Dogecoin is a coin without team and core technology, but Musk made it appear in the general public. Many people who are not cryptocurrency traders are buying Dogecoin, just like buying BTC. Why does it succeed? Is it just because of Musk? Dogira, Shiba, HOGE, who will be the next Dogecoin?
Or is there only only one unique Dogecoin?
In the past, there was only Bitcoin not until 2013 when Vitalik proposed what is Ethereum right now and right after that there are other coin joining into the crypto.
It is almost the same as DOGE right now. With DOGE becoming popular, other coins that are indirectly related to it like these coins that is somewhat related to dogs are being created and worst there are some investors of it
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. Well if it is just for a short term profit then good.
People can create any token they want that has a name of a dog but DOGE is unique because there is only one DOGE
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. Now regarding Musk, the more he tweets the more it becomes dangerous TBH especially for those who are risking some money into it. Lets take it, there are some newbie investors out there who are falling into the hype of Musk regarding Dogecoin and every tweet of him will make it soar. After it will soar, many holders will sell it causing it to dump. Remember that there are some DOGE addresses out there who are holding a huge percentage of the total supply of DOGE and they can dump it anytime they want to
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.