What started as an internet joke has become a financial phenomenon that has taken the world by storm: dog-inspired cryptocurrencies, known as “memecoins,” have gone from being jokes to generating millions in fortunes. Led by Dogecoin, these digital currencies based on dog memes have won over investors, celebrities, and online communities, proving that even the most absurd ideas can have a serious impact on the crypto market.
It all started in 2013 with Dogecoin, created by engineers Billy Markus and Jackson Palmer. Inspired by the popular “Doge” meme, which featured a Shiba Inu dog with hilarious phrases in broken English, Dogecoin was born as a parody of Bitcoin and the speculative frenzy of cryptocurrencies. Markus, in fact, did not take his creation seriously and sold his Dogecoins for the equivalent of a used Honda Civic. However, what seemed like a short-lived joke gained traction thanks to an enthusiastic community on social media. By 2021, driven by tweets from Elon Musk, Dogecoin reached a market capitalization of more than $50,000 billion, with a record price of $0.73.
Success Dogecoin opened the door to other canine memecoins. In 2020, Shiba Inu (SHIB) SHIB emerged as a “Dogecoin killer,” also based on the same Japanese breed. Created by an anonymous developer known as Ryoshi, SHIB skyrocketed in popularity following mentions from Musk and Ethereum co-founder Vitalik Buterin. Though its unit value remains a fraction of a cent ($0.00008616 at its peak), its massive supply of a quadrillion tokens propelled it to a multi-billion-dollar market cap. Stories of investors turning hundreds of dollars into millions circulated, fueling the fervor.
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Other cryptocurrencies like Floki inu, inspired by Musk’s dog, and Dogwifhat, based on a Shiba Inu wearing a hat, have followed the same path. Dogwifhat, launched in 2023 on the Solana network, climbed into the top 100 cryptocurrencies in 2024 with an increase of more than 300% in a week. These coins, although lacking practical utility beyond speculation, have built “armies” of loyal followers on platforms like X and Reddit, where humor and virality drive their value.
The appeal of these cryptocurrencies lies in their accessibility and charisma. With low prices, they attract small investors who see them as digital lottery tickets. However, their volatility is a double-edged sword: while some have become millionaires, others have lost fortunes. Experts warn that their value depends exclusively on speculation and the backing of public figures, not on solid foundations.
From jokes to millionaires, dog cryptocurrencies have broken barriers in the crypto world, showing that a fun idea, backed by a passionate community, can move markets. Although its future is uncertain, its story is already an unforgettable chapter in the evolution of digital finance.
