The latter is up almost 500% in less than a week.
Reminiscent of the late 2017 ICO craze, a large number of new small-cap cryptocurrencies are gaining market caps in the millions of dollars – for seemingly no reason. Most of them appear to be forks of each other, promising great things but never really delivering and derive their value from hype alone.
DOGE: The King of Useless Altcoins
Dogecoin, which was created as a joke, has amassed a market cap of almost $100B, which was considered virtually impossible 2 years ago. DOGE’s meteoric rise has been fueled by Elon Musk, who has continued his habitual tweeting about the meme currency and is set to host an SNL episode tonight.
DOGE has cleared the air for meme/joke currencies as a genre: it has proven that something with little to no real-world usage can skyrocket to insane valuations simply because people collectively believe in its value. 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.
