Wolongs Dogecoin pump. Thoughts?

http://pastebin.com/raw.php?i=tZYvK7UD

This is the chat taken from a few days ago in the private #marketmakers chat.

Quite interesting to read. He (and the predominantly Asian wealthy investors he managed to convince) literally brought it back from the brink of non-existence. Apparently the backstory to this is that his original plan was to buy up as many DOGE as he could (from 17 - 20 Satoshi, all the way up to around 100), then not implement a dump, but a sustained price, continually buying up all that were sold for under that wall. They are currently at 170 (slightly down from the 220+ high a short while ago), but he's now using the momentum he gained from owning a HUGE share of the total DOGE to entice others to pump with him.

What do you think will result as of this?

Personally, I think this low-key momentum boost will do it some good for the short term, but his investors will eventually want to cash out, as that was the entire purpose for picking DOGE in the first place.

 

When coins get pumped & dumped it's no good at all. Most investors like a steady growth instead of a 200% gain on Monday, 210% loss on Tuesday. The only people who like a high volatility are day traders.

To come back on topic, I think the announcement of Wolong turned into a short self fulfilling prophecy much. Nonetheless it's fun to follow and be one of the first buying yourself into the pyramid. Make sure you don't be greedy and sell right on time

Cheers!

 

Oh of course, I agree with your first statement. Pump and dumps are never reliable in the long run. But due to the nature of cryptos, their lack of regulation, and ability to use the current infatuation that people have with them to profit immensely, I'm guessing with the proper amount of capital, a group of people can definitely sway the market of a new coin with relative ease.

To your second comment, it's definitely interesting to be able to participate in a successful pump scheme. My philosophy is, some profit is always better than losing it all.

Wish I had gotten on board with Nxt early on.. Would have been quite profitable one as well. There are some others that I have my eyes on currently though.

 

Absolutely right. In fact you never know where the phase of the pyramid is, it could be you buying on top. Why risking buying in on the (short term) pyramid when you know for sure it will drop to the same level or below the start of it? Overall you lose cash when checking out, or you have to wait until the next round of pumping. Most of the time your cash is going towards the guys who started it or where in the first buy-in ring.

After all, they never fail, they only win, be care full had this same shit myself once.

Cheers!

 

I'm curious.. Was watching DOGE again recently, as the price seemed to taper off a bit, but just as of yesterday, the price per DOGE hit over 200 satoshi again, and after checking this morning, the price was around 240 each.

(Market cap went from $51,000,000 to $80,000,000 in a matter of days.)

Do you folks think it's still part of a long term pump? Do you think DOGE will last in say, a year's time? I personally think people investing in it will get burned by the enormous dump that still hasn't happened yet from the initial pump that was started in early Janurary...

And considering Wolong and his group supposedly started buying DOGE in the near single digit satoshi, (I'm sure he's acquired billions for his investors, as there was an ENORMOUS surplus of coins when he started picking them up due to the fact that there was no demand for it at the time), this will be IMMENSELY profitable for him, in the thousands of percent return.

 

I believe Dogecoin has gained so much momentem since Wolong has invested that even if Wolong decided to dump the price of dogecoin would still remain relativly high.