Technical analysis by davetromp about Symbol DOGE: Buy recommendation (5/23/2023)

Got more Doge? DOGEUSD Dogecoin is showing this repeating pattern. I like to call it a Pump and Pump :-) Maybe it will ultimately become a Pump and Dump. So I am not going all in. However, a small holding of Doge has the potential of creating a large return. This is an asymmetric risk-to-reward play. I write off all the money I put in. So it is a small loss on my portfolio immediately, but if the trade plays out it will generate a significant gain on my overall portfolio. One fundamental consideration: Doge was meant as a meme coin. Its intended use is 'tipping'. Dogecoins are not defisable. So if Doge goes up by a lot, the tipping and maybe even payment functionality will become less useful or practical. All and all, this is a very speculative trade. Please be aware of that and act accordingly.