Today We’re Watching a Crypto Pump-and-Dump and Gold’s Rise
Wow, Doge. Many Scammers. The Invstr community has followed the rise of cryptocurrencies with great interest since most initial coin offerings, including that of the joke coin, DogeCoin. It’s a play on a meme. It had lost its cool prior to twenty-four hours ago when it started storming back as part of a nefarious Tik Tok pump-and-dump. We want to warn all listeners to beware of users uttering “doge” with “investing.” It’s a sham trade; the inventor of the DogeCoin even says so himself. The token’s market capitalization is $500 million on fumes, and its final destination is $0!
The unwavering march higher of gold is a signal to investors that more weakness in the dollar is expected through the rest of the year, and this won’t be a smooth presidential election. The catch with gold is that it’s a speculation, sometimes a good speculation, but still a speculation. You can’t value gold like you can a business, so you’re dependent on a more excited investor coming along after you. Now, record-high gold prices are insight. The excitement is at a fever pitch. Is there a trade here?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.
