New Meme Coin Named After Elon Musk-led SpaceX's DOGE-1 Space Mission Creeps Up — But Dogecoin Creator Has A Warning

A new Dogecoin DOGE/USD-knockoff called “Doge-1” that celebrates the DOGE-1 moon landing was announced Sunday.

What Happened: The Doge-1 token on the BSC Blockchain describes itself as a deflationary token that dishes out rewards in DOGE. 

Q1 2022 Elon Musk will launch satellite Doge-1 to the moon! Doge-1 is a deflationary reward token in Doge.https://t.co/1zj84uCxGuhttps://t.co/7kLkhPsf7p#Doge #Dogecoin #Dogecointothemoon #BTC #Bitcoin #crypto #cryptocurrency #DOGE1 #Binance #BinanceSmartChain @elonmusk pic.twitter.com/61moKSWS2H

— Doge1 Mission (@Mission_Doge1) January 17, 2022

The project linked to Doge-1 said in a statement that the token comes with “investor protection” and there’s a limit on “how many tokens a wallet can hold and transact.”

The launch of yet another DOGE knockoff takes place amid warnings issued by Dogecoin co-creator Billy Markus. He broached the topic Sunday in a tweet.

would you invest in a company that just started a day ago, makes wild promises for riches and/or future work, has nothing to show for their words, and has random anonymous people behind it?

why do people “invest” crap tokens / NFT “metaverse” projects doing this?

¯\_(ツ)_/¯

— Shibetoshi Nakamoto (@BillyM2k) January 30, 2022

See Also: How To Buy Dogecoin (DOGE)

Why It Matters: In May, a Canadian company, Geometric Energy Corporation, announced the "DOGE-1 Mission to the Moon" aboard a SpaceX Falcon 9 rocket. 
SpaceX is headed by Tesla Inc TSLA CEO and DOGE-bull Elon Musk.

This is not the first time Markus has commented on Dog-themed rivals of his co-creation. Earlier in December, he had laid out the differences between Shiba Inu (SHIB) and DOGE, the latter is a token on the Ethereum (ETH) network. At the time Markus, had pointed to the high transaction costs attached with SHIB.

Markus' warnings aside, some knock-off coins like ShibaDoge (SHIBDOGE) and Black Shiba Inu (SHIBB) have risen 610.1% and 164.4% over the last 30 days.

DOGE has dropped 19.7% in the last 30 days. Since the year began, it has fallen 20.7%.

Price Action: At press time, DOGE traded 3.6% lower over 24 hours at $0.14.

Read Next: Is It Getting More Profitable To Short Dogecoin Than Going Long Based On Elon Musk's Tweets?