Tokens inspired by the beautiful Japanese dog breed Shiba Inu, Dogecoin (DOGE) and Shiba Inu (SHIB), are taking the crypto industry by storm, at least for now.
Everyone loves puppies, but very few could predict that two cryptocurrencies, inspired by the cute Japanese Shiba Inu dogs could experience growth as impressive as they have done Dogecoin (DOGE) y Shiba Inu (SHIB). These cryptocurrencies, despite being “puppies” in the crypto industry, due to being relatively new, are currently debuting as two of the tokens with the greatest growth and revaluation in the digital markets, so far this year.
Dogecoin, the meme cryptocurrency par excellence, has appreciated 8.500% so far this year. DOGE started January worth just $0,0055. However, the support and adoption of its community, and of several recognized personalities in the industry, has made this cryptocurrency listed on $0,47 at the time of this edition. A few days ago, DOGE marked an all-time high at $0,86, distributing extraordinary profits among its first investors.
Currently, DOGE is positioned as the fourth most important cryptocurrency in the markets, with a market capitalization of more than 60.000 billion dollars; surpassing Tether (USDT), Cardano (ADA), XRP (Ripple), polkadot (DOT), and several others.
Source: Coin Gecko.
For its part, the growth of Shiba Inu (SHIB) has also amazed many in the crypto industry. This token, which for many lacks a utility that would make the asset viable in the long term, has revalued more than 2.700.000%, and in the last month alone it has grown by close to 45.000%. Needless to say, the profits that its first investors have reaped are millionaires.
This token trades with a value of $0,000027, and is currently ranked as the eighteenth cryptocurrency in the industry, with a market capitalization of more than $11.000 billion.
It may interest you: Markets: ETH continues to break highs, DOGE soars to $0,66 and BTC fights for 60K
DOGE vs the largest crypto on the market
In the last 30 days, Google search interest for Dogecoin surpassed search interest for the crypto industry's two largest cryptocurrencies: Bitcoin (BTC) y Ethereum (ETH).
According to data from Google Trends, a tool that analyzes the most popular search terms in the world, interest in “Dogecoin” as a search term is higher than interest in the terms “Bitcoin” and “Ethereum.”
Source: Google Trends.
By mid-April, search interest in Dogecoin reached 100 points, the highest score provided by the Google tool. For that same period, interest in Bitcoin and Ethereum was at 44 and 11 points, respectively.
Likewise, Google Trends data shows that search interest in Dogecoin has grown significantly when the price of the cryptocurrency has been at its highest, coinciding with a drop in interest when the price of the cryptocurrency has fallen in the markets. In the last week, with a “altseason” confirmed, and Bitcoin struggling to stay at the $50.000 level, interest in Dogecoin remains greater than that of the world's first cryptocurrency. Likewise, ETH, although it recently reached a new high above $4.200, is below interest in Dogecoin and Bitcoin.
Google Trends also shows that the highest search interest for Dogecoin comes from United States, with 54%; followed by Ukraine e India.
Shiba Inu, the new “Dogecoin” or the “DOGE Killer”?
Although the growth of DOGE has been incredible this year, there is another cryptocurrency that is starting to gain traction quickly, and it is known as the “DOGE Killer”, Shiba Inu (SHIB).
This token, inspired by Dogecoin and created on the blockchain of Ethereum in the standard ERC-20, has far outperformed the quintessential meme cryptocurrency so far this year. Much of its momentum, several analysts indicate, is due to speculation, since as such, SHIB, while not a meme, has somewhat limited usefulness.
In its whitepaper, called “woofpaper”, the developers of Shiba Inu point out that the cryptocurrency was created as an “experiment in decentralized spontaneous community building”, which will serve to encourage participation within the ShibaSwap decentralized exchange, which has not yet been launched on the market.
50% of the SHIB supply, a whopping 500 billion tokens, was sent to a SHIB address controlled by Vitalik Buterin, co-founder of Ethereum, and are currently valued at more than $15.100 billion.
Source: Etherscan
To date, more than 30 exchanges and cryptocurrency exchanges list it among their tokens, some directly, others in the so-called “innovation zones”, where new cryptocurrencies with high risk in the market are included. Some cryptocurrency platforms have also opened futures for SHIB.
More dog-inspired tokens
The ShibaSwap developers are also preparing two new tokens that will serve different functionalities within the DEX. As they explain, Leash It will be a rebase token linked to the price of Dogecoin, whose total circulation will only be 100.000 tokens. Thus, LEASH will have the opposite appeal of SHIB, whose total circulation will be 1.000 billion tokens.
LEASH will be the reward token for liquidity providers (LPs) within the DEX. For its part, there will be a third token, called BONE, whose function will be to bring the power of ecosystems DeFi to a new level, although its creators have not given more details about it.
Given the frenzy that these two tokens are causing in the markets, it is worth remembering that their prices are fueled by speculation, and that their volatility is extremely high. Given this, it is important that new investors who are considering participating in these ecosystems study the market and consider the possible risks.
Lastly, TRM Labs, a US cryptocurrency compliance and risk management firm backed by Paypal, integrated Dogecoin into its services, to help investors and users detect fraud, scams or financial crimes that may be executed with the asset.
IMPORTANT: Bit2Me News reminds you that before making an investment you must educate yourself and know where you invest your money, as well as the pros and cons of the system. Everything written here is for informational and educational purposes and should not, under any circumstances, be taken as investment advice or recommendations. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
Continue reading: Altseason, the trend that is once again captivating the crypto industry
