DOGE, a useless meme coin, created for fun has now everyone’s attention from Elon Musk to Grayscale founder Barry Silbert. Dogecoin has surprised everyone reaching a market cap of almost $100B, which was considered virtually impossible 2 years ago. DOGE’s meteoric rise has been primarily fueled by Elon Musk, who has continued his habitual tweeting about the meme currency.
Dogecoin has no real value or use and yet it is rising completely on hype and social media speculation. It has been found that people who are trading dogecoin are comparatively new to crypto trading and don’t understand this market really well.
As a result, thousands of useless tokens are deployed every day on networks like Solana and Binance Smart Chain – hopefully looking to become the next Dogecoin. One of that is Shiba Inu, a token inspired by DOGE, that is up around 500% this week. Like DOGE it has zero value, no fundamental underlying product, except for a massively hyped-up community and large purchase volume.
On Its website, it says that it’s intended to be a “Dogecoin killer” and that users can hold billions or even trillions of the token – highlighting its massive supply. There’s also a decentralized exchange called Shiba Swap, which is not even launched yet, but this hasn’t stopped people from rushing in and buying the token.
Most of these copycat no value coins are nothing but a forked version of the DOGE coin which is very easy to create with a single fork button and deployment transaction. I would warn my reader not to fell into trading these coins as they literally have no value and just driven by hype and social media. If you are starting with crypto trading, I will highly recommend doing your own well-versed research before getting into such tokens because if you go on to social media, you will keep hearing about DOGE and similar hyped coins and probably end up buying one. You may be able to make some quick cash but given the volatility and risk, it is highly likely that you will lose in long term.
Without an original product, solid underlying fundamentals, or a valid use case, the destiny of most of these coins is to asymptotical trend towards zero. When this will happen remains a mystery since it’s hard to judge the phases of market cycles while within them.