DOGE? SHIBA? Crypto Dog Memes Explained
With over 9,000 altcoins in the crypto market today, it’s hard to keep up with all of them. However, there are some that would’ve caught your attention especially with the recent hype around them. The dog meme coins.
Most of these coins started as some silly joke but have now gained popularity in the crypto market with investors actively trading them. One of those is Dogecoin (DOGE) and the recent craze around it.
We’re gonna give you an overview on 3 dog meme coins and what they are.
“To the moon!”, a popular slogan associated with this coin, thanks to Elon Musk. Dogecoin initially started off as a joke with the aim of poking fun at the leading cryptocurrency, Bitcoin.
Dogecoin was created by two software engineers, Billy Marcus and Jackson Palmer. The cryptocurrency adopted a then popular dog meme that had a Shiba Inu dog with its name misspelt “doge”.
However, today, Dogecoin is more than just a causal joke. As of the time of writing, it stands as the 7th largest cryptocurrency with a market cap of over $40.4 billion. Especially since Elon Musk, Tesla CEO endorsed the coin and called it his “fav cryptocurrency” in 2019, the coin has continued popularity and attention.
Not just Elon seemed to endorse the coin, billionaire basketball team owner, Mark Cuban, also made public endorsements of Dogecoin in a series of tweets.
Dogecoin runs on blockchain like every other cryptocurrency and can be used as payment, wherever it’s accepted. Now that’s real utility, despite being a meme coin.
This is also a meme based cryptocurrency. However, a spin off version of Doge coin. “Baby Doge Coin has learned a few tricks and lessons from his meme father, Doge…Baby Doge seeks to impress his father by showing his new improved transaction speeds & adorableness,” as explained on the website. “He is Hyper-deflationary with static reflection that rewards holders, so more baby doge coins are being automatically added to your wallet each transaction.”
Following a tweet from Elon Musk earlier in July, Baby Doge doubled its value in the crypto market gaining even more spotlight.
In a response to Elon’s tweet and to mark the cryptocurrency’s one month birthday, Baby Doge burned 10 quadrillion coins. This is also in a bid to create scarcity for the coin.
The cryptocurrency’s website claims the coin was developed by fans and members of the Dogecoin online community. Baby Doge currently has a market cap of over $334 million. Not bad for a cryptocurrency that’s a little over a month old. Talk about taking a joke too far.
Tagged the “Dogecoin killer”, Shiba Inu coin is another popular dog meme-based cryptocurrency in the market. Founded by Ryoshi, the coin aims to do things differently. According to the website, it started with a supply of 1 quadrillion SHIB and has locked 50% in Uniswap whilst having “burned” the other 50% to Vitalik Buterin, Ethereum founder for safekeeping.
Like other meme-based crypto, Shiba has also gained most of its popularity from social media and endorsements from billionaires like Elon Musk. Late in June, SHIB rose by 25% after Elon’s tweet relating to the coin.
Shiba Inu currently stands at over $3.2 billion in market cap as of the time of writing.
These meme-based cryptocurrencies have contributed immensely to the popularity of crypto around the world. According to Crypto.com, Dogecoin and Shiba Inu drove a 54% surge in crypto users in the second quarter of this year. Clearly, this ain’t no joke anymore.
However, you must remember to DYOR before investing in any of these coins. Still, these meme coins are too fun to miss out on.