Top 5 dog-themed cryptocurrencies by market cap

With community-driven enthusiasm and incredible potential, dog-themed cryptocurrencies are forming groups in the emerging digital asset arena. In recent years, the crypto world has witnessed a surge in the popularity of dog-themed digital assets. These adorable tokens — which took inspiration from the popular Doge meme — have taken the cryptocurrency industry by storm, attracting investors and enthusiasts.

While Dogecoin (DOGE) is the pioneer in this space, other dog-themed tokens have emerged as strong contenders with impressive market caps and dedicated communities. It’s a testament to the power of cute, lighthearted memes to bring people together in the dynamic and ever-evolving cryptocurrency space.

Fun as they may seem, these tokens are a testament to the crypto world’s ability to rally individuals around assets that may have no apparent practical purpose but capture the collective imagination.

Below are the top five dog-themed cryptocurrencies by market capitalization as of the time of writing. Note that due to the dynamic nature of the cryptocurrency market, the ranking of coins discussed in this article is subject to change.

Dogecoin (DOGE)

In 2013, Dogecoin launched as a meme-inspired cryptocurrency featuring a sitting Shiba Inu with its paws crossed. It relies on the scrypt algorithm and offers features such as low prices and unlimited supply. While Dogecoin was originally created to satirize cryptocurrency hype, it has grown into a unique altcoin with a vibrant community.

The birth of Dogecoin is just a joke

Software developers Billy Marcus and Jackson Palmer created Dogecoin as a joke. They combined two hot topics in the online community at the time: the rising digital currency bitcoin (BTC) and a Shiba Inu-themed meme that included the misspelling of the word “dog.”

The Shiba character was chosen because it fits with the vision of Dogecoin being an easy alternative to other cryptocurrencies. The cute and happy nature of the Shiba Inu resonated with the community and contributed to the coin’s unique identity.

Dogecoin’s journey from whimsical coin to basic cryptocurrency

Despite the whimsical nature of Dogecoin at first, it quickly became a fundamental part of the cryptocurrency market. It developed into a full-fledged cryptocurrency on the back of its blockchain, positioning itself as an “interesting” alternative to Bitcoin. Due to its encryption technology and unlimited supply, Dogecoin is considered more versatile and user-friendly. It continues to attract new supporters to trade and tip on the social media site.

In addition, Dogecoin has shown remarkable resilience, attracting cryptocurrency enthusiasts around the world and becoming a serious competitor in the cryptocurrency market. It has become the quintessential meme coin, embodying the unpredictability and power of the internet community.

Dogecoin Market Cap and Ranking

With a current market capitalization of $9.5 billion, DOGE is down from an all-time high (ATH) of $89 billion in May 2021 and is currently ranked eighth. Although Dogecoin has briefly outperformed Bitcoin and other cryptocurrencies in terms of trading volume in the past, its market capitalization still lags behind popular cryptocurrencies such as BTC, Ether (ETH) and Tether (USDT).

Despite having a strong Shiba-loving community, Dogecoin has lacked major updates since 2015, leading some users to explore more advanced platforms. Nonetheless, Dogecoin’s market capitalization is a striking indicator of Memecoin’s overall importance and influence in the broader financial space.

Shiba Inu (SHIB)

Shiba Inu (SHIB) is an Ethereum-based altcoin that has become a well-known memecoin and Dogecoin alternative. Ryoshi, founder of Shiba Inu, launched SHIB in 2020 as the native token of ShibaSwap, a decentralized exchange (DEX). Its goal is to create a fully community-governed cryptocurrency project, emphasizing decentralized, spontaneous community building.

SHIBArmy and its Founding Principles

SHIBArmy is a community of SHIB supporters who live by the project’s founding principles, which include “starting from scratch” and “openly expressing love for Shiba Inu”. Dog-related terms in the ecosystem, such as “digging,” “burying,” and “retrieving,” are used by Shiba enthusiasts to describe different behaviors that use Shiba Tokens.

In early 2021, driven by factors such as social media exposure and speculative trading, Dogecoin saw an unprecedented surge in value. The prospect of imitating Dogecoin’s success has attracted investors looking for the next big opportunity in the memecoin market. With its “Dogecoin killer” positioning, Shiba Inu has received a lot of anticipation and enthusiasm from investors looking to profit from the growing popularity of memecoin.

Similarities to Dogecoin

Although Shiba Inu is considered an alternative to Dogecoin, they share certain similarities. Both cryptocurrencies are inspired by the Shiba Inu breed and have a large and loyal following that helps them succeed. They all essentially depend on the exposure an influencer provides through a well-known social media platform.

Market capitalization and ranking of Shiba Inu

With a market capitalization of $4.5 billion, SHIB has become a significant player in the cryptocurrency market. Despite ranking below Dogecoin, Shiba Inu’s wild volatility has seen it rise to 19th place in the cryptocurrency rankings, showing the potential for memecoin to gain significant market value. SHIBA’s market capitalization first hit an ATH in May 2021 and peaked at $19 billion in October 2021, showing its volatile nature fueled by social media hype.

FLOKI

Floki Inu (FLOKI) debuted on the cryptocurrency market in 2021 as a popular memecoin aiming to match the success of DOGE and SHIB. Inspired by Elon Musk’s tweet about adopting a Shiba Inu puppy named Floki, an anonymous team quickly developed the token.

Floki Inu’s Dual Blockchain Approach and Strategic Partnership

The project, which runs on the Ethereum blockchain and the BNB Smart Chain, has attracted attention for its growth plans and partnerships. To maintain this momentum, Floki Inu implemented some targeted and quite aggressive advertising strategies. It seeks to build a strong community known as “Floki Vikings” and achieves recognition by following a three-pillar philosophy of “meme status, utility, and philanthropy.”

public utility development

While Dogecoin is already widely adopted and accepted as a form of payment, Floki Inu is still in the early stages of developing its utility, focusing on projects such as the non-fungible token (NFT) gaming metaverse and product marketplace. It sparked a period of hype and volatility without having much of an impact on the broader market.

By emphasizing functionality over memecoin narrative, Floki Inu stands out from its four-legged competitors. While the currency may start out as a memecoin, the community is certainly working hard to grow its ecosystem while enhancing it globally.

Floki Inu Market Cap and Ranking

FLOKI currently has a market cap of $270 million and ranks 118th in the cryptocurrency rankings. The price of the Floki Inu has been making waves since its launch and reached an all-time high relatively quickly in November 2021. While the token is developing its utility and expanding into the decentralized finance (DeFi) space, making it attractive for staking, it is still inferior to its other four-legged cousins ​​SHIB and DOGE.

Bone Exchange (BONE)

Launched in 2021, the BONE token serves as the governance token of the ShibaSwap decentralized exchange, providing users with voting rights and influencing the future development of the platform. The Shiba Inu cryptocurrency project’s canine concept is further emphasized by the BONE token’s stylized logo, which features a bone and paw motif.

Empowering Community Governance

Cryptocurrency acceptance grows as Bone ShibaSwap enables users to submit and vote on adjustments to the ShibaSwap protocol via Shiba Inu Doggy Decentralized Autonomous Organization (DAO).