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When my friends asked about crypto last week I did warn them against DOGE and in favor of ETH. Look who was right.
Though I guess if they had invested in DOGE then they'd still be modestly up.
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On the downside for ETH, I expect that DOGE's drop, even if it stabilizes and is still a massive success if you look further than a couple of days, is going to fuel narratives that crypto is too volatile to be anything but a toy for speculators. I don't think BTC would be affected, but ETH's bull run is contingent on people seeing value in the financial tools being built on ETH and other smart chains. If they are scared off by high profile displays of crypto volatility, adoption is going to slow down.
I don't think it will reverse the bull run, the people already invested in ETH are likely aware that a hype bubble bursting like DOGE has no impact on the viability of DeFi, but I wouldn't be surprised if it slowed or paused it.
This is not financial advise, just my thoughts.