Dogecoin has now entered the top 10 most valued cryptocurrencies. Dogecoin now has a market cap of over $33 billion as of this writing. In the past 24 hours, the price of DOGE has increased almost twofold.

Many new entrants are even wondering if they would be better off buying DOGE than Bitcoin.

That's how worrying the situation is!

Elon Musk's tweet triggers a nearly 100% rise in DOGE in 24 hours

One of the reasons for the rise in the last few hours is a new tweet from Elon Musk about Dogecoin. While Elon Musk did not explicitly recommend buying DOGE in his tweet, his 51 million followers are well aware of what effect his tweets can have on the price of DOGE.

Elon Musk has great power of influence, but he uses it in a totally irresponsible way.

He considers Twitter to be his free speech space, but when you have so many followers drinking up your every word, you have to be responsible. Unfortunately, he is not. This will cost thousands of people a lot of money.

I even see people starting to ask me if buying DOGE isn't better than buying BTC which isn't rising in price as fast right now.

To these people I always say the same thing:

If you want to laugh and then lose money, you can buy DOGE. But if you really want to take power, you have to buy Bitcoin.

Dogecoin is nothing but a joke

Don't dream, Dogecoin is nothing but a joke. Its creators have always called it that, and just because Elon Musk has a special affection for Dogecoin doesn't mean things have changed. What's currently happening with Dogecoin has its roots in several well-known phenomena.

First of all, there is a real FOMO (Fear Of Missing Out) effect going on. Everyone sees that the price of DOGE rises sharply as soon as Elon Musk or other people support it. De facto, many people want to join the party by making a profit. So the greed of some people leads them to risk their money by buying DOGE.

Because in the end, you shouldn't fool yourself. The value of DOGE will sooner or later tend to zero. Some may have made money, but many will lose a lot of money. You may be one of the lucky ones, but it is a major risk you are taking.

I read that some people point to the unique spirit of the Dogecoin world as a reason to invest in DOGE. This is something even more stupid. I don't deny that the Dogecoin community can be welcoming and likes to have a good laugh. However, is it worth investing hard-earned money in DOGE?

It is not enough.

Everything Dogecoin does, Bitcoin does it better

The problem with Dogecoin is that it is a pale copy of Bitcoin. Everything Dogecoin does, Bitcoin does better. Dogecoin has no hard cap. Thus, Dogecoin abandons one of Bitcoin's greatest strengths: scarcity. There is nothing predictable about Dogecoin's monetary policy, unlike Bitcoin's which is like clockwork: always on time.

More than 129 billion DOGE are currently in circulation. Currently, 5 billion DOGE are issued each year, but this is no guarantee. This number can change at any time.

So you will fall back into the same pattern as with the fiat system. You will be at the mercy of the decisions of a few people who may decide to increase the supply in circulation in an uncontrolled way.

Like Bitcoin, Dogecoin relies on Proof-of-Work to operate its network. The notable difference is that instead of relying on the SHA-256 cryptographic hash function, Dogecoin uses the Scrypt hash function. The goal here is to prevent Bitcoin network miners from using their equipment on the Dogecoin network.

You should keep all this in mind if you decide to buy DOGE.

To me, it will be like going to a casino and betting your money on Russian roulette. And even worse, your chances of winning are likely to be lower because you will be subject to the manipulations of some who love to orchestrate Pump & Dump moves on Altcoins like DOGE.

Final Thoughts

In conclusion, you must understand that DOGE will not give you any protection for your future. Bitcoin gives you the power back, and that is why more and more people will buy it in the future. By buying Bitcoin, you are protecting the fruits of your labor from the ravages of monetary inflation in a way that is resistant to censorship.

By buying DOGE, you will let greed override your sense of logical reasoning. Usually, this always ends badly in the investment world.

If you were still in doubt, I hope I've reminded you once again why you shouldn't buy DOGE if you really want to take control of your future regarding money. DOGE is just noise to distract you from the real signal that is the Bitcoin revolution.

It's up to you to keep your eyes on what's really important to your future.

Some reading

• 12 Ways To Not Be Too Hard on Yourself - Be your best ally rather than your worst enemy.

• Here Are Three Reasons Why You Shouldn’t Buy a Tesla With Your Bitcoin - Sorry Elon Musk, I’d rather keep my Bitcoin.

• Secrets of Peter Lynch To Make Money With Stocks - Learn to make money with the stock market.

• Bitcoin Is a Technology To Fight Global Poverty - Bitcoin will clearly be part of the solution to this major problem for humanity.

• How You React to Failure Will Determine Whether You Become a Successful Person or Not - You hold all the cards.

• Who Else Thinks That China Could Use Bitcoin To Fight the Global Hegemony of the U.S. Dollar? Peter Thiel thinks so, and his perspective is very interesting.