The success of Bitcoin BTC/USD inspired a number of imitators, including Dogecoin DOGE/USD.
Dogecoin was created as a joke to satirize Bitcoin using a popular meme of a shiba inu dog. When the price of Dogecoin took off itself, dozens of other shiba inu-inspired cryptocurrencies and digital tokens began popping up and generating varying degrees of success.
At this point, traders looking to diversify their portfolios of dog-themed cryptocurrencies have so many choices it’s hard to know where to start. Here are the five most successful shiba inu-inspired cryptocurrencies up to this point.
1. Dogecoin
Incredibly, the original shiba inu meme cryptocurrency has somehow grown to be a $32.2 billion juggernaut. Endorsements from influential investors such as Tesla Inc TSLA CEO Elon Musk and billionaire entrepreneur Mark Cuban have helped Dogecoin establish a legitimately valuable brand. Cuban called Dogecoin the “strongest” cryptocurrency as a medium of exchange, while Musk even purchased a shiba inu puppy as part of the Dogecoin fun.
The price of Dogecoin has skyrocketed 9,330% in the past year, and it's currently the only shiba inu-inspired cryptocurrency that investors can buy in their Robinhood Markets Inc HOOD trading accounts.
2. Shiba Inu SHIB/USD
Shiba Inu is the most popular spin-off of Dogecoin, which is the Bitcoin spin-off. Within the realm of second-degree spinoffs, Shiba Inu has had the most success. It's also one of the few tokens that have unique functionality as the most popular native token on ShibaSwap, a decentralized exchange that provides financial services to the Shiba Inu community.
After a massive run so far in 2021, Shuba Inu now has an $11.1 billion market cap, making it one of the 20 most valuable cryptocurrencies in the world.
3. Dogelon Mars ELON/USD
Once investors get beyond the two most successful shiba inu cryptos, there’s a wide gap to get to the rest of the pack. Dogelon Mars is based on Ethereum’s blockchain using the ERC-20 token standard. According to the crypto’s website, it has lofty goals of becoming the one true “intergalactic currency” that “could be used by all peoples and civilizations.”
That goal may take a few more years to play out. But for now, Dogelon Mars has a $393.8 million market cap, making it one of the most valuable dog-themed cryptocurrencies.
4. renDOGE RENDOGE/USD
renDOGE is a one-to-one representation of Dogecoin, but on the Ethereum ETH/USD blockchain. Ren is an open protocol for transferring cryptocurrencies among different blockchains by using different versions of each currency. The end goal is to create a multi-chain decentralized finance ecosystem.
renDOGE is up nearly 980% from its January 2021 lows, but it’s also down more than 65% from its May 2021 highs.
5. Floki Inu FLOKI/USD
Floki Inu is a cryptocurrency launched as an ERC-20 token on the Ethereum network shortly after Musk tweeted that his new shiba inu puppy would be named Floki in June 2021.
Floki has about 9.4 trillion circulating coins, but it has been created to be extremely hyper deflationary. Each buy or sell transaction incurs a massive 8% tax to help fund marketing, reduce the token count and encourage investors to hold. Half of the tax is used to fund marketing, while the other half is distributed to all wallets holding the crypto, including a so-called “burn wallet” that removes coins from circulation in an effort to reduce supply over time.
The price of Floki Inu is up 44% in the past month alone, and the crypto was recently the top-trending ticker on CoinMarketCap.
Benzinga's Take: Don't invest any money in dog cryptocurrencies that you can't afford to lose. Happy trading.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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