Barking with community-driven enthusiasm and bone-rattling potential, dog-themed cryptocurrencies are forming a pack on the stage of emerging digital assets. In recent years, the crypto world has witnessed a surge in the popularity of dog-themed digital assets. These endearing tokens — drawing 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, 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 by market capitalization at the time of writing. Note that due to the dynamic nature of the cryptocurrency market, the rankings of the tokens discussed in this article are subject to change.
In 2013, Dogecoin was launched as a meme-inspired cryptocurrency featuring the image of a Shiba Inu sitting 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
Software developers Billy Marcus and Jackson Palmer 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 Japanese 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, positioning itself as a “fun” alternative to Bitcoin. Dogecoin is considered 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 globally, 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 is a notable indicator of the memecoins overall significance and influence in the broader financial landscape.
Shiba Inu (SHIB)
Shiba Inu (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 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 peaked in October 2021 at $19 billion, showing its volatile nature, driven by social media hype.
Floki Inu (FLOKI)
Floki Inu (FLOKI) 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.”
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 holds the 118th spot in the cryptocurrency rankings. 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 to provide users with voting rights and influence the platform’s future development. 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.
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.