Dogecoin-inspired memecoins are storming the crypto market: here are the ones to watch out for

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Dogecoin was originally developed as a joke for those obsessed with cryptocurrencies and got its name from a popular meme that features the face of a Shiba Inu dog. Created in 2013, the crypto asset never really caught on in a sea of ​​newer altcoins, but is in 2020 mainly thanks to the support of celebrities and entrepreneurs such as Tesla CEO Elon Musk, Dallas Mavericks owner Mark Cuban and even rapper Snoop. made famous dog.

To replicate DOGE’s path to success, there are now several similar “memecoins” that are trying to grab investor attention and take the crypto world by storm. The most famous doge replica currently making waves is the Shiba Inu, or SHIB – designed after the same breed of Japanese dogs that the Dogecoin mascot belongs to. But there are several others, all with similar topic names, but each one tries to cut themselves off from the crowd.

Since we’ve heard of Shiba Inu before, it’s only fair that we dive a little deeper into how it came about first. But there are a few more DOGE-themed altcoins that made the news too, and here’s all about them.

Shiba Inu (SHIB)

Shiba Inu was introduced in 2020 under the ERC-20 standard of the Ethereum blockchain and trades in the decentralized Uniswap network. Created by an anonymous founder named “Ryoshi”, the self-proclaimed “Dogecoin killer”, his whitepaper states that SHIB’s “Shiba Inu Ecosystem” – which includes the ShibSwap exchange and a decentralized SHIB army of developers, coin holders and fans – was an experiment in “spontaneous community building”. According to CoinMarketCap, SHIB currently has a volume in circulation of 394.796 billion and is certainly the most prominent memecoin after Dogecoin.

Kishu Inu (KISHU)

Kishu Inu is one of the newer DOGE-like altcoins. Launched in April 2021, it is “completely decentralized and owned by its fun, vibrant community”. The project promises instant rewards for users. KISHU owners receive 2 percent of every transaction on the network. This approach guarantees that users will earn more rewards the more they actively use KISHU tokens, which promotes increased community usage and a healthy sales ecosystem.

The platform offers a Uniswap-powered decentralized exchange (KISHU Swap), which facilitates the exchange of ERC20 tokens between token holders.

UnderDog (DOG)

Similar to most of the other names that made it onto the elite list of strong DOGE imitators, UnderDog is a community-based project with a special burn and reward mechanism.

This means that for every transaction that goes down the UnderDog chain, a 5 percent transaction fee will be charged, resulting in a 4 percent reward sent to all owners and 1 percent for the burn. It trades on PancakeSwap and has a maximum offer of 1 billion coins.

Floki Inu (FLOKI)

The Floki-Inu coin is an altcoin directly inspired by Elon Musk’s Shiba-Inu breed pet called “‘Floki”. The crypto-asset’s website claims the coin was created by fans and members of the Shiba Inu community. The website says: “Floki Inu is inspired by #DogeFather Elon Musk’s own Shiba Inu.”

The digital coin platform also claims to be the only official cryptocurrency project partnered with “#DogeFathers brother Kimbal Musk’s Million Garden’s Movement”.

Husky coin (HUSKY)

Another among the newer DOGE-inspired coins, Husky Coin proudly recognizes its roots by stating that their creation was “inspired by Elon Musk and Dogecoin”. In fact, it says on the project’s website that Husky is the “little brother of Dogecoin”.

It’s also a meme-based invention that began as an “experiment” to be pushed by a decentralized community. That means there are “no founders, no team tokens”. The developers have blocked 45 percent of the total supply of Uniswap and 5 percent team tokens and “threw away the keys”. The remaining 50% was “burned” to Vitalik Buterin – the co-founder of Ethereum.

Husky promises that “as long as Buterin doesn’t bother us,” it will continue to grow, survive, and develop.

Doge brand (DOGET)

Often mistaken for Dogecoin itself, it sees itself as the “greener” cousin of Dogecoin. The greener crypto runs on Stellar and aims to offer faster transaction speeds and lower cost per transaction without compromising on security.

Doge Token claims it is impossible to fall victim to a 51 percent attack, which makes it technically “invulnerable”. The only downside is that DOGET cannot be bought directly for Fiat. You need to buy Bitcoin first and then exchange it for Doge tokens.

Dog Killer (LEASH)

Doge Killer is another famous Dogecoin clone that saw some growth in September 2021. He works on the Ethereum blockchain. The real appeal of this coin is its scarcity as it has an extremely small supply of 1.07.647 coins, which also makes it very volatile.

What is Doge Killer? Is it a real challenger to Dogecoin?

Doge Killer is known for having a handful of whale accounts that can dramatically affect pricing in the market.

DogeFi (DOGEFI)

DogeFi is a little different from all of the other seemingly “community-driven” altcoins. DOGEFI is a gamified community that offers its members opportunities to participate in price arbitrage and access to exclusive yield farming projects. DogeFi has 1,000,000 coins in circulation and can be traded on Cointiger.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

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