All hail the Shiba? Rise of Dogecoin pretenders fueled by meme frenzy

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Shiba Inu joins in at the top of the dog meme coin phenomenon as Musk announces developer support for Dogecoin.

Shiba Inu (SHIB) has been the talk of the cryptoverse and mainstream media recently. It is a meme coin themed around the Shibu Inu dog, a Japanese dog breed that Dogecoin (DOGE) is also basing its image on. According to data from CoinMarketCap, SHIB hit its all-time high of $0.0000388 on May 10 after it surged more than 2,500% from trading at $0.00001478 on May 7.

The token has now been listed on most of the major exchanges, such as Binance, Coinbase, FTX, OKEx and even Binance’s Indian counterpart, WazirX. It had also briefly broken into the top 20 cryptocurrencies list by market capitalization. Currently, it has dropped off in the rankings, with a market cap of just over $6 billion. Earlier on May 10, SHIB’s market capitalization hit an all-time high of over $13.5 billion.

SHIB was launched in August 2020, soon after Dogecoin’s hype on TikTok sent the coin to a two-year high. According to its “Woof Paper,” a total of 1 quadrillion tokens were minted, 50% of which was locked into Uniswap with the keys thrown away. The other half, however, was sent to Ethereum co-founder Vitalik Buterin’s wallet in an uninvited fashion.

The intention behind sending 50% of the tokens to Buterin was to ensure price stability since ideally, the demand-supply dynamic wouldn’t allow the price to swing rapidly since one entity owns a large portion of the circulating supply.

However, Buterin gave away over $1 billion worth of SHIB to a coronavirus charity in India known as the India Covid Relief Fund. This led to the price of the coin crashing by over 50% almost immediately as the market began to panic.

While SHIB is currently the most talked-about dog-themed meme coin apart from DOGE, there are several other highly volatile and speculative dog meme tokens that are floating around in the cryptoverse, which were launched in the hope to replicate the performance of DOGE.

One of the other coins from the same development team as SHIB is called LEASH. This coin has a limited total supply of just 107,647 tokens. Due to this low supply and the hype around the project, the sister token of Shiba Inu has seen astronomical gains of 6,500,000% since the beginning of May.

Another such coin is Kishu Inu (KISHU), a token themed around Shiba Inu’s distant relative, the Kishu. The project’s white paper speaks of a farming decentralized application in the future similar to SHIB’s upcoming ShibaSwap marketplace where users can swap the token and even earn rewards through staking. The coin is currently changing hands at $0.00000001, posting over 4,000% gains in the last 14 days.

Another coin that is trying to capture the DOGE hype is Dogelon Mars (ELON), a coin based on Elon Musk and his love for space travel. Similar to SHIB’s tokenomics, upon minting, 50% of the supply was sent to Buterin’s wallet address, and the other 50% was locked on Uniswap in a liquidity pool with an Ether (ETH) pairing. ELON is currently trading at $0.00000070 and has posted over 220% gains in the last 14 days.
 
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