I'm actually mind blown this thing is as high as it is now. Who the hell is buying at these prices knowing a massive sell off will happen at $1? Profits aren't big enough for buying in at this point. At $1 Doge, that does absolutely nothing, will have a higher market cap than Starbucks
This isn't advice to buy or sell on Doge individually, but people could have said the same about Google, Apple, Microsoft, Amazon, etc, when they had gone up 100x from some point and still went up another 100x.
Crypto is valued entirely based on what people think it is valued at and their willingness to recognize that value. Fundamentally, crypto should continue to get more and more valuable as it becomes more and more mainstream, because it's purely a supply/demand issue and not fundamentally based on anything.
It's actually quite similar to gold. Gold has no intrinsic value. It doesn't have useful properties as a metal. It's value is entirely based on the idea that people think it is valuable and have for a long time and think it will continue to be valuable in the future. Crypto, could easily become the gold of the next 100 years. If it becomes more mainstream, it's value will rise.
Do you think over the next 10 years people will trust crypto more or less than they do today? That's the general question. If the answer is more, and if it is more in terms of a large volume of people doing so, then it should go up massively in value. If the answer is less, then it should go down in value. Again, it's purely a supply/demand play.
Granted, on top of this, the supply is also always increasing, so you need demand to be increasing at a rate greater than the supply as well. In short term value, the fact that you have tons of people whom are up 100x or 200x might also mean there is downward pressure at some point, but it's also possible that tons of those people already did sell at up 10x or 50x or some other point.