 I owe you guys a sincere apology, I was wrong. Back when Doge was sub one penny levels I was asked pretty often about it and I usually said you know it's it's just a joke token right it's a joke but it seems like the joke was on me. When I had this huge breakout above one penny for the first time what in a very long time and then it dropped I was like that's Doge for you right 125% candle then a 38 drop 38% drop and it basically went all the way back down from the high of almost nine cents down to a low of two cents and I continued to say Doge has no value has no real value it's a joke I'm not trading it I'm not investing in it might be hard to tell guys but what I just showed you on this screen was this right here and this is where we currently are I was wrong about Doge. Hey what's up Jay here and welcome to Bitcoin Daily bringing you guys the best tips tutorials and ideas to help you guys become profitable and successful investors unless you listen to me about Doge. The goal of this channel is to empower you guys with the knowledge and resources to help you get to that next level. So guys make sure to smash that like button if you did not listen to me and you bought Doge anyways and now you've made a bunch of returns on your money and if you guys are in you here then make sure to subscribe to the channel and turn on the notification bell so that you know next time I say something to do the opposite when it comes to Doge. Is there a Doge filter you know how there's like Snapchat filters Instagram filters where it puts replaces your face there should be a Doge filter right that I can just put it on my face throughout this whole video. This is the issue here with Doge guys though the same way it can move up this quickly it can also move down so if you guys get caught on the wrong side of this trade you're gonna lose a lot of money you can lose 69% basically of your money if you end up buying somewhere at the top and then the price just rockets down right if it gets plummeted there's just there's a lot of issues when it comes up to Doge and volatility is definitely one of the big issues because it's just a mean point right it's not it's never been a real project there's no real developers behind it there's no real team behind it I think the majority of Doge coins are held by like seven people there's a lot that goes into it this is why I have never invested in Doge myself because the risk factor is just way too high for me you know crypto overall is already high risk factor putting money in Doge is even riskier you know what I mean I would definitely say that when you're first trying to build up a bankroll and you don't have that much capital it's not a bad bet because especially if you're young and you don't have a lot of money in it to be able to double possibly triple quadruple your money in a matter of a few weeks the risk reward ratio is a little bit different there because you're going to be risking less money if you're young you're gonna have a lot of time to make that money back so it's not that big of a deal but when you start getting into bigger numbers right if you're older stuff like that then the risk factor is just so much higher that the reward isn't worth it so let's take a deeper dive into Doge coin guys so first of all as you guys know Elon Musk has coined himself as the Doge father and he will be on Saturday Night Live this Saturday May 8th 2021 for anyone watching from the future but we will get back into that so Doge coin was originally started as a joke and created by Jackson Palmer and Billy Marcus in November of 2013 Marcus recently claimed that he sold all of his Doge back in 2015 and is now a homeless living under a bridge there are currently 128 billion probably more by now Doge coins in circulation at the moment compared to bitcoins 18.5 million and here's a community favorite if you wondered which dog is on Doge coins logo it is the Shiba Inu which is a hunting dog breed it is important to know that the currency is not actively maintained Doge coin has not seen many updates since 2015 so the Doge coin network is secured by miners just like the Bitcoin network for each block that is mined miners receive 10,000 Doge coins as a reward now Bitcoin mines a new block every 10 minutes while for the Doge coin network miners generate a new block just about every minute now this is where Bitcoin and Doge coin really really separate Doge coin takes a complete different approach to its economic design the coin has chosen an inflationary design basically that means that Doge coin has infinite supply at the current rate there are 14.4 million new Doge coins every single day so the first issue here is if we look at the Doge coin rich list we will see that there is one wallet right one single wallet that holds 28.37 percent of the entire coins in circulation just think about that one person holds 28 percent over a quarter of the entire coins in circulation now if we go to the next biggest wallet right there's 12 wallets that hold 18 percent 18 and a half percent of the entire coins in circulation so that means 13 wallets in total hold 46.9 percent of the entire circulation in Doge coin then if we go an extra just an extra 89 more wallets they own 20 percent of the entire circulation so that gives us right with a total of 102 people 102 wallets own 67 percent of the entire Doge coins in circulation 67 percent guys you can see here in this tweet that it says one address holds 20 percent of all Doge top 20 address holds more than 50 percent of all Doge if they eventually dump on you there's no way you will ever recover this is the rich list of Doge coin centralized as hell so this is basically as centralized as you can get when it comes to crypto the Doge father himself Elon Musk even says that he can't lend his full support to the coin until some of the top owners sell off their coins now there is some speculation that Robin Hood possibly possesses one of those biggest the biggest wallets on the Doge coin rich list the reason why is because Robin Hood says that users don't possess the private keys to their crypto holdings meaning that Robin Hood technically owns all the Doge traded on its platform here's a tweet from Elon Musk saying that if major Doge coin holders sell most of their coins it will get my full support too much concentration is the only real issue in my opinion then he said I will literally pay actual money if they just void their accounts so now that we got all the reasons that I've never invested in Doge and the reasons why I still don't have any Doge coin out of the way now we can talk bullish case scenario for Doge coin and the reason that it could potentially break out to one dollar as soon as Saturday if you guys think that Doge is going to hit one dollar by the end of this week drop it in the comments let me know your thoughts if you guys don't think so then let me know why as well make sure you guys are liking this video and smashing it I'm talking about smashing it I want to see the enter key on your keyboard fly off and of course if you guys are new here don't forget to subscribe and turn on the post notification all right so there is definitely a real life possibility that Doge coin could hit potentially a dollar now remember I said possibility I didn't say it was going to I said there's a possibility and we'll talk about why right now that's when we come back to Elon Musk the Doge father who is going to be on Saturday night live on May 8th so why does that matter because he is probably going to be pumping this coin up like no other he is basically the entire marketing team for Doge coin he is a one man wrecking band and I think that he's going to cause definitely a lot of volatility in the market leading up to it and possibly during the show depending what happens now we can jump on to our bearish case scenario for Doge coin right so do you guys remember when there was Doge day 420 for Doge coin it was super hyped up the coin went up like crazy right leading up to that Doge day and then what happened on Doge day guys there was a dump of 70% a 70% dump off right now why did that happen there's something called buy the rumor sell the news and that's exactly what happened on 420 Doge day people bought the rumors and they sold on Doge day and dumped on everybody all the people with a lot of money are dumping on you because you guys us we tell people that don't have billions of dollars we don't have much control over the prices you know the the market doesn't care what you do they don't care if you buy or sell it's the people with a lot of money like what happened during this time that is going to move the market so for you and for us as a retail investors we have to be aware of these situations and these scenarios and be prepared to exit if this happens so what could happen here is that there could definitely be some sort of pump for the next in an you know maybe look look at today today's down 11% it's been pumping up you know leading up to this news but right now we're trending downwards so I do see a scenario where we head up right before saturday or right before saturday night live the price pumps up we could possibly retest that 69 cents I imagine a breakout if if we were to retest that I imagine a breakout and my target there is 85 cents in that scenario and then a possible dump at some point on saturday because people will be selling the news and this dump could drop back down to currently more or less where it's around now that 50 cent range or it could dump maybe even further back down to where it was down here on the 40 cent range maybe even 30 cent range it could be a drop of about 50 percent or more is is basically what I'm trying to say similarly to what happens on doge day 420 right there was a 70 drop so I'm just telling you guys trying to warn you guys to be prepared for this scenario because it's something that is very likely to happen so you have to be prepared so in conclusion guys yes I was wrong but am I investing or putting money in dogecoin I'm still not doing it the train has left the station long ago the place to buy was under a penny you know even under 10 cents there's a case for that for sure but I think if you've made 5x on your money already 3x 2x you're not gonna find those returns anywhere else you know be prepared to to take profits and you should be taking profits along the way because we don't know what's gonna happen next there could be a pump there could be a dump we don't know it's impossible to know the only thing I could tell you is from a technical standpoint right showing you the pattern and the possibility of where that next price target could be and then I could show you the bear case scenario where from history that you know on doge day 420 where the price was supposed to stack skyrocket to a dollar it actually in actuality it dropped 70 percent back down to 13 cents right it dropped from 43 cents down to 13 cents so if that happened it could definitely happen again and I just want to make sure that everybody out there is aware of these both case scenarios don't only be bullish don't only be bearish just kind of be level-headed have a plan and put it into action don't FOMO don't panic just execute your plan so this is definitely the longest video and the most amount of time that I've ever spent speaking about dogecoin and I can't believe it's come to this but um that's it for me guys um those are all my thoughts on dogecoin where it could go and what could happen in the next few days um by the time Saturday night airs so make sure you guys are taking profits that's all I'm trying to say I want to see you guys make money not lose money thank you guys for tuning in make sure that uh you smash the like on this video guys if you enjoyed it let me know your thoughts on this whole situation in the comments let's have a conversation and if you guys are new to the channel don't forget to subscribe guys turn on that notification bell and uh let's rock and roll guys I will see you on the next one as always peace and love