And now you just explained why there is no need for logic or financial understanding when investing in cryptos. Congrats! Limitations and usage don't give value to cryptos, hype and memes do.
Doge easily outperformed all other cryptos in 2021 when it went from half cent to 76!
(in 2 months from 6 cents to 76, or a 150 bagger in 6 months)
I think even us bitcoin maximalists will agree that hype and memes work wonders, be it for investments that have value and even those that do not.
But you as a crypto hater has to also concede that usage and limitations do actually make a difference. Not agreeing to this would be just as dumb as a crypto guy not admitting that hype has driven lots of crypto gains.
People didn't think much of cell phones back in the day, arguing that they can just use the phone at home. But clearly, there was a real usage to being able to take phone calls while out of the house. Usage of any new product and technology is perhaps the most important factor. It doesn't matter how much hype there is, or how powerful of a meme is behind it, or even how limited it is, if there ultimately is no usage for it, it will most likely die.
But next most important is limitation. Why do limited editions of anything get priced higher? Why are 50 year old baseball cards in mint condition worth so much? When you limit the availability of something, it clearly increases the price, as long as there is an interest in it. Now combine usage and limitation, and you've really got something. Throw in some hype, and its going to the moon.
You're right that Doge had lots of hype behind it, so congrats to whoever was holding. But seeing as the supply is unlimited, how long do you really want to hold it? Look at what happened to Luna. In order to try and maintain the peg, they created an insane amount of Luna tokens, as was the prescribed model.
Now I'm not sure who decides how many Doge coins are in circulation, or what the procedure is for issuing more, but the fact that its written into the code as a possibility should make this a non-starter as an investment.
You can hate crypto all you want, but with a mathematically coded max supply of 21 million for bitcoin and an unlimited number for Doge, its clear which has the better chance of appreciating in value over time.
