Barking with community-driven enthusiasm and bone-rattling potential, dog-themed coins are forming a pack on the stage of emerging digital assets. In
Barking with community-driven enthusiasm and bone-rattling potential, dog-themed coins are forming a pack on the stage of emerging digital assets. In recent years, the cryptocurrency world has witnessed a surge in the popularity of dog-themed digital assets. These endearing tokens, which drew inspiration from the popular Doge meme, have swept the cryptocurrency industry by storm, enthralling both investors and enthusiasts.
While Dogecoin (DOGE) holds the reins as the pioneer in this pack, other dog-themed coins have also emerged as formidable contenders, boasting impressive market capitalization and dedicated communities. It’s a testament to the power of cute and lighthearted memes to bring people together within the dynamic and ever-evolving crypto landscape.
Despite their seemingly playful nature, these tokens prove that the crypto world has a knack for uniting individuals around assets that may not have an obvious practical purpose but capture the collective imagination.
Below are the top five dog-themed cryptocurrencies based on their market capitalization. However, please note that due to the dynamic nature of the cryptocurrency market, the rankings of the tokens discussed in this article are subject to change.
Dogecoin (DOGE)
In 2013, Dogecoin (DOGE) was launched as a meme-inspired cryptocurrency featuring the image of a Shiba Inu, a seated Japanese dog breed, with its paws folded over each other. It relies on a scrypt algorithm and offers features such as low prices and unlimited supply. While initially created as a satire of the cryptocurrency hype, Dogecoin has evolved into a unique altcoin with a vibrant community.
The birth of Dogecoin as a joke
Billy Marcus and Jackson Palmer, two software developers, created Dogecoin as a joke. They combined two popular topics in their online community at the time: the rising digital currency Bitcoin (BTC) and a meme featuring a Shiba Inu with the misspelled word “dog.”
The Shiba Inu character was selected because it fits Dogecoin’s vision of being a lighter-hearted alternative to other cryptocurrencies. The cute and joyful nature of the Shiba Inu breed resonated with the community and contributed to the coin’s distinctive identity.
Dogecoin’s journey from whimsical coin to fundamental cryptocurrency
Despite its initially whimsical nature, Dogecoin quickly became a fundamental part of the cryptocurrency market. It developed into a full-fledged cryptocurrency with its blockchain while positioning itself as a “fun” alternative to Bitcoin. Dogecoin is considered to be more versatile and user-friendly due to its scrypt technology and infinite supply. It continues to attract new supporters who trade and tip with it on social media sites.
Moreover, Dogecoin has showcased remarkable resilience and captivated crypto enthusiasts on a global scale, establishing itself as a significant contender in the cryptocurrency market. It has become the quintessential memecoin that exemplifies unpredictability and the power of internet communities.
Dogecoin market cap and ranking
The current market cap of DOGE is $9.5 billion, down from an all-time high (ATH) of $89 billion in May 2021, and it is currently ranked eighth. While Dogecoin has briefly outperformed Bitcoin and other cryptocurrencies in terms of trading volume in the past, its market capitalization still falls behind popular coins, such as BTC, Ether (ETH) and Tether (USDT).
Despite its strong shiba-loving community, Dogecoin’s lack of significant updates since 2015 has led some users to explore more advanced platforms. Nevertheless, Dogecoin’s market capitalization serves as a notable indicator of the overall significance and influence that meme cryptocurrencies have in the broader financial landscape.
Shiba Inu (SHIB)
Shiba Inu coin (SHIB), an Ethereum-based altcoin, has become a well-known memecoin and Dogecoin alternative. Shiba Inu’s founder, Ryoshi, launched SHIB in 2020 as a native token for ShibaSwap, a decentralized exchange (DEX). It aimed to create a cryptocurrency project governed entirely by its community that emphasizes decentralized, spontaneous community building.
The SHIBArmy and founding principles
The SHIBArmy, a community of SHIB supporters, upholds the project’s founding principles, which include “starting from zero with zero” and “a professed love for Shiba Inu dogs.” Dog-related terminology in the ecosystem, such as “dig,” “bury” and “fetch,” is used by Shiba Inu enthusiasts to describe different actions using Shiba Inu tokens.
In early 2021, Dogecoin enjoyed an unprecedented surge in value, pushed on by factors such as social media exposure and speculative trading. The prospect of potentially emulating Dogecoin’s success attracted investors searching for the next big opportunity in the memecoin market. With its positioning as a “Dogecoin killer,” Shiba Inu received a lot of anticipation and enthusiasm from investors seeking to profit from the growing…
cointelegraph.com