DOGECOIN TAKEN DOWN

What happened to Dogecoin Millionaire - Dogecoin taken down!

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Here is what happened to Dogecoin Millionaire and his Dogecoin portfolio in the aftermath of Saturday Night Live with Elon Musk.

A quick disclaimer: I make videos about personal finance and sensible, hopefully responsible investing. 2021 has been a year like I’ve never seen before because it was this year that meme investing has become so popular - so popular that its no secret Netflix is working on a documentary about Gamestop and AMC stocks as well as Dogecoin. Instead of investing stocks or real estate, this year is the year of crypto.

If you think it about it, it makes sense why meme investing has replaced traditional investing. Why wait 7-10 years for your money to double in the stock market? Stocks feel like they are outside our control. Meme investing feels like we’re in control because we can come together as a community and unite under a single outcome of growing our wealth. That was the attempt on Saturday Night Live, unfortunately the pump was unsuccessful and the price fell just like I’ve been trying to warn in my videos. Here's a play by play of what happened.

15 mins in and we get our first skit with Elon, tension is high, and Pro the Doge's portfolio is starting to bounce hundreds of thousands of dollars every few seconds, as soon as Elon mentions that he bought it for Mother’s Day, it dropped like a rock. It was that first reference people used to sell their positions which is exactly how I thought it would play out. But following that, anytime Elon appeared on camera, the price would go up. The highlight was when he was asked what Dogecoin actually was to which Elon ultimately admitted it was a "hustle". All in good fun.

If meme investing was to ever go south, and if crypto goes down and hurts a lot of people which inevitably someday it will, because that’s what it does, we have cycles, and that flash crash could trigger a liquidity issue in the stable coin market. If exchanges freeze trading, what good is a stablecoin if it's not redeemable? This could drop the value of stable coins which are supposed to always be worth $1. Stable coins are lent out and based on similar derivative structures that our current financial system is based on, except we do not have the help of central banks and Jerome Powell to come bail us out. The Fed is not on our side.

This poses a riskI because this domino effect could end up as a catalyst to bad regulations on crypto and that won’t help us. At the end of the day nothing can beat sensible investing into assets that produce cash flow. If it don't cash flow, it’s got to go (Kevin O'Leary).

*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

Either way I want nothing but the best for everyone in this space.