Recently, there has been quite a buzz surrounding Dogecoin (DOGE), but it doesn’t end with it. Some other dog-themed cryptocurrencies have been popping almost out of nowhere, and they have real investors. Maybe the most popular to date is Shiba Inu (SHIB) coin, but it’s not the only one on the list.
People love memes, juicy DeFi apps, and profitable NFTs. That’s why the current dog-like tokens are focusing their efforts on all these applications. Most of them are Ethereum-based, and also call themselves “Dogecoin killer”. That’s a difficult goal for now, though.
It’s Dogecoin’s fault
Dogecoin was born as a joke back in 2013. However, 2021 has been really stellar for this cryptocurrency. DOGE price increased by over 14,500% since January and until its last All-Time-High (ATH) back in May, with $0.73 per token. Its current market capitalization surpasses $40 billion, which puts it in the sixth global place in this category.
All that is possible thanks to several factors. These include Elon Musk’s interest in Twitter, the inadvertent publicity unleashed by the Gamestop incident, and a sudden spree of high adoption. According to Cryptwerk, you can pay for goods and services worldwide with this currency in at least 1,400 venues. Brands like Newegg, Giftoff, SugarTrends, and even the Dallas Mavericks are included.
Dogecoin is very successful. So, other dog-lover developers wanted to reach the same success with something as familiar as Shiba Inus. Just like the people behind Sanshu Inu (SANSHU) confess on their official webpage:
“Thanks to the massive success of DOGE, several new spiritual successors have been released with inspiration from the classic memecoin itself! SANSHU is one of the newest of the bunch, and we have lots of unique features to offer!”
Nevertheless, as we said before, the Shiba Inu coin is still the most popular of the dog-themed batch (besides Dogecoin, of course). The reason is, perhaps, that it’s not only one currency with only one purpose. It’s an entire ecosystem.
What is the Shiba Inu coin for?
SHIB was born in August 2020, thanks to the anonymous “Ryoshi” and their team. It’s a memecoin, yes, but it’s also aiming to become a safe and profitable DeFi app inside Ethereum (ETH). Contrary to Dogecoin, Shiba Inu will have its own ecosystem formed by three tokens: SHIB, Doge Killer (LEASH), and BONE.
SHIB is meant to have an extraordinary supply (1 quadrillion), letting its users hold billions and even trillions of it. However, to assure more decentralization, the developers locked 50% of the total in the decentralized exchange Uniswap. The other 50% was sent to Vitalik Buterin (Ethereum founder). He donated 50 trillion SHIB (around $1b) for the current COVID-19 crisis in India and later burnt 90% of the remainder of his holdings.
When he did the first (great) transaction, the price of SHIBA went down by over 44% after reaching an All-Time-High (ATH) of $0.0000388 per token [CoinMarketCap]. It might not seem like a lot, but it was an increase of around 387,900% year-to-date. The mooning was so amazing that some New York brothers became millionaires in a few months only by investing $8,000 in SHIB.
The second token isn’t that popular, but, surprisingly, it has a higher price: $2,450 per unit. The reason for this lies in the supply. While SHIB has so many units, LEASH only has (now and forever) 107,647 units in total. With both of them (SHIB and LEASH) paired with ETH, it’ll be possible to make liquidity mining to earn BONE tokens. These ones will work as a governance tool and won’t ever be minted. Only the liquidity providers will be able to have them for the first time before they arrive on some exchanges.
More is coming to Shiba Inu
The liquidity mining (dubbed “DIG”) will be available on the Shibaswap, their own Decentralized Exchange (DEX). The option to make staking with these tokens (dubbed “BURY”) will be also available to earn BONE and other tokens as well. In this case, the investor won’t need a pair of tokens to provide liquidity, but only one type to hold for a certain amount of time, in order to receive some interests.
Shibaswap and BONE haven’t been released yet. As they inform in the official webpage, “ShibaSwap is undergoing security tests, audits and final updates to prepare for a safe launch”. Despite this, there are even more plans for the future. The Shiba Inu ecosystem is aiming to expand its horizons with a new token (TREAT), a fund in BONEs for developers, a new governance system (Doggy DAO), an artist incubator, and an NFT project.
Additionally, they already have a charitable campaign to rescue real Shiba Inus with Amazon Smile. So, if you choose to collaborate, for every eligible purchase on Amazon they’re going to donate 0.5% of the total amount to the non-profit Shiba Inu Rescue Association. It doesn’t imply extra costs for the donors besides the purchase itself.
Dog invasion: Dogelon, Kishu, Sanshu, and more
As we said before, the Shiba Inu coin isn’t the only one of its kind. At least other six dog-like coins are walking around Ethereum and beyond. They include Dogelon (ELON), Kishu Inu (KISHU), Sanshu Inu (SANSHU), Hokkaido Inu (HOKK), Tsuki Inu (TKINU), and Akita Inu (AKITA). And we must say it: almost all of them and their objectives are very similar to Shiba Inu.
The “swaps” are commonplace among them. So, yield farming is available with almost all of them on Uniswap. The plans for NFT markets are also very popular, and the rewards, in a way or another, are a shared promise. For example, KISHU, SANSHU, HOKK, and TKINU offer up to 2% of every transaction in instant rewards for all the holders. But each of them also offers something loosely unique.
Dogelon is very satirical against Elon Musk and Shiba Inu, but it promises to compensate the investors that have been “rugged” or bought “ scam tokens that can’t be sold”. For its part, besides an NFT market, KISHU is also planning to open a merchandise store. SANSHU promises to be deflationary. HOKK is aiming to be a payments ecosystem, TKINU has a philanthropic project, and AKITA is looking to build an anonymous social media.
In any case, the frenzy for these coins caused an ATH in Ethereum fees last May. The users faced fees as high as $100 per transaction. Luckily, that amount already decreased to $4 per transaction [YCharts]. But if the profits keep that enticing, another massive batch of Shiba Inu coin and dog-themed crypto users may well appear soon.
Originally published at https://blog.alfa.cash on June 16, 2021.