Dogecoin
and other “meme” cryptocurrencies are seeing a boom on the back of Elon Musk’s takeover of Twitter. The tokens may be poised for more short-term gains, but it’s likely that a crash is coming.
Memecoins are cryptos that were initially launched as references to internet jokes as opposed to significant blockchain projects like
Bitcoin
Dogecoin is itself a reference to a meme involving a
Shiba Inu
dog, and a number of other tokens—including one called Shiba Inu—have been spun off of the concept. They’re also inextricably linked to Elon Musk.
