I Sold all my DogeCoin… and I Don’t Regret It

To make a long story short: I love DogeCoin, but I’m not beholden to it.

I had 11336 Doge with an initial investment of $876. I then sold it all for $5706.66, a 6x ROI, and roughly $4830 in net profit (not taking into account taxes).

Look, I thought about selling when it was around 70 cents but didn’t. I wanted to see that sweet Dolla Dolla Bill, Y’all.

But it didn’t happen. In fact, it crashed after SNL, and has been overall, going downhill ever since (at least until this afternoon [Monday]).

I gave it a day to see if it’d recover, (Sunday) but it’s only got worse.

Could it go up? Of course. But I sold at a an awesome profit.

So I sold at around 50 cents this morning.

Once the money clears, I’m going to take that money and reinvest it into some cryptos I can make interest on like ETH. MORE stable stuff; although of course everything is volatile.

My point here is this: Although I like the investment, to me, it’s nothing more than just that, an investment. A vessel to profit.

I see many looking at Doge with the same mentality as the WSB crew and GME: “HODL the line!”

I think this is dangerous thinking if you’re not mentally prepared to wait out that risk and possibly lose it all.

It’s also dangerous to allow greed to dictate decisions. It can cause you to miss great opportunities for profit. I wanted a dollar but had already planned on selling at .50 if it didn’t reach it.

So I did. And I’m okay with that.

Another user once posted this sentence: “No one ever lost money taking a profit.”

I’ve taken that phrase to heart. I’m trying to balance possible profit against risking loss. And I’m okay not making the extra money, because I came out ahead.

For those still in Doge, I really, really hope it goes to the moon. I wish everyone on these subs financial prosperity if it puts them in a better place.

But don’t stay in just because others are telling you to. Stay in if you have the serious conviction to do so and have an exit plan.

TL;dr: I sold my Doge for a 6x profit, and recommend others only hold if they have the risk tolerance to do so and not because other people are telling them to.

Disclaimer: Not financial advice. DYOR and all that. Make your own decisions.