Why Shiba, Floki are more than just meme coins

Highlights

• The recent rally of Dogecoin, Shiba Inu, Floki has taken the market by storm. 
• Shiba Inu has registered one of the strongest rallies in recent times, and it is giving tough competition to even Dogecoin. 
• Recently released Floki, also known as Shiba killer, too garnered impressive gains, especially on 28 October. 

When a Japanese teacher posted the picture of her Shiba Inu dog Kobusu on social media in 2010, little did she know that it was just the beginning of a wave of meme coins in the cryptocurrency world. A couple of years later in 2013, the crypto world saw the debut of a meme-based coin called the Dogecoin or DOGE, which went viral that same year.

Dogecoin was created to have fun, but in 2020, it got wings, especially during the Covid-19 pandemic. Its interest was further fuelled in 2021, when many took a particular liking towards it after Tesla owner Elon Musk gave his support to the coin and started tweeting about it. This changed the course of the meme-based coin, which led to a tremendous rally, allowing people to seek ways to make quick money. 

Also read: Can 1INCH be the next breakout coin for investors?

Since then, what started as a joke, achieved cult status, and has grown exponentially. Today, it is an inspiration for likes. At present, there are a plenty of meme-based coins, especially the ones based on dog's breed, which have taken the cryptocurrency market by storm and are giving the investors a good investment option. 

With the number of dog breed coins increasing, they are making serious waves and fast becoming an investment option in the crypto market. Let's look at some of the top dog-based coins at present. 

Dogecoin (DOGE)

The original dog-based meme and perhaps the most popular of all the dog coins, which has garnered interest and rally in 2021 after Tesla CEO Elon Musk tweeted about it.

Dogecoin has been steadily rising the charts since then, and today it's one of the top 10 cryptocurrencies in the world. Not just Musk, Mark Cuban, owner of the Dallas Mavericks, has been backing the coin. He had tweeted that it's one of the strongest coins going around in the crypto market.  

Dogecoin, which has a market cap of US $39,594,453,453, on Thursday was up by 27.70%. It was also up by 15.38% over the seven days and was trading at US$0.306416, with a 24-hour trading volume of $13,91,45,72,194.

Also read: Shiba Inu (SHIB) outpaces others, but will the rally continue?

Shiba Inu (SHIB)

Dogecoin's biggest competitor, Shiba Inu has seen an explosive growth and has overtaken Doge at present. It is at the 9th spot. Founded by anonymous Ryoshi, the self-proclaimed "Dogecoin killer", Shiba has been on a bullish run since 15 October. Though the bullish run halted briefly after Musk tweeted that he doesn’t own any Shiba coins. 

But the following day, it again charted big gains of over 24.43% and was trading at US$0.000067 with a 24-hour trading volume of US $39,52,69,64,381.

Despite the flash crash on Wednesday, where Bitcoin lost 6.25% and Ethereum lost almost 4% of its value, Shiba was the top gainers.  

Also read: Crypto flash crash: Is it time to panic?

Kishu Inu (KISHU)

Kishu Inu has also been on the bull run for the past one week since its listing on Binance. Launched in April 2021, the DOGE-like altcoin is a fully decentralised and community-owned coin. 

The Uniswap-powered DEX rewards its users, which facilitates the swapping of any ERC20 token among token holders. On 28 October, it was trading at US $0.000000008465 with a 24-hour trading volume of US $15,43,63,084. On Thursday, it was up by 22.37% with a fully diluted market cap of US$846,844,577.

Floki Inu (FLOKI)

Floki Inu is inspired by Elon Musk's pet Floki. Floki is the only crypto project that is officially partnered with Musk's brother Kimbal Musk's Million Gardens Movement. 

FLOKI combines utility and the power of a community, and in the long run, just like Shiba aims to be one of the top 10 coins. On Thursday, it was trading at US $0.000124 with a 24-hour trading volume of US $11,98,24,014. On Thursday, it was up by 114.06%, with a fully diluted market cap of US$1,250,287,315.

Husky Coin (HUSKY)

Husky is said to be Dogecoin’s brother. Inspired by Elon Musk and Dogecoin, the meme-based coin was launched as an experiment driven by a decentralised community. 

The developers have locked 45% of the total supply to Uniswap, and 5% was allotted to the team. The remaining 50% was burned by Vitalik Buterin, the co-founder of Ethereum.

HUSKY has been on a bull run of late. On Thursday, it was up by 67.908%. The HUSKY coin was trading at US$0.000000005982 with a 24-hour trading volume of 24-hour trading volume of US $4,60,562.

There are other dogbreed coins as well like Akita, Babydoge, Elon, Kuma, which are slowly rising up the ladder and could offer bright returns in the future.