I may change my mind... but for now, I say $DOGE may bite.
I'm not a pessimist trust me... I have my reasons ๐
It has unlimited supply โพ๏ธ... yes you heard that right. 10k new coins EVERY MINUTE. This may not be bad by it's self but compared to capped amounts, like that of $BTC , the value may get diluted over time.
Talk security... While Dogecoin operates on a proof-of-work system similar to Bitcoin, its lighter security model compared to other cryptocurrencies raises concerns.
Dogecoin has found its niche in tipping on social platforms and small transactions due to its low fees. However, beyond this, its utility is somewhat limited compared to other cryptocurrencies focusing on smart contracts, like $ETH , or privacy.
I like Elon Musk for real. But his tweets have had a rollercoaster effect on Dogecoin's price, demonstrating how external influences can dictate its market behavior, adding a layer of unpredictability.
There was a study (google it) that shows that while deep learning models for predicting Dogecoin's price can be insightful, they struggle with high-volatility scenarios, suggesting that even with advanced analytics, Dogecoin's price can be hard to predict reliably due to its meme-driven nature.
Do i need to go further?? Tell me if I'm being negative but I'm just letting you know to take caution.
I hope this helps.
