Floki Inu

Explore the top dog-inspired cryptocurrencies and their hidden potential behind cute memes.

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 popularity of the memecoin.

Similarities to Dogecoin

Even though Shiba Inu is presented as an alternative to Dogecoin, they have certain similarities. Both cryptocurrencies are inspired by the Shiba Inu dog breed and have a large base of devoted supporters who help them succeed. Both of them essentially depend on the exposure influencers offer via well-known social media platforms.

Shiba Inu’s market cap and ranking

With a market capitalization of $4.5 billion, SHIB has established itself as a prominent player in the cryptocurrency market. Despite ranking below Dogecoin, Shiba Inu’s significant fluctuations have propelled it to the 19th position in the cryptocurrency ranking, showcasing the potential for memecoins to gain substantial market value. SHIBA’s market cap reached its first ATH in May 2021 and then peaked in October 2021 at a price of $19 billion, showing its volatile nature, driven by social media hype.

Floki Inu (FLOKI) 

Floki Inu (FLOKI), a dog-themed altcoin, first emerged in the crypto market in 2021 as a popular memecoin, aiming to rival 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 partnerships

The project operates on both the Ethereum blockchain and the BNB Smart Chain, and it has drawn attention with its growth plan and partnerships. To keep the momentum going, Floki Inu conducts several targeted and rather aggressive advertising strategies. It seeks to establish a strong community, known as the “Floki Vikings,” and gain recognition by conforming to a three-pillar philosophy of “meme status, utility, and charitability.”

Utility development

While Dogecoin has already achieved widespread adoption and is being accepted as a payment method, Floki Inu is still in the early stages of developing its utility, concentrating on projects like nonfungible token (NFT) gaming metaverses and product marketplaces. It has generated periods of hype and volatility without exerting as much influence on the broader market.

By emphasizing functionality rather than the memecoin narrative, Floki Inu differentiates itself from the four-legged competition. Although the currency may have begun as a memecoin, the community is undoubtedly working hard to develop its ecosystem while enhancing it worldwide.

Floki Inu’s market cap and ranking

The current market cap of FLOKI is $270 million, and it is currently ranked 118th in the cryptocurrency ranking. Floki Inu’s price has been making waves since it was launched and relatively quickly reached its all-time high in November 2021. Although the coin is developing its utility and expanding into the decentralized finance (DeFi) sector, making it attractive to staking, it is still inferior to its other four-legged cousins, SHIB and DOGE.

Bone ShibaSwap (BONE)

The BONE token was launched in 2021 as the governance token for the ShibaSwap decentralized exchange, with the aim of providing users with voting rights and influencing the future development of the platform. The Shiba Inu cryptocurrency project’s canine-inspired concept is further emphasized by the BONE token’s stylized logo, which has a bone and paw print.

Empowering community governance

The cryptocurrency’s acceptance grew as Bone ShibaSwap enabled users to submit and vote on adjustments to the ShibaSwap protocol through the Shiba Inu Doggy decentralized autonomous organization (DAO).

Participants are also rewarded with tokens through ShibaSwap’s liquidity pool, which gives investors an extra incentive to hold BONE. By providing liquidity, staking and swapping options, BONE completes the ShibaSwap ecosystem and operates as the gas fee token on the Shiba Inu network.

Investor interest in BONE’s solutions and governance features

The crypto community has shown considerable attention to BONE due to its promising solutions within the ShibaSwap platform and the opportunity for tokenholders to engage in governance. These features solidify the project’s security and attract many investors. Furthermore, the release of Shibarium, a layer-2 scaling solution, marks Bone ShibaSwap’s move from a meme currency to a utility-based project, enhancing its long-term viability.

As the Shiba Inu ecosystem continues to grow and evolve, the integration of BONE and its governance capabilities enhances the overall foundation, supplying investors with a variety of opportunities and contributing to the project’s market expansion.

BONE’s market cap and ranking

BONE’s current market cap is $230 million, and it is positioned at 130th place in the cryptocurrency ranking. The unique features of the Bone ShibaSwap token, such as its governance capabilities and role in the ShibaSwap DEX, have contributed to its impact on the market and allowed BONE to reach its peak in September 2021.

The social media buzz surrounding dog-themed coins has been publicizing attention and interest from investors, contributing to the adoption of the Bone ShibaSwap token and leading to several peaks during 2022 and 2023.

Baby Doge Coin (BABYDOGE)

Baby Doge Coin, with its Shiba Inu dog mascot, was developed as a memecoin seeking to be an “improved” version of its parent, Dogecoin. Launched in 2021 by passionate members of the Dogecoin community, this digital currency aims to accelerate transaction speeds through hyper-deflationary tokenomics.

Elon Musk’s tweet: Sparking interest and market growth

The surge of interest in Baby Doge Coin skyrocketed after Elon Musk’s tweet, in which he referred to his newborn son as “Baby Doge.” This backing from Musk led to a substantial increase in market activity and investor interest, fostering Baby Doge Coin’s market growth and contributing to its rise in value.

While Baby Doge Coin draws inspiration from Dogecoin and operates on the BNB Smart Chain for faster swaps and reduced fees, its aspirations and features set it apart. Dogecoin has solidified its position as a prominent meme cryptocurrency, whereas Baby Doge strives to carve its own path as an upgraded version with a charitable focus.

Innovative tokenomics

Through innovative tokenomics, the memecoin fosters its “social coin” identity and puts an emphasis on volunteerism and charity donations. With strong community backing, the token incentivizes users to donate to charity and rescue dogs in need by rewarding them with additional tokens.

The unique features of the Baby Doge token, including its hyper-deflationary tokenomics and emphasis on charitable giving, have garnered significant market attention and investor interest. These distinctive qualities have set Baby Doge apart from other cryptocurrencies, creating a sense of novelty and appeal.

Baby Doge Coin’s market cap and ranking

The crypto market’s response has been reflected in Baby Doge’s current market capitalization of $215 million, which is several times less than its ATH achieved in June 2021. Its position at 224th in the cryptocurrency ranking and market cap indicate the prominence and impact of Baby Doge within the cryptocurrency market, as investors recognize its potential for market success and value appreciation.

Sara Gherghelas, a blockchain research analyst at DappRadar, explains how the lower barrier of entry associated with memecoins may have sparked the adoption of the crypto asset class.

In episode 22 of Hashing It Out with Cointelegraph’s Elisha Owusu Akyaw, Sara Gherghelas, blockchain research analyst at DappRadar — a cryptocurrency data tracking platform — discusses the recent hype around memecoins, while looking at on-chain data. Gherghelas also provides insights on how other sectors, such as nonfungible tokens (NFTs), are faring as memecoins take off.

Gherghelas believes we are in a memecoin era. From her perspective, when you mention Web3 or cryptocurrencies in 2023, many people will associate the terms with memecoins. Gherghelas says there have been multiple memecoin cycles in the cryptocurrency space, but this time is different because the trend has been sustained for a more extended period.

The blockchain analyst associates the trend with the popularity of memecoins on social media and the creation of tight-knit communities that people want to be a part of. What’s more, the price action of memecoins in this cycle has attracted a large crowd of traders looking to make returns, according to Gherghelas. She also adds that memecoins are more accessible and inclusive due to their low barrier of entry.

“You can be a millionaire in Shiba, but you can never afford one million Bitcoin or one million Ethereum.“

Memecoins could be more than just a social media trend or an attempt to make quick returns. Gherghelas highlighted projects like Shiba Inu, which is building a decentralized exchange and layer-2 network, and Floki Inu, which is building a metaverse. The blockchain research analyst believes that memecoins are not a zero-sum game for the cryptocurrency industry because most people who come in through memecoins may stay and discover other aspects of crypto.

While memecoins flourished, other cryptocurrency industry sectors struggled, according to data tracked by DappRadar. Gherghelas highlights the decrease in wallet activities on blockchain gaming platforms and mentions that NFTs maintained a decent amount of activity.

Related: Financial surveillance, privacy and CBDCs: Why are governments going cashless?

Check out the latest episode of Hashing It Out, featuring Sara Gherghelas from DappRadar, on Apple Podcasts, Spotify, Google Podcasts or TuneIn. For more informative podcasts, visit the Cointelegraph Podcasts page.