After Redditors have hit the crypto market, frantically investing into the cryptocurrency Dogecoin—which was originally created as a joke—surging the coin by over 600%, some are already complaining about losing their money after Dogecoin crashed back.
After one person posted on Reddit how incredibly sad is watching new users throw money at Dogecoin not understanding that it’s a literal joke with an infinite supply, another user complained he was one of those caught up in the hype.
„Right now I am at a 100$ loss of my main money. I would like to quit unharmed if possible, I am trying to find the best time to quit of Doge. Is there a chance of it raising up to 0.040 so at least I could get out with a minimal loss or should I just accept and quit now? I am an idiot for trusting this and I am someone who thinks and searches“, this Redditor wrote, to which someone replied it is not possible to minimize losses.
„You can hold until some retard starts this again in a couple of years“, this user explained in one of numerous threads dedicated to Dogecoin’s „pump and dump“ Reddit scheme.
Everything started after some Redditors banded arround Dogecoin which has traded at just fractions of a cent for most of its existence.
Billionaire Elon Musk, who has promoted the Redditors and their efforts, tweeted an image of “Dogue” in the style of Vogue magazine just after 5:45 p.m. Thursday.
The price jumped more than 50% in a little over an hour after Musk tweeted.
The price of DOGE (-35.03%) rose to a new record of $0.078 Thursday, according to CoinGecko, before falling back to $0.037.
Many people were throwing money at Dogecoin, not realizing it is a joke currency and the price increase was a result of hype alone.
Someone even posted a photo on Reddit claiming he invested in 1.5 millions Dogecoins.