Dogecoin is a meme coin. Elon Musk has joked about it many times and has even stated clearly that he was just joking and even told people not to buy Dogecoin.
It might be a meme coin, but it's the biggest and oldest and the second biggest POW cryptocurrency. Initially created as a joke by Billy Markus and Jackson Palmer in 2013 but you'd agree with me that ever since Elon Musk made it popular, it wasn't regarded as a joke anymore.
But it's not his fault that people are naive or don't understand that Dogecoin is a "shitcoin"just a meme with massive inflation. There are 10,000 new Dogecoins created every single minute! That’s actually worse inflation than fiat How can a meme coin ever be considered "sound money"?All shitcoins can never be sound money, and honestly, all altcoins are just shitcoins. Bitcoin is the only real, sound money.
People really need to do their own research before buying into hype coins like this.
People are attracted to something that has gained hype by someone as influential as Elon Musk like moth would do to a flame so even though it's a shit coin, tweets like being the Dogefather and the CEO of DOGE has a way of inciting confidence in the minds of many, don't you think?