Dogecoin debuted as a satire of the cryptocurrency market, bearing the face of the popular Doge meme. Since its development in 2013, it has made little more than a ripple in the market, but it has recently made waves. And its eye-catching progress has encouraged similar currencies to follow in its path, most notably the new Shiba Inu coin.
Can you buy Shiba Inu coin in the UK?
The Shiba Inu coin has attempted to hit the ground running alongside DOGE.
The coin shares the same mascot - the meme Doge - and now also some of its progress.
The ERC-20 token runs on the Ethereum blockchain and is available via several platforms.
READ MORE: What will Dogecoin be worth in 2030?
But it has suffered its fair share of setbacks in this time.
The token is currently trending down, having lost 4.30 percent of its value over the last 24 hours.
DOGE value has decreased from $0.71 over the last few weeks following Mr Musk's appearance on Saturday Night Live (SNL), in which a sketch joked the coin was a "hustle".
Since then, it has failed to recover this value despite the Tesla CEO's continued support.
And experts believe its remaining sheen will ultimately wear off.
Nick Saponaro, Co-Founder and CIO at Divi, a fintech innovator, said it primarily exists as a "beacon to new investors".
Mr Saponaro said the "beacon" ignited thanks to popular support, but it will ultimately cave in and potentially leave many people with a lasting distaste for cryptocurrencies.
He added: “As long as people are making money, they are happy to ignore the underlying value proposition or lack thereof.
"Ultimately, this trend will end badly for most, with many losing the majority of what they have gained “on paper.
“In time, Doge will serve as a great case study on the psychology of markets and the power of branding.
"For me, the problem for our industry is that Doge will end up being the reason a ton of people get in and never come back to the crypto space.”
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