The rise of Dogecoin to become one of the top ten cryptocurrencies today has dumbfounded critics and even cryptocurrency enthusiasts alike. From a mere Reddit meme joke to a Twitter sensation courtesy of Tesla CEO Elon Musk, Dogecoin has now become a legitimate crypto investment.
At the time of writing, DOGE price is $0.24, according to CoinGecko. At its peak, Dogecoin price reached up to $0.73 during the crypto bull run earlier in 2021. Consequently, a lot of other meme coins have appeared out of thin air: the second most popular is Shiba Inu (SHIB), which is currently at the top 50 in the crypto list. It remains very cheap, just like Dogecoin years ago.
A lot of other meme coins have been made this year, most of them inspired by a dog’s name. However, their prices remain very low and only those who invested earliest have made profits. Meanwhile, those who only joined the bandwagon witnessed their portfolio grow lesser by the day.
Nevertheless, people still buy meme coins because for them, these are the cheapest way to become crypto millionaires. They only invest very meager amounts of money that they are literally willing to lose, as if they’re just betting on a ticket for a lottery. Except that the lottery happens every day and their ticket doesn’t expire at all.
There are a lot of other cryptocurrencies that have current and potential use cases. They are also very cheap, just like meme coins. Crypto traders will do well to research more and invest in these assets than create a meme coin portfolio bought from DeFi platforms like Uniswap and PancakeSwap.
