When a Japanese kindergarten teacher posted photos of her Shiba Inu dog, Kabosu, in 2010, no one knew this dog — or “doge,” as one fateful internet user called her — would spawn billions of dollars in meme-inspired cryptocurrency. Eleven years later, Shiba-Inu inspired crypto coins are running wild. Investors buying meme-based coins are probably imagining becoming overnight crypto millionaires. Unfortunately, just because early Dogecoin buyers may have done well doesn’t mean every joke coin will be a winner. There is a much more stable and potentially lucrative way to profit from cryptocurrency that’s far less likely to leave investors chasing their tails.
Not a joke anymore
The Doge meme spawned Dogecoin (CRYPTO:DOGE) in 2013. The Dogecoin website describes the crypto as a “fun and friendly Internet currency.”
The original point of Dogecoin might have been to just have fun, but for investors, having fun means making money. And the COVID-19 pandemic seems to have changed crypto’s growth curve. As laid-off people sought ways to make quick money, they increasingly turned to trading cryptocurrency. In March of 2020, Chinese search engine Baidu Source…