Born in 2013, Dogecoin is derived from Litecoin. With the possibility of minting an infinite amount of DOGE, the coin was popular among miners since it can be mined alongside Litecoin under the same resources. The price of DOGE faltered with meager signs of price fluctuation until most recently, it's shot up with incredible speed with just a few Tweets from Tesla CEO Elon Musk. Price changes have crawled into action from the end of January of 2021 and has officially shown signs of major movements from April when the media-savvy CEO started to tweet more often about the coin.
The ups and downs of this meme coin make many head tilt, questioning investors' vulnerability to SNS posts and their reaffirmation of the source credibility. The DOGE trend doesn't stop here. Its spinoff Shiba Inu token (SHIB) was listed straight after on OKEx and carried on the meme coin fun. More crypto assets based off dog breeds were derived later on as projects including Akita Inu (AKITA), Jindoge (JINDOGE), Jindo Doge (JDOGE) came about. The joke escalated to another level as the Ethereum founder Vitalik Buterin was said to have donated over 2 trillion SHIB token (worth over $43 USD) to save lives in India from the coronavirus pandemic, and Jindoge turning out to be a rug-pull as Jindo developers sold off 15% of the total Jindo volume, causing a 97% price fall. The scene has definitely gone beyond moderation to an uncontrollable speed. Every investor should always be reminded their investment decisions are at one's own risk and responsibility. The price of the cryptocurrency can go down as well as up, meaning one may not receive the amount invested. It is up to investors to treat the meme coin as a 'meme' or as a tool of earning profit.
