Dogecoin s Rise And Fall Has Spawned Billion-dollar Imitators

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These may be the dog days for Dogecoin.

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Every doge has its day. 
After riding a wave of hype and internet irony to over 70 cents per token, Dogecoin's triumphant rise has ended for now. 

Part of the reason the cryptocurrency, which entered 2021 at under a cent and maxed out at 72, reached such heights was Elon Musk's hyped appearance on Saturday Night Live. Musk has been spruiking the coin since January, and hopeful crypto traders expected the Tesla founder's SNL appearance to be a huge advertisement for the memecoin.

But it wasn't. Dogecoin was featured twice on the show, first when Musk's mother made a cameo appearance and tutted that Elon had better not give her Dogecoin for Mother's Day, and later in a skit in which Musk called the cryptocurrency "a hustle." Dogecoin fell from its Saturday high of 72 cents, crashing down to 45 cents. The price fell further on Wednesday when Musk said Tesla would no longer be accepting Bitcoin as payments.

Live by the Musk, die by the Musk.




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The SNL gags, and the lack of a meaningful announcement on the show, seemingly wiped $40 billion off the cryptocurrency's market cap. Crazy stuff. But not as crazy as the fact a joke coin was worth $90 billion in the first place, more than Spotify and Ford combined.


this is the funniest part of snl tonight pic.twitter.com/m5iBofzcpG
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Dogecoin is far from dead, as dramatic peaks and troughs are normal parts of the cryptocurrency cycle, George Plimpton but it's no longer the hot coin. Instead, crypto traders have moved on to the many Dogecoin imitators that have flooded the market in recent weeks. 

Kishu Inu, Akita Inu, Hokkaido Inu: Silly coins that have cute emblems but do little, just like Dogecoin. There's also Keanu Inu, which channels John Wick, and, of course, a coin called Elon.

Elon is actually short for Dogelon. Its mascot is a mix between doge and Elon Musk, and its purpose is to be "the first interplanetary c
Elon Musk has said SpaceX will launch a Doge-1 satellite to the moon, a mission funded exclusively via Dogecoin payments. Dogecoin could very well tank further in the coming weeks, but Doge-1 will lift off in the first quarter of 2022.

That's an eternity away in cryptocurrency markets -- long enough for a coin to collapse, moon, collapse and moon again. 





















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