Other cryptocurrency coins seem to be trying to piggy back off dogecoin
When it comes to cryptocurrency, the success of any coin is dependent on the exposure that the coin has, as this will determine the demand of the coin, leading to an increased value for the coin as well. Dogecoin has proven to have a lot of success this year, with the coin reaching prices that people never believed was possible before. In fact, from a point of 0.002 USD for a single dogecoin, the coin managed to rise to more than 70 cents. This was attributed to a major bull market caused by the support of billionaire Elon Musk to this coin.
With the success of dogecoin, there are many new cryptocurrency coins that are trying to get ahead and have success using the dogecoin name. Such coins include baby doge and cousin doge. These coins are in no way related to dogecoin and should not be confused as such and should be treated as new coins in its entirety. However, these coins are gaining a lot of attention because of the 'doge' name which is associated with them. What is your experience on these dogecoin derivatives and do you see much of a future in these coins?
The year 2021 started with a great hope for cryptocurrencies. In May Bitcoin and Ethereum and many other coins reached all time high. But the second half of the year looks grim for the major cryptocurrencies. However, there are many joke coins to cheer us up, babydoge, mamma doge, daddy doge, doge coke, and what not.
The fact is that dogecoin is a pump and dump coin and until it shows use cases , many new coins will outperform it. This is why Polkadot and Cardano have been able to surpass it.
Elon musk must be a good believer of this coin but this doesn't make it special if it doesn't have use cases. The rate at which the coin rises and falls has made it attractive to short term traders. Nevertheless , the coin has really risen very well in this year 2021 , and may rise further if Elon Musk continues to promote it .