Since the creation of Bitcoin by its pseudonymous founder, Satoshi Nakamoto, in 2009, we have witnessed a host of other coins enter the market over the years. While some have gone extinct because they did not find favor amongst traders, others are doing well because of the massive support that they have witnessed over the years. Initially, Bitcoin was created as a peer-to-peer method of exchanging cash without using a financial institution but has now gone on to satisfy more than that use. The same goes for other digital assets like Ethereum, which has continued to serve members of the decentralized finance ecosystem.
While much has been said about the top assets in the cryptocurrency market, there’s a new kind of cryptocurrency that’s grabbing the attention of traders – we’re of course talking about Dogecoin-inspired meme tokens.
In this article, we will be looking at some of the meme tokens that have emerged because of the recent success of Dogecoin. These are generally spin-offs that are trying to capitalize on Dogecoin’s viral meme potential, but some of the tokens do try to introduce new features.
Dogecoin is a peer-to-peer cryptocurrency that made its debut in the crypto market in December 2013. While the digital asset was created as a parody of Bitcoin, it managed to attract a large community of its own. Dogecoin has a large supply and no supply cap, which results in a relatively low price per coin. DOGE has always had a presence in the cryptocurrency market since its release, but the coin skyrocketed to new heights in 2021 thanks to endorsements from Elon Musk, Snoop Dogg and other celebrities.
Modeled after Dogecoin, Shiba Inu, was created in August 2020 by a pseudonymous developer known as Ryoshi. The developer locked half of the token’s supply into Uniswap and gave the other half to Ethereum inventor Vitalik Buterin as an unsolicited gift. Dogecoin’s performance led many crypto traders to look for alternatives, and Shiba Inu was the biggest beneficiary of this trend. On May 10, the token saw its price peak close to $0.0000388. However, the Shiba Inu took a turn for the worse after Vitalik Buterin started selling the tokens he was gifted, and donated the proceeds to charity.
Going by its name, Safemoon, the digital asset was launched in March by the CEO of the firm, John Karony. This phenomenon was first heard when Dogecoin started to gain popularity, seeing bullish runs as adoption began to increase. Safemoon was created with the mindset of solving various issues regarding volatility in the decentralized finance market. Just like the Shiba Inu token, Safemoon’s pegged total supply is around one quadrillion.
HOGE has been described as a deflationary digital asset that is also useful in the decentralized finance sector. This means that the meme coin works on a spend and burn policy. A breakdown of how this is done shows that 2% of the transaction made is shared amongst the holders and burned from the fixed supply once a transaction takes place. This means that HOGE is a deflationary token, as its supply gradually decreases over time.
The Dogelon Mars token was launched with the anticipation that the first settlers on Mars would adopt the coin. According to the developer of the token, from time to time, victims who suffer from scams and rug pulls in the crypto market would be sent a portion of the coin. Following a similar blueprint as Shiba Inu, 50% of the coin’s supply was sent to Vitalik Buterin. The other half on Uniswap under the ELON/ETH pair.
Just like most of the tokens on this list, the Kangal token was created after the rise of Dogecoin. It was created initially to become the native token of the Kangal ecosystem, giving members voting power and holding value simultaneously. Even though the token represents the amount of voting power that the community members will have, the developers claim to have fairly launched the token. Anyone who wants to assume maximum power will have to purchase it, including the developers.
Launched in February, the Akita Inu token has been pulling interesting numbers since it was first launched on Uniswap. Sharing similarities with the Shiba Inu token, the token has made an appearance on other crypto exchanges across the globe. The Akita Inu token was created on the Ethereum blockchain. The project is a community-based project in the sense that it is entirely democratized. Over the last few months, since it made its debut, nothing less than 15,000 investors have purchased the coin adding to the list of about 22,000 traders that previously hold the token. According to the community, the coin is based on a token burn and staking to earn passive income.
When Kishu Inu was launched, the development team claimed that they did a fair launch, which means they didn’t automatically have a token. This means that just like every other person in the crypto market, they had to buy it. The community members are the strongest force of the Kishu Inu growth. They own a fund where members contribute regularly, one of the reasons the coin has seen massive growth since it was developed. The developers also claim that Kishu Inu is deflationary, which means that every 1% of transactions made would be burned, and the holders of the token would share the rewards equally.
Hokkaido Inu has been described as the little brother of DOGE due to the many similarities between both the meme cryptocurrencies. Just like Kishu Inu, Kokkaidu Inu also relies on the burn and reward method. This means that for every transaction carried out with the digital asset, every 1% of such transaction is burnt, and holders are also rewarded with 1% of it. With this, the developers believe that the token holders would refrain from selling it while encouraging others to invest in the coin. Built on the Ethereum blockchain, the Hokkaido Inu token has its total supply capped at 100 quadrillion.
Coshi Inu was created and launched on April 20 on the back of the success witnessed by the developers of Dogecoin and the Shiba Inu token. It is a meme coin based on the Ethereum blockchain, boasting a practical step toward the decentralized finance sector.
Shih Tzu is a community-based token that was officially launched in March. The developers claim to have its liquidity locked for one year while having no team tokens. They also claimed that the token has a fair tokenomics with its maximum supply figure fixed at a 100 billion tokens.
Edward is a finance expert that experienced the 2007 stock market crash first hand. In 2010, he discovered Bitcoin and has been a cryptocurrency advocate ever since.