Ever dog has its day, and December 13, 2021, was that day. ‘Dog’ coins akin to Shiba Inu saw a steep rise in value. 2030 Floki saw its price surge 180.39 per cent. Its lowest price was $0.0001521 and the highest was $0.0001858. Another ‘inu’, Satoru Inu, saw its price increase 67.55 per cent ($0.00000003811 at its lowest to $0.0000000704 at its highest), according to Coinmarket data (seen at 4:45pm India time). Floki Inu’s value increased from $0.0001416 to $0.0001858 in just 24 hours, but towards the evening, around 5:50pm), it was down 8 per cent.
Elon’s Marvin coin was up 3,000 per cent in the early morning trade. As of 4:45 pm on December 13, its lowest price was $0.09422 and the highest was $0.3128. The gains eased thereafter to trade at $0.1467.
GAMINGDOGE, another Doge knockoff, saw its market cap rise 12.49 per cent to reach $3,395,488. It was trading at 0.00000000003005 at the lowest, after reaching a high of 0.00000000009222.
Dogecoin itself was surprisingly down by 0.98 per cent, while most of its rival knockoff coins such as Shiba Inu, 2030 Floki, Elon’s Marvin and Floki Inu saw high gains.
Meme coins that seek to replicate Dogecoin’s success rely heavily on community-driven progress. Dogecoin was created as a joke, intended for those obsessed with cryptocurrency. It gets its name from a popular meme featuring the face of a Shiba Inu dog. It is considered the first meme coin. Created in 2013, the crypto-asset did not take off initially. But in 2020, endorsements from celebrities and entrepreneurs such as Tesla CEO Elon Musk, Dallas Mavericks owner Mark Cuban, and even rapper Snoop Dogg, pushed it into the spotlight, reports NDTV Gadgets.
Following in Dogecoin’s success, there are several similar ‘meme coins’, the most prominent at the moment being Shiba Inu.
Elon’s Marvin is another ‘dog’ coin. It is based on Elon Musk’s Havanese dog. “We just burned 1 million $MARVIN Tokens ouch!!!” tweeted the official Twitter handle of the coin.
“Elon’s Marvin is a brand new token powered by the Binance Smart Chain and Ethereum,” states the coin’s own website. “(It is) a fast and secure decentralized digital asset exchange based on the highly performant matching engine built on distributed consensus,” states the official website of Binance.