We live in a time where money doesn’t make much sense, or cents, for that matter. That is, if you keep your money in a savings account. The 0.05% interest rates while inflation runs hotter than 2% has turned the stock market and crypto market into a casino, where gambling on the most popular meme coin gone viral makes fortunes overnight, while investments in sound money like gold goes nowhere.
It has led to a subsection of the market focused solely on dog-related meme coins, which at first began as spinoffs related to Dogecoin – a highly popular meme-based cryptocurrency first started as a joke, which is now worth several billions in market cap.
Can meme culture really become a currency itself? How many dog-related coins are there in the market, and which have real value, if any? And finally, do these older dogs still have enough new tricks to bring newcomers profits, or have these dogs had their day?
We are exploring the latest in this bizarre but life-changing trend in crypto.
What Caused Meme Culture To Penetrate Markets?
Meme culture in markets wasn’t truly kickstarted by Dogecoin, but by GameStop shares and the WallStreetBets meme subculture. When enormous profits were made there, the masses of mainstream retail traders who took control over markets then began to look at other meme-related activities.
With WallStreetBets born on Reddit, Dogecoin was a perfect match. The coin itself was also created by Redditors as a joke currency they could use to tip one another for “lulz.” Today, however, meme culture has become so important, the likes of Elon Musk and others are now participating.
Meme Mania And The Many Dog Coins
Meme culture has also extended into NFTs and other types of media in a major way. The fact Dogecoin made many millionaires at one point, sparked an onslaught of similar styled dog tokens.
Here are some of the most popular examples:
Dogecoin is the joke cryptocurrency that started it all, based on the Shiba Inu dog meme known for its famous phrases like “much wow.” The is popular with Robinhood traders, TikTok users, and other mainstream crowds. The popularity has made the asset worth billions in terms of overall market cap. Holders of the token remain hopeful that it will someday reach targets of $1 or more.
Shiba Inu (SHIB)
Shiba Inu token is a cryptocurrency created in mid-2020 by an anonymous figure named Ryoshi as a Dogecoin killer, much like how several tokens were designed to be Ethereum killers. Shiba Inu, however, actually overtook Dogecoin’s market cap and rank in the top ten cryptocurrencies for a short period. It is the most popular of the Dogecoin knockoffs and Dogecoin killers.
Dogelon Mars (ELON)
Dogelon Mars is where the meme-based mania begins to get out of control. There is next to no reason for this coin to exist, other than for the fun of it. The coin basically is about a fictional dog that mimics Elon Musk and rather than going to the Moon, the destination is Mars.
Baby Doge (BABY)
Baby Doge claims it has “learned a few tricks from its meme father” referring to Doge. The only pitch of value here is that if you think dogs are cute, you’ll love Baby Doge. But people absolutely believe dogs are cute and are infatuated with Shiba Inu dogs at the moment, so they buy the token.
Floki Inu (FLOKI)
This coin is named after Elon Musk’s dog he tweeted about. Elon Musk has made Dogecoin, meme culture, and Shiba Inu dogs extremely popular with his followers, who will buy anything related to the Tesla CEO and founder.
Doge Token (DOGET)
Doge Token is another take on Dogecoin, but built on top of the Stellar blockchain. It claims it cannot be 51% attacked, which is one of the reasons it says it is better than the original Dogecoin concept.
Dogey Inu (DINU)
Dogey Inu wants to bring financial freedom to everyone in the world, “all through memes!” The idea is to promote positive thinking and education of DeFi, and of course, slap a Dogecoin-like name on it to ride the trend.
DogeCash is less of the cash grab type project that makes up most of the list, because it was actually launched back in 2018, long before the meme coin craze ever began, or Elon Musk began pushing Dogecoin to the moon.
Corgi Inu (CORGI)
Corgi Inu says it is a “new breed” of coin built on Ethereum that follows the booming dog and meme coin trend. But this mixed breed is also a mixed bag for investors, that probably was better left as a purebred.
Yuki Inu Token (YUKI)
At this point of the list, the coins are becoming less and less meaningful, and are more meme than coin. It is the “happiest” of the meme coins, and isn’t inspired by Dogecoin, but Shiba Inu.
Red Shiba Token (REDSHIBA)
Red Shiba Token says it is designing a fair universe without rug pulls. You know, because you should always trust something that promises not to scam you.
Akita Inu (AKITA)
Akita Inu is another meme coin, another Shiba Inu knockoff, and another coin that followed the same publicity stunts, such as sending Ethereum creator Vitalik Buterin a large share of the coin supply out of respect.
Conclusion: Ride The Meme Coin Bandwagon While It Lasts
The fastest way to make money off the remaining meme coin trend, is by margin trading with cryptocurrency using PrimeXBT. Dogecoin is on the list of assets offered there, which users can open a long position and profit off the ongoing uptrend and meme coin mania.
When these dogs are done playing fetch with fortunes and ready for a nap, PrimeXBT also offers short positions to make money from when the eventual mania ends, and the bubble that it has created popped.
The most important thing of all, is to not get caught holding the stinking bag when these dogs are done doing their business and the crypto bull run has ended.