pile into random coins all willy nilly, the greater fool theory comes into play more and more.
Now again, nothing has to happen. Which also means anything can happen. Therefore the DOGE mania can do whatever it wants.
Doesn't matter what I think. However, I wish all the retail folk atleast knew all the info so they can make an actual informed decision.
DOGE Whales To Rule Them All...
Granted these stats are a few weeks old, but the overarching theme is still there and I bet most of the new normies have no idea.
Like that fact that ONE WALLET hold about 28% of all DOGE. Or that nearly 46% of all supply is held by just 11 portfolios.
Furthermore, all the people that bought on robinhood don't actually own doge. RH holds the actual coin and is suspected that their holdings have turned the wallet into one of the big whales of doge.
Maybe that is a saving grace as those doge should only be sold when their customers sell the corresponding derivative on RH.
Or maybe that will be what keeps the tide flowing lower if and when one of the big whales decides to dump.
I've never been a fan of when a coins has a really big amount of supply concentrated in just a few hands. And DOGE is one of the worst cases of this.
That is not to say I don't own any coins in this scenario, but I'd prefer if it weren't the case. That is just one factor in deciding if I will invest in a coin.
However, I'm probably not investing in the one that has the worst case of it, which is basically DOGE. Amongst many other reasons I don't like it, but anything can happen and society can decide to rise up and use DOGE as the new thing.
Which is why I know better to short it. Well, not atleast until I see some kind of blow off top followed by a nasty red candle sell off. Then I may place a bet.
In the meantime, I'm rooting for Mr. Retail investor because and breakdown in a coin is overall not a good thing for the bull market as the bull consists of several things, and one of them is the MoMo and feel good that keeps everyone buying instead of selling. I hope DOGE doesn't F up the flow.
Things should be interesting this weekend with the expectation of Musk and Saturday Night Live doing some kind of DOGE skit.
What a world we live in right now. To the moon! (haha how could I not?)