Am I the only person worried about the effects of Doge?

I am not really the kind of person to pee on someone else’s good fortune, but I can’t escape the feeling that the Doge push, if sustained, is going to severely cripple cryptocurrency.

Let me explain: The majority of the current crypto bull run has been a direct result of institutional acceptance and investment into crypto. Crypto started to make sense, to show predictability, to be reliable. Risk-averse entities started to warm up to the idea of a future with crypto in the business model.

And then Doge became a thing. The same institutions that started investing in crypto took it as a short term cultural phenomenon, one that would inevitably retreat, which it did. All was fine. The bull run continued. The Coinbase IPO went well. Those legitimizing institutions felt comfortable enough to push forward.

Then this latest doge push happened.

Since then, nearly everything else has retreated, while a joke coin that has no business being treated with any kind of legitimacy is reaching new heights.

The institutions have to be wondering what they have gotten themselves into. They were convinced that there was at least some measure of predictability in this space, and now they have no idea if a joke is going to costs them billions.

I may be unintentionally spreading fud here, but I can’t seem to escape this feeling that the longer this doge push goes on, the less confidence there will be in all crypto. I am starting to think that if doge collapses tomorrow like it frankly should, then the rest of the market will take off. But if doge soars higher, it will cut short the entire bull run and fast track the next crypto winter. This will mean that everyone loses; doge, rvn, BTC, ether, everyone. Government regulators will be emboldened. Crypto will be set back years.

Again, this is just a feeling. Nothing would make me happier than to be wrong. I would cheer for my doge friends who are raking in the cash while building up my RVN and BTC bags as much as I can before they really show their potential. Being wrong is just fine with me…