The rise of DOGE gave birth to many similar coins and most were carbon copies trying to piggyback on the success of Dogecoin. The coin has given massive returns-6300% in one year! Very few assets can provide such humongous returns. The coin currently trades at 12 cents with a market cap of over 16 billion at the time of writing.

It is remarkable for a coin that has so much supply. Driven by social media warriors, DOGE broke all technical resistance levels and went through the roof. Musk used his heavy Twitter presence to promote this cryptocurrency and the price shot up. The community behind the coin, however, kept it alive largely through fundraising mechanisms and donations to worthy causes.īut that was before Elon Musk came into the picture. It was traded and experienced a lot of pumps and dumps but Dogecoin never became a mainstay cryptocurrency. Given Dogecoin’s huge supply, nobody took the coin seriously during its formative years.

In cryptoverse, the veterans will often tell you to ignore the price and consider the market cap. It was started as an internet joke by Billy Markus and Jackson Palmer. The oldest of these meme coins is the Dogecoin (DOGE). Dogecoin-the original “Meme” coin started as a joke but nobody thought that meme coins would take over the internet-or better still, they are breaking the internet.

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