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Dogecoin-inspired memecoins are taking the crypto market by storm: Here’s what to watch



Dogecoin was originally created as a joke for cryptocurrency-obsessed people and took its name from a popular meme featuring the face of a Shiba Inu dog. Created in 2013, the crypto-asset didn’t really take off amidst a sea of ​​new altcoins, but in 2020 mainly celebrities and entrepreneurs such as Tesla CEO Elon Musk, Dallas Mavericks owner Mark Cuban and even That shot to prominence due to the support of rapper Snoop. Dog

To reiterate the success mark of DOGE, there are now several similar ‘Memecoins’ that are trying to capture the attention of investors and take the crypto-world by storm. The most prominent Doge replicator at the moment is the Shiba Inu or SHIB – designed after the same breed of Japanese dog that is related to the Dogecoin mascot. But, there are many others, all with similar themed names, but each trying to stand out from the crowd.

Since we have already heard about the Shiba Inu, it is appropriate that we start by going deeper into how it came into existence. But there are a few more DOGE-themed altcoins that are making news as well, and here’s all about them.

Shiba Inu (SHIB)

Shiba Inu launched in 2020 under the ERC-20 standard of the Ethereum blockchain and trades on the decentralized Uniswap network. According to its whitepaper, created by an anonymous founder named “Ryoshi,” the self-proclaimed “Dogecoin Killer” states that SHIB’s “Shiba Inu Ecosystem” – which includes the Shibswap exchange and a decentralized SHIB army of developers, coin holders, and Fans – there was an experiment in “spontaneous community building”. SHIB, currently has a circulating supply of 394,796 billion according to CoinMarketCap and is certainly the most prominent among Memecoin after Dogecoin.

Kishu Inu (Kishu)

Kishu Inu is one of the newer altcoins like DOGE. Launched in April 2021, it is “fully decentralized and owned by its fun, vibrant community.” The project promises instant rewards for the users. KISHU holders will receive 2 percent of each transaction in the network. This approach guarantees that the more actively users use Kishu Tokens, the more rewards they earn, increasing community usage and fostering a healthy distribution ecosystem.

The platform offers a Uniswap-powered decentralized exchange (KISHU Swap), which facilitates the swapping of any ERC20 token between token holders.

Underdog (DOG)

Like most other names that have made it to the elite list of strong DOGE-counterfeits, Underdog is a community-based project with a special burn and reward mechanism.

This means that for every transaction that goes down on the Underdog chain, a 5 percent transaction fee is levied, with a reward of 4 percent sent to all holders and 1 percent sent to the burn. It trades on pancake swaps and has a maximum supply of 1 billion coins.

Floki Inu (Floki)

The Floki Inu Coin is an altcoin directly inspired by Elon Musk’s Shiba Inu-bred pet, nicknamed “‘Floki”. The crypto-asset website claims that the coin was created by fans and members of the Shiba Inu community. The website reads: “The Floki Inu is inspired by #DogeFather Elon Musk’s own Shiba Inu.”

Digital Coin’s platform also claims to be the only cryptocurrency project executive to have partnered with “the Million Gardens movement of #DogeFather’s brother Kimbal Musk.”

Husky Coin (Husky)

One of the new DOGE-inspired coins, Husky Coin proudly traces its roots to the saying that its creation was “inspired by Elon Musk and Dogecoin.” In fact, the project’s website reads that Husky is the “younger brother of Dogecoin”.

It is also a meme-based invention, which began as an “experiment” conducted by a decentralized community. Means “no founders, no team tokens.” Developers have locked up 45 percent of the total supply and 5 percent of Team Tokens to Uniswap and “thrown away the keys.” The remaining 50% was “burned” to Ethereum co-founder Vitalik Buterin.

Husky promises that “until Buterin embraces us,” it will continue to grow, survive and develop.

Doge Token (DOGET)

Often confused as Dogecoin, it sees itself as Dogecoin’s “greener” cousin. The more eco-friendly crypto runs on Stellar and aims to offer faster transaction speeds and lower costs per transaction without skimping on security.

Doge Token claims it is impossible to fall victim to a 51 percent attack, which makes it technically “impenetrable.” The only downside is that DOGET cannot be purchased directly for legal tender. You must first buy bitcoin and then exchange it for Doge tokens.

Doge Killer (LEASH)

Doge Killer is another famous Dogecoin clone that saw a definite increase in September 2021. It works on the Ethereum blockchain. The real appeal of this coin is its scarcity as it has a very short supply of 1,07,647 coins, which also makes it highly volatile.

What is a Dog Killer? Is this a real challenge for Dogecoin?

Doge Killer is known to have a handful of whale accounts that can dramatically affect pricing in the market.

Dogefi (Dogefi)

DogeFi is a little different from all other seemingly “community-powered” altcoins. DOGEFI is a gamified community that creates opportunities for its members to participate in value arbitrage and provides access to specialized produce agriculture projects. DogeFi has a circulating supply of 1,000,000 coins and can be traded on Cointiger.

Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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