Meme coins are cryptocurrencies that originally existed as jokes but have become important assets in the cryptocurrency market over time. Regular price increases mentioned on the accounts of famous entrepreneurs and the hype surrounding them raise many questions.
In 2024, the popularity of these coins will continue to grow, attracting more investors and enthusiasts. How can a project that at first glance has no applied value or practicality bring such huge profits to its owners? In this article, we will examine the most famous dog-themed meme coins, their history, facts and figures, and the reasons for their success.
Emergence of Dog-Themed Meme Coins
Dog-themed meme coins have their origins in broader internet culture. They are more than just digital assets; they become symbols of online communities. The cultural impact of meme coins extends beyond the realm of cryptocurrencies.
It is widely accepted that the ancestor of meme coins is Dogecoin (DOGE), also a dog-themed meme coin. Inspired by an internet meme featuring a Shiba Inu, Dogecoin (DOGE) was launched in late 2013 by Billy Markus and Jackson Palmer as a joke and light cryptocurrency. This stimulated the creation of several consecutive meme coins.
Dogecoin gained widespread popularity after Elon Musk began actively sharing posts featuring Dogecoin on his social media accounts in early 2021, causing a significant increase in the value of the meme coin within a few days as well as the popularity of the meme coin’s creation. By the end of 2021, there were over 150 different meme coins in circulation.
Case Studies of Emerging Dog-Themed Meme Coins
Dog-themed meme coins are one of the new emerging meme coins of 2024. Let’s take a look at their story.
Dogecoin (DOGE)
Dogecoin continues to solidify its position as a dominant force in the meme coin market. As of June 2024, Dogecoin has a market capitalization of over $20 billion.
Technically, Dogecoin is a fork of Luckycoin, which in turn is derived from Litecoin, a fork of Bitcoin. This lineage gives Dogecoin many technical similarities to Bitcoin. It uses a proof-of-work consensus mechanism and is mined alongside Litecoin. Unlike Bitcoin and Litecoin, which have limited supplies, Dogecoin has an unlimited supply, with 5 billion new DOGEs circulating annually. Despite this, Dogecoin has maintained a strong presence in the meme coin space and has demonstrated remarkable resilience over the past decade.
Dogecoin’s appeal extends beyond its market performance to its philanthropic efforts. In 2014, the Dogecoin community raised $50,000 to sponsor a NASCAR race and helped build a well in Kenya. These philanthropic efforts have strengthened Dogecoin’s image as a positive, community-driven cryptocurrency.
Shiba Inu (SHIB)
Shiba Inu is a prominent meme coin that launched in August 2020 and quickly gained popularity, earning it the nickname “Dogecoin Killer”.
Currently, Shiba Inu has a strong presence in the market, with a market capitalization of over $13 billion. Its popularity is mainly driven by its dedicated community and active involvement in the dog-themed meme coins. In 2024, SHIB developers launched new initiatives such as the decentralized exchange ShibaSwap, which significantly increased investor interest.
Comparing Dogecoin and Shiba Inu, we can see that both have large followings and unique features. The Shiba Inu project introduced Shibarium, a layer-2 scaling solution for Ethereum that aims to provide a low-cost alternative to the Ethereum mainnet. A special feature of Shibarium is the SHIB token-burning mechanism, which adds an innovative element to the platform.
Dogecoin’s appeal extends beyond its market performance to its charitable efforts. Sponsored NASCAR races, a charitable efforts have strengthened Dogecoin’s image as a positive, community-driven cryptocurrency.
BEN THE DOG (BENDOG)
Ben the Dog (BENDOG) is a fun meme coin and decentralized ecosystem developed on the Solana blockchain. It is inspired by the story of Solana founder Anatoly Yakovenko, who was motivated to promote the blockchain project by Talking Ben the Dog. BENDOG aims to build a playful ecosystem within the dog-themed meme coin community.
The current price of Ben the Dog is 1.16 € per BENDOG. The circulating supply is 999,780,947.4 BENDOG, which means that the market cap of Ben the Dog is 1,160,835,454.26 €. Ben the Dog trading volume increased by ₹25,196,816.02 in the last 24 hours, which represents an increase of 15.53%. Additionally, 162,232,201.49 worth of BENDOG was traded on the last day.
The character behind BENDOG, BenDog, is a former chemistry professor known for his humour and creativity. Known for his popular app “Talking BenDog,” Ben interacts with users humorously and engagingly. Users can ask Ben questions using a rotary phone, resulting in unexpected and often hilarious answers. This interactive element was a key factor in the character’s popularity, making the launch of BENDOG a significant event for both fans of the character and cryptocurrency enthusiasts.
DOGS Token
DOGS is a dog-themed meme coin on the TON blockchain, designed to integrate with Telegram. It is inspired by the meme character “Spotty” created by Telegram founder Pavel Durov. The token aims to build a community within Telegram and popularise the meme token.
In anticipation of the DOGS listing, traders have already started speculating on potential price predictions for the DOGS token. The majority agree to set the fully diluted valuation (FDV) near the $1 billion threshold. Incidentally, Notcoin reached a similar value in May 2024 when the project was launched. There are several scenarios for the price fluctuation of the DOGS token in 2024. If the meme token is listed with an initial FDV of $1 billion, the price of the DOGS token will be about $0.0018 with a total supply of 550 billion. In the worst-case scenario, with an FDV of $500 million, the price of the DOGS token will drop to $0.001.
The future of the DOGS token looks promising but is speculative as it will be driven by community engagement, market sentiment, and potential usefulness within the Telegram community. Analysts expect significant volatility in the first few days of trading, with initial projections calling for an opening price of around $0.00055. According to predictions, DOGS may reach a high of around $0.00825 before stabilizing around $0.0020625 as the market matures. The token’s unique position as a meme cryptocurrency coupled with a large community and its innovative tokenomics contribute to the overall bullish forecast. However, there are still inherent risks associated with meme coins.
NEIRO ETHEREUM (NEIRO)
$NEIRO is a new dog-themed meme coin with a total supply of 1 billion tokens, offering no trading tax or team token, suggesting a community-oriented approach. It touts itself as the next big opportunity in cryptocurrency, in comparison to the rise of Dogecoin.
The current price of NEIRO today is €0.000967. In the last 24 hours, the price of NEIRO has fallen by €8.44, resulting in a loss of value of -0.00008154 euros. Currently, there are 420,690,000,000 NEIRO in circulation, with a market value of 413,779,683.00 euros. All values are updated in real time and reflected on the price chart.
$NEIRO appeared on Ethereum after a series of Neiro-themed meme coins began trading on Solana. While none of the Solana meme coins were able to establish a clear advantage over the Neiro meme, Neiro Ethereum skyrocketed immediately after its launch. Within days, $NEIRO on Ethereum was the undisputed winner of the Neiro meme race.
$NEIRO on Ethereum is currently the 15th largest meme coin by market cap and is traded on Uniswap, Sushiswap, and several centralized cryptocurrency exchanges. There are approximately 15,000 token holders and the total supply of $NEIRO is $1 billion.
SUNDOG Token
Sundog Token is a dog-themed meme coin built on the TRON blockchain. It was launched in August 2024 on the SunPump platform, TRON’s answer to Solana’s Pump.
SUNDOG price is expected to reach at least $4.62 by 2032. With an average trading price of $4.70 in 2032, SUNDOG’s value could reach up to $4.80. Experts expect the highest price to be around $4.70.
$SUNDOG is TRON’s flagship dog-themed meme coin and is launched on the SunPump platform. It was created with the vision of becoming the leading meme coin on TRON and leveraging the network’s capabilities to foster a strong and engaged community. With massive support from TRON founder Justin Sun, backing from some of the biggest KOLs in the space, and various strategic partnerships, $SUNDOG has rapidly gained momentum. The coin has reached a staggering all-time high of $370 million in market cap and is consistently one of the top trending coins worldwide.
Risks and Criticisms
Despite their popularity, investing in dog-themed meme coins comes with high risks. Here are some of them:
- High volatility: Meme coins can experience significant price fluctuations due to popularity, demand, and market trends. This can cause their value to change rapidly, posing a high risk for investors. 2. Lack of fundamentals: Unlike other cryptocurrencies, meme coins usually have no technical or economic foundation. Their value and success depend heavily on the interest and support of their community. This can make them more vulnerable to price declines and volatility.
- Scams and Manipulation: The cryptocurrency world is subject to the risk of fraud, counterfeiting and price manipulation. Some meme coins may be used in torture and fraud schemes that could harm investors. It is significant to be circumspect and do your analysis before investing.
- Low Liquidity: Several meme coins may have low liquidity, making it difficult to sell their tokens or exchange them for other assets. This can cause problems if you want to exit your position quickly or exchange your tokens for other cryptocurrencies.
It is important to remember that investing in meme tokens, or any other cryptocurrency, involves risks. We encourage you to approach any investment with caution, do your research and seek financial advice before making any decision.
The Future of Dog-Themed Meme Coins
What does the future hold for dog-themed meme coins? They continue to garner attention in 2024, but experts warn that their long-term sustainability is questionable. Many believe that meme coins will remain popular in the short term, but their success will depend on whether the community can maintain interest and activity. It is important to note that while meme coins have the potential for significant gains, they also carry high risks, so investors should approach them with caution.
However, there are a few possible scenarios:
- Sustained popularity. Some meme coins, such as Dogecoin, have a wide following and continue to be supported by communities. If these communities remain active and engaged, meme coins will survive and gain significant popularity in the future.
- Regulation and normalization. As interest in virtual currencies grows, states and regulators may begin to take steps to regulate the market. This could impact meme coins and their use, including possible restrictions or bans. If this is the case, the future of meme coins may become uncertain.
- Development of new projects. The future of Memecoin may include the development of new projects and ideas leveraging the concept of crypto memes, including creating unique economic models, and innovative features and using blockchain technology for various purposes.
Conclusion
Investing in dog-themed meme coins is exciting, but it also involves high risk and volatility. Their popularity is heavily influenced by social media trends and public attention, making them an unpredictable investment. It is significant to conduct a thorough analysis and assess your risk tolerance before investing in meme coins. These coins offer great upside potential, but can also result in significant losses.
SunCrypto would like to inform you that this article is provided for informational purposes only and does not constitute investment advice. All purchases and investments in cryptocurrencies are at your own risk.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your research or consult an expert before making any investment decision. You may write to us at [email protected].
