Back then most coins were like that. They usually copied Bitcoin and were no premine however the devs usually wanted something out of it. So there was shady stuff going on like a launched coin which had tons of blocks already on its chain or the coin only had a cpu miner initially but the Devs had a secret GPU miner which they used to mine some blocks.
Then when it hit the exchange it either peaked at the launch or it peaked sometime that week and was mostly to get more BTC. Not too many projects were legit. There is even speculation that lite coin was similar. The Dev had a secret GPU miner but only released a CPU miner at the time and was mining at an advantage.
I heard that about litecoin
If you study the mechanics of BTC LTC and DOGE I could see anyone working with or with out each other. But they do have a synergy
and allow for easier circulation of $$value
I am not a fan of btc maxers or pos pushers. But I do see a few hundred pow coins being able to coexist and fill various services as the true solution to coins in general.
People that complain about POW burning power simply do not understand how governments of the world are failing to use mining as an incentive to burn green power for their farms.
It is tiring to try to explain how governments of the world are subsidizing coal and oil over solar and wind. At the cost of human life.
If you think I am wrong go breath in a tailpipe on a gas car or a smokestack on a coal electric plant.
At the moment the sun puts out 50x the power on the planet in sunlight than we burn in oil and coal.
We should be hoarding the oil and coal and using the sunlight . Just in case the sun drops its light and power unexpectedly .
But no we burn the oil and coal and go du tu dut on our merry way.
Musk and his buds are attempting to show they can control the value of pow coins so we need to be aware that they are not in our best interests.