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.
The oldest of these meme coins is the Dogecoin (DOGE). It was started as an internet joke by Billy Markus and Jackson Palmer. In cryptoverse, the veterans will often tell you to ignore the price and consider the market cap. Given Dogecoin’s huge supply, nobody took the coin seriously during its formative years.
It was traded and experienced a lot of pumps and dumps but Dogecoin never became a mainstay cryptocurrency. The community behind the coin, however, kept it alive largely through fundraising mechanisms and donations to worthy causes.
But that was before Elon Musk came into the picture. Musk used his heavy Twitter presence to promote this cryptocurrency and the price shot up. Driven by social media warriors, DOGE broke all technical resistance levels and went through the roof. It is remarkable for a coin that has so much supply.
The coin currently trades at 12 cents with a market cap of over 16 billion at the time of writing. The coin has given massive returns—6300% in one year! Very few assets can provide such humongous returns. The rise of DOGE gave birth to many similar coins and most were carbon copies trying to piggyback on the success of Dogecoin.
However, some of them have become popular, and have generated sufficient interest, and are backed by a community of supporters looking to replicate the success of Dogecoin. Some of these meme coins are: Poodl token (POODL), Hoge finance (HOGE), Grumpy Cat (GRUMPY) and Elongate (ElonGate).
All these tokens share some common similarities: a 1% burn mechanism, some share (usually again 1%) is redistributed or goes back to
