Elon Musk's most beloved meme cryptocurrency Dogecoin rose to spectacular fame in 2021 after its price tripled in just a day in April post Musk's tweet making early investors sit on a heap of cash.
After Doge came to the spotlight, several new investors jumped on to the bandwagon pouring in their money and the coin now enjoys a market cap of around $90 billion and rising, surpassing Honda Motor Co. Ltd among others.
Despite its name and fame, financial experts have warned investors that Docecoin has no underlying value in the market with no place in the financial infrastructure and is only running on memes and predicted that in the coming months, the coin might see dips so drastic, it could touch its pre 2021 levels.
Dogecoin is undoubtedly the star on social media as several memes are churned out on the cryptocurrency every day thrilling its investors. It is also the most talked about coin on all social platforms. Apart from staying in the limelight, Doge has no other value and experts predict its run would eventually fizzle out as social media trends tend to die over time.
Which Is The Worst Cryptocurrency?
The MD of crypto wealth platform Dacxi, Katharine Wooller, revealed that of all the cryptocurrencies available in the market, Dogecoin is the worst of them all, as its run doesn't depend on finance and business structure but simply relies on memes.
The rise and fall of Dogecoin and other meme-based cryptocurrencies solely rely on celebrity endorsements, tweets and podcasts and that in itself is a manipulation of the running market and a danger sign for investors.
Wooller stated that governments need to add statutory warnings on Dogecoin the way they warn smokers on their cigarette packs and warn investors they might lose considerable money on Dogecoin.
She told Express.uk that Dogecoin is "the worst of the crypto industry", and continued, ''Dogecoin should carry a health warning, it is the worst of the crypto industry, meme-based with no underlying use case or investment thesis.''
Wooller also predicted that Dogecoin can never come anywhere close to Bitcoin or Ethereum levels in the future saying the top leading cryptocurrencies in the world are light years ahead of meme coins.
''For those cryptos who have a serious place in the financial infrastructure, Bitcoin, Litecoin, Ethereum are light years ahead in their projected values, as there is a multi-trillion dollar addressable market,'' she said.