Dogecoin (CCC:DOGE-USD) took Wall Street by surprise, soaring to new highs above 73 cents through the beginning of May. However, the even bigger surprise was the resulting rally in dog-themed cryptos.
Dog-themed cryptos were, for a very brief moment, a joke playing on the success of DOGE. Then, they started to rapidly appreciate as well. The result is a whole ecosystem of dog coins and tokens that take on similar pup-mascot logos to the original DOGE.
The dog cryptos that descend from the original Dogecoin are all volatile — high-risk, potentially high-reward assets. They are all “community-based” plays, meaning prices rely heavily on investor activity, and not much at all on the typical business dealings that shape cryptos like Ethereum (CCC:ETH-USD) or BinanceCoin (CCC:BNB-USD). They also often have very high total supplies.
Despite these ruff risks, dog cryptos are reeling in massive returns for some investors. And with these currencies quickly bouncing back after what could have been a devastating selloff, it appears they might have more longevity than previously thought.
With all of that said, let’s take a look into some of these popular dog cryptos, so you can see what makes this bizarre crypto ecosystem tick. Popular dog-themed plays 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)
Shiba Inu is one of the first tokens directly launched in response to Dogecoin’s success. In fact, looking at SHIB’s white paper, the developer has made it very clear that the token’s utility is to leap-frog the success of DOGE.
Shiba Inu is an Ethereum-based token that, according to the white paper, has a supply of 1 quadrillion SHIB. The purpose of the token is to incentivize holding rather than selling. It does this by offering rewards to users who stake their tokens with a governance token called BONE, which is not yet available.
Shiba Inu has come into the news cycle quite a bit in recent days. One thing you will notice when reading about these tokens is that often, the developers will gift a significant portion of the total supply. In the case of SHIB, 50% of the 1 quadrillion total supply was gifted to the wallet of Ethereum founder Vitalik Buterin. It is a “gesture of good will,” according to the developers. The other 50% is locked into Uniswap (CCC:UNI-USD) for investors to purchase.
The issue with the massive token gifts that many of these dog-tokens are doling out is that they can lead to issues when they are moved. Earlier this week, Buterin moved a massive portion of the SHIB supply, ultimately donating $1 billion in SHIB to a Covid-19 relief fund for India. The gesture of goodwill had sent the valuation of the token spiraling, which in turn lead to panic selling.
SHIB has luckily recovered since then, a demonstration of just how tightly knit the community is. You can buy SHIB for a fraction of a penny on Binance, or wait until the its in-house ShibaSwap exchange launches to buy your own.
Dogecoin Killer (LEASH-USD)
The Dogecoin Killer, or LEASH, is a product from the same development team as SHIB. What is interesting about LEASH is that it operates in the same Shiba ecosystem, although in a different way.
The Dogecoin Killer is truly the bulkier, snarling version of SHIB. The total supply of LEASH is significantly lower at 107,647 tokens. The low supply has rocketed demand, sending the value of a LEASH token to a massive $5,100. According to the white paper, the token has seen 6,500,000% gains as of the beginning of May.
The appeal of LEASH is not just the rapid appreciation of a highly sought-after token. LEASH tokens can be staked for high returns from its liquidity pool in the form of xLEASH tokens, advertised to offer up to three-fold returns. Additionally, upon the launch of ShibaSwap, staking LEASH will generate the same BONE tokens as staking SHIB. BONE tokens are governance tokens, meaning they give holders voting power on proposals for the Shiba community.
This may all sound convoluted, but it’s an exciting crypto community. What holds SHIB and LEASH back is the fact that the ShibaSwap exchange has not launched. Once this key project comes to light, investors should pay close attention to these puppy pals.
Dog-Themed Cryptos: Kishu Inu (KISHU-USD)
Kishu Inu is another Ethereum token that is taking a chomp out of DOGE’s playbook. Rather than falling on the Shiba trope of DOGE and SHIB, Kishu distinguishes itself by dressing up as the Shiba Inu’s distant relative, the Kishu.
Kishu Inu’s goal is to be the first of the dog-themed coins to develop and implement a robust plan for the future. It’s not clear just yet what that is, but the scope of the project is meant to extend beyond the lens of being a simple meme coin. The KISHU white paper mentions an incoming farming DApp, like that of Shiba’s ShibaSwap, and NFT creation. It will be interesting to see how Kishu plans to fully realize itself in the future.
For now, it’s entertaining enough to see its gains. KISHU is up 143% today, a continuing of a romping week for the token. Trading volume shows deep investor interest, up 115%.
Dogelon Mars (ELON-USD)
Laika may have been the first dog in space, but Dogelon is the first dog going to Mars. This token combines two of crypto’s favorite tropes: dogs and space travel. Obviously, the ELON token takes its name from Mr. Elon Musk, SpaceX extraordinaire and Dogecoin advocate. The token is one of the newest in the increasingly ubiquitous class of canine cryptos.
ELON is a straightforward token, adopting traits aplenty from its predecessors. Like the rest of the pack, it has a high token supply of 1 quadrillion. Half of the supply was sent to the wallet of Vitalik Buterin. The other 50% is in a locked Uniswap liquidity pool with its ETH pairing.
Dogelon Mars recognizes that a lot of cryptos that look like it can be scams. ELON doesn’t just claim its legitimacy with its Buterin gift and its locked liquidity pool; it seeks to actively assist victims of scams.
While there is no white paper, Dogelon has a detailed website where it catalogs its purpose and details behind the supply. The developer emphasizes that ELON is the truest community token out there. The community is pushed to help people who lost money to crypto scams by airdropping ELON. Developer Elon hopes through the Dogelon project to foster a community where crypto holders can look out for each other.
The token supply doesn’t fluctuate like deflationary tokens such as SHIB or KISHU. Still, the demand increases even as the supply stays the same. ELON is up 32% on the day, even with trading volume down significantly. While it stands to prove that this community airdrop effort will gain traction, it is a heartwarming concept; a shred of evidence that through all of the gains investors seek, people still are looking out for one another.
Dog-Themed Cryptos: EtherBone (ETHBN-USD)
EtherBone is a true dog lover’s token. The ETHBN crypto combines blockchain tech and animal friendship into the same package.
EtherBone is the product of DogData, an Estonian kennel organization which hopes to build an expansive peer-to-peer dog network. Through DogData, dog ownership, dog breeding, and dog showing can be managed and paid for entirely through the blockchain.
DogData boasts a number of firsts: it’s the first international blockchain dog registry, the first dog vaccination blockchain ledger, and the first smart sales contract for dog purchases. Educational tools are an important function of DogData. With a focus on breeding, users can learn about the process and even use an AI app for predicting breeds. Dog owners can also find a wealth of information about dog care as well for day-to-day use.
Outside of the very functional and practical blockchain uses of DogData, EtherBone is a huge draw for dog owners. The tokens can be used on a 4Dogs blockchain marketplace for discounted goods. They also can be used for dog smart contract transactions, which allow users to purchase their very own canine pal over the blockchain.
Earning tokens on the blockchain is as simple as offering up one’s canine knowledge. The DogData blockchain rewards users for answering questions from other users with attached “EtherBone bounties.”
EtherBone is a two year-old token, with the DogData ecosystem launching in 2019. However, with the upsurge in investor interest in “dog coins,” EtherBone is attracting interest thanks to its real-world applications.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.