About one year ago Dogecoin hit 0.70 USD. Now it’s about 80% lower. Showing that profit taking is not wrong either sometimes.
Going back one year. Crypto is in it full “mania” stage as the rise of meme coins takes place lead by the godfather of memes, Dogecoin itself. Dogecoin hits about 0.70 crossing the magical 0.69 mark. It’s just complete doge hype all over the internet. Investors are already seeing the 1$ mark in front of their eyes.
Here we are one year later. Since then DOGE only was in a downtrend from 0.70$ to 0.12$. Reasons are the overall Crypto dump but also fading interest and hype in the crypto itself. Which they are even trying to tackle right now with actual development and a roadmap. But this is not about doge. This is about not being too overconfident with your investment.
Being to overconfident will lead you to the blinded HODL. While holding may be a very good strategy in crypto its not always. Some cryptos rise others disappear you have to look into the market to know where your investments are heading.
If your crypto look weak over the longterm you should take the profit or if your crypto has done an unsustainable pump you should take a profit. Taking profit is not bad, it’s smart and wise, also you always have the option to buy low afterwards.