Originally Posted by Nhb93
I don't understand how my doge was worth .0707 when it was at 206, but now at 236 it's only worth .068. Odd. Seriously wish I had sold in the 290'
s when it was there.
Because DOGE has no cash value in and of itself... it has a value tied to BTC whose value fell dramatically in the interim. Even if you'd have sold at 290... though you'd have gotten more BTC, unless you immediately cashed that BTC into fiat - you'd still have basically the same money.
On a related note it's natural that DOGE is falling again - not only were there many that were obviously buying large quantities prior to the block halving in anticipation of a pump... there were many (myself included) hedging against uncertainty in the BTC market due to recent problems there. Now that the panic has subsided, for the moment, there is a lot of value being cashed back out into BTC to return to that market and/or profit of the large swings. However, if you think of it in a longer-term or at least in fiat-relative values... the price of BTC went up by nearly 20% over the past 24 hours and the price of DOGE dropped by less than 10% during the same time. In reality DOGE should probably be priced around 170 or so right now... as that's about what it was at the last time BTC was close to $700. On the other hand if BTC crashes again which could easily happen... DOGE should
recover back to 250 level or so.
Of course, that would be if either BTC or DOGE had enough volume, market cap, and applicability to behave anything even remotely resembling a currency or even commodity for that matter. As it's just a 'widget' of nearly pure speculation... you really can't guarantee anything but volatility and attempt to ride the waves to profit either way.
PS - Don't hate on me but a few million of those DOGE on the sell side were mine.
I'm still behind DOGE for the long run... but why leave everything on the table when you can wind up with BTC left over and the same amount of DOGE in your wallet next week. (Unless you're on the wrong side of the trade... and then maybe less of both).