Future of Dogecoin?

As the above poster said we haven't had a backed currency in the US for damn near 100 years. Hence the term Fiat currency. It is a faith based currency that doesn't have a bullion backing.

 

I never planned on investing in it as something I expected to make money out of, but rather I wanted to buy some just to have something cool to own. However, even for me the novelty has already started to wear off and it's hardly been a week. I think I may just invest in actual cryptos like LTC and BTC though since starting with Doge has finally made me understand how cryptocurrencies work at a basic level.

Thank you all for your replies

 

Why would you purchase dogecoins only as a novelty but tire of it in less than a week? That completely defeats the purpose of investing in a cryptocurrency.

Personally, I believe dogecoin is an excellent crypto at the time being to have because it's excellent for both long-term holdings as well as short-term flips, unlike BTC/LTC. Plus, it still has room for growth while being one of the few (if only) coins with any type of community backing - as in not having the developers run off already with their pre-mined stock and still have people trying to genuinely promote it.

As for the reasons as to why the price is bombing out, I believe it's because of these two reasons currently:
- Cryptsy freeze holds
- Huge dump stock from multipools

There are various others, but I think they may have already been resolved, not entirely sure since dogecoin has a very short time span (3 months) to begin with.

Previous reasons for low dogecoin prices:
- People dumping after the Halvening
- Mt.Gox insolvency
- Panicked shibes jumping off dogecoins as the prices fall
- The earlier fork

There's a few more but I can't quite remember. Now, as to why I'm still holding my dogecoins (I held for roughly month and a half for $250 worth or so), I believe that once the supply/quantity of demand evens itself out, it should probably at least slightly raise the price if not totally balance itself to previous prices. Plus, it seems that the community is trying to great extent to increase the PR reach of dogecoins as well as getting more businesses to accept it. I'm assuming this is probably the only counter-balance to the huge coin dumps. There should be another halvening soon as well as the 1.6 update, this may help mitigate the coin dumping issues.

I mean like it's a difficult concept to explain for me to explain (and I am in no means an educated economist), but I suppose the bottom line is just hold onto your investment for the time being. No reason to invest if you're just going to bail out in a week.