Dogecoin's creator recently revealed that he missed out on a staggering $6 million by leaving the project shortly after its inception. This revelation came in response to a tweet from "ThreadGuy," who shared his own story of missing out on $150,000 by selling a meme coin too soon.
Dogecoin, the original meme coin, took the world by storm when it was created as a joke in 2013. However, it has since evolved into a popular digital currency, reaching an all-time high market cap of over $90 billion in May 2021. Despite the creator's early exit from the project, the meme-inspired cryptocurrency continued to grow and gain mainstream recognition, largely driven by the support of high-profile figures like Elon Musk.
In recent weeks, the price of Dogecoin has experienced a notable decline, losing around 25% of its value. This downturn can be attributed to the lack of traction the cryptocurrency is getting in the wake of the latest meme asset rally, which has seen digital currencies like PEPE experience remarkable gains. As a result, Dogecoin and its close counterpart, Shiba Inu, are no longer considered part of the meme asset category.
The shift in perception surrounding Dogecoin and Shiba Inu has had a notable impact on their market performance. As new meme assets emerge and capture the attention of investors, these once-prominent cryptocurrencies have been overshadowed. This has led to a cooling of interest in both Dogecoin and Shiba Inu, resulting in a downward trend in their market value.
While it is impossible to predict the future performance of any digital asset, the rapid rise and fall of cryptocurrencies like Dogecoin, Shiba Inu and PEPE underscores the importance of staying informed and making well-researched investment decisions.