Dogecoin (CCC:DOGE-USD) surprised Wall Street, hitting new highs above 73 cents in early May. The even bigger surprise, however, was the resulting rally at dog-themed cryptos.
Dog-themed cryptos were, for a brief moment, a joke about DOGE’s success. Then they also quickly began to appreciate. The result is an entire ecosystem of dog coins and tokens that adopt similar puppy mascot logos as the original DOGE.
The dog cryptos that descended from the original Dogecoin are all volatile – assets with high risk and potentially high rewards. They are all “community-based” games, which means that the prices depend heavily on investor activity and not much of the typical business relationships that shape cryptos like ether (CCC:ETH-USD) or BinanceCoin (CCC:BNB-USD). They also often have very high total supplies.
Despite these ruff risks, dog cryptos generate massive returns for some investors. And with these currencies bouncing back quickly after a potentially devastating sell-off, it appears that they have a longer lifespan than previously thought.
With all that said, let’s take a look at some of these popular dog cryptos so you can see what makes this bizarre crypto ecosystem tick. Popular dog-themed games include:
- Shiba Inu (CCC:SHIB-USD)
- Dogecoin killer (CCC:LEASH-USD)
- Kishu Inu (CCC:KISHU-USD)
- Dogelon Mars (CCC:ELON-USD)
- EtherBone (CCC:ETHNB-USD)
Dog-themed cryptos: Shiba Inu (SHIB-USD)
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Shiba Inu is one of the first tokens to be launched in direct response to Dogecoin’s success. In fact, in the SHIB whitepaper, the developer made it clear that the use of the token is to accelerate the success of DOGE.
Shiba Inu is an Ethereum-based token that, according to the whitepaper, has a supply of 1 quadrillion SHIB. The purpose of the token is to incentivize holding, not selling. It does this by offering rewards to users who wager their tokens with a governance token called BONE, which is not yet available.
Shiba Inu has gotten into the news cycle quite a bit in the past few days. One thing that you will notice as you read these tokens is that the developers are often giving away a significant portion of the overall offering. In the case of SHIB, 50% of the total offer of 1 trillion trillion was given to the wallet of Ethereum founder Vitalik Buterin. According to the developers, this is a “gesture of goodwill”. The other 50% are blocked Uniswap (CCC:UNI-USD) for investors to buy.
The problem with the massive token gifts that many of these dog tags are handing out is that they can cause problems if moved. Earlier this week, Buterin postponed a large portion of the SHIB offering and ultimately donated $ 1 billion to a Covid-19 relief fund for India. The gesture of goodwill had triggered the valuation of the token spiral, which in turn led to panic selling.
SHIB has fortunately recovered since then, proof of how closely connected the community is. You can buy SHIB from Binance for a fraction of a penny, or you can wait for the in-house ShibaSwap exchange to launch to buy your own.
Dogecoin Killer (LEASH-USD)
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The Dogecoin Killer or LEASH is a product by the same development team as SHIB. The interesting thing about LEASH is that it works in the same Shiba ecosystem, albeit in a different way.
The Dogecoin Killer is really the bulkier, growling version of SHIB. The total supply of LEASH is significantly lower at 107,647 tokens. The low supply has boosted demand, bringing the value of a LEASH token to a massive $ 5,100. According to the white paper, the token saw a 6.5 million% gain in early May.
The attraction of LEASH lies not only in the quick appreciation of a coveted token. LEASH tokens can be used for high returns from their liquidity pool in the form of xLEASH tokens, which offer up to three times the returns. In addition, staking out LEASH when starting ShibaSwap generates the same BONE tokens as staking out SHIB. BONE tokens are governance tokens, which means that they give the holders voting rights for suggestions for the Shiba community.
This may all sound confused, but it’s an exciting crypto community. What is holding SHIB and LEASH back is the fact that the ShibaSwap exchange has not yet started. As soon as this key project comes to light, investors should pay special attention to these puppy friends.
Dog-themed cryptos: Kishu Inu (KISHU-USD)
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Kishu Inu is another Ethereum token that DOGE is pulling out of the game book. Instead of falling on the Shiba troop of DOGE and SHIB, Kishu is distinguished by the fact that he disguises himself as a distant relative of the Shiba Inu, the Kishu.
Kishu Inu’s goal is to be the first dog-themed coin to develop and implement a robust plan for the future. It’s not yet clear what this is, but the scope of the project is meant to go beyond the lens of a simple meme coin. The KISHU white paper mentions an in-depth agricultural DApp like that of Shiba’s ShibaSwap and the NFT creation. It will be interesting to see how Kishu plans to fully realize himself in the future.
For now, it’s entertaining enough to see its winnings. KISHU is up 143% today, a continuation of a raging week for the token. The trading volume shows a strong investor interest of 115%.
Dogelon Mars (ELON-USD)
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Laika may have been the first dog in space, but Dogelon is the first dog to go to Mars. This token combines two of the most popular tropes in crypto: dogs and space travel. Obviously the ELON token got its name from Mr. Elon Musk, SpaceX Associate and Dogecoin Attorney. The token is one of the newest in the increasingly ubiquitous class of canine cryptos.
ELON is an uncomplicated symbol that inherits many of the features of its predecessors. Like the rest of the pack, it has a high token supply of 1 quadrillion. Half of the supply was sent to Vitalik Buterin’s wallet. The other 50% are in a locked Uniswap liquidity pool with ETH pairing.
Dogelon Mars realizes that a lot of cryptos that look like they might be scams. ELON claims its legitimacy not only with its Buterin gift and its blocked liquidity pool. The aim is to actively help victims of fraud.
Although there is no white paper, Dogelon has a detailed website that catalogs the purpose and details of the offering. The developer emphasizes that ELON is the truest community token. The community is being pushed to help people who have lost money to crypto scams by dropping ELON out of thin air. Developer Elon hopes through the Dogelon project to promote a community in which crypto owners can look out for each other.
The token supply does not fluctuate as it does with deflationary tokens such as SHIB or KISHU. Nevertheless, the demand increases while the supply remains the same. ELON is up 32% on the day despite the fact that trading volume has decreased significantly. While it’s proof that this airdrop effort will grow in importance in the community, it’s a heartwarming concept. A trail of evidence that despite all the gains investors seek, people still look out for one another.
Dog-themed cryptos: EtherBone (ETHBN-USD)
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EtherBone is a true mark for dog lovers. The ETHBN crypto combines blockchain technology and animal friendship in one package.
EtherBone is the product of DogData, an Estonian kennel organization hoping to build an extensive peer-to-peer dog network. DogData can be used to manage and pay for dog ownership, dog breeding and dog shows entirely via the blockchain.
DogData offers a number of innovations: it is the first international blockchain dog registry, the first blockchain ledger for dog vaccinations and the first intelligent sales contract for dog purchases. Teaching aids are an important function of DogData. With an emphasis on breeding, users can learn about the process and even use an AI app to predict breeds. Dog owners can also find a wealth of information on dog grooming for everyday use.
Outside of DogData’s very functional and practical blockchain applications, EtherBone is a huge draw for dog owners. The tokens can be used on a 4Dogs blockchain marketplace for discounted goods. They can also be used to transact with dog smart contracts that allow users to buy their own canine buddy over the blockchain.
Collecting tokens on the blockchain is as easy as offering dog knowledge. The DogData blockchain rewards users for answering questions from other users with attached “EtherBone Bounties”.
EtherBone is a two-year-old token that will be used to launch the DogData ecosystem in 2019. However, given the growing interest of investors in “dog coins”, EtherBone is generating interest thanks to its real world applications.
At time of publication Brenden Rearick had positions (neither directly nor indirectly) in the securities referred to in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s posting guidelines.
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