Memecoins are a pure reflection of cryptocurrencies: Dogecoin does not rise and fall by itself, Shiba and Coshi go crazy
Billy Markus, co-creator of Dogecoin, recently acknowledged that in 2015, two years after creating the cryptocurrency, he sold all of his securities to buy a Honda Civic. About $ 10,000 that seemed like a fortune at the time for what ended up being still a meme, but a catastrophic financial decision considering the currency was practically unknown at the time and currently the price is higher than companies like Nintendo, Santander Bank or Honda itself.
Even the creators of Dogecoin couldn’t anticipate the cryptocurrency boom. Based on Litecoin, the main feature is charisma. The one who appears to have Doge, a Shiba Inu dog who has received public support from celebrities like Elon Musk and has been classified as ‘the cryptocurrency of the people’. Now other cryptocurrencies want to repeat the Dogecoin formula. They are known as memecoins. And they involve multiple risks.