August 26, a day designated as International Dog Day. And as everybody loves a man’s best friend, we’ve prepared a special overview of dog-themed coins and tokens. Here we will tell you why cryptocurrencies of this kind have gained popularity lately and compare the most famous dog-themed cryptocurrencies. We’ll also try to find out whether it’s worth investing in those projects.
Why Dogecoin is so popular
The most popular dog-themed coin is called Dogecoin (DOGE). This coin went viral on December 6, 2013, as a nod to Doge meme. It was intended to be a joke project but, as it occasionally happens, it has grown into something more serious over time. First, the creators pioneered Dogecoin use to raise funds for charity, but then the coin has become a mainstream speculative asset.
But it is only at the beginning of 2021 that Dogecoin had gained recognition, when a group of Reddit followers under the name WallStreetBets (AKA WSB) decided to come together against traditional financial institutions and pump various companies' equities, which, according to the large US hedge funds like GameStop, BlackBerry, AMC, Nokia, and Bed Bath & Beyond were supposed to slump.
On January 28, 2021, WallStreetBets shifted their focus to Dogecoin. Activist traders contrived to pump the coin value just for kicks and to prove that the price of any asset can be easily raised or decreased. Buoyed by the hype around GameStop, this campaign didn't escape the notice of Elon Musk, who immediately expressed his support for the asset. Following his tweet, less than two days later the price of the joke coin skyrocketed to its record high of $0,087, which constituted a positive growth rate of 1100%.
Comparison of Dogecoin popularity growth in Google Trends (up) with its price increase (down)
It’s worth mentioning that it wasn’t Musk's first tweet about Dogecoin. As early as 2019 he wrote: “Dogecoin might be my fav cryptocurrency. It's pretty cool”. After that multiple tweets followed, where the multi-billionaire jokingly chanted the praise for the first dog-themed coin. Possibly it is because of Musk's attention to Dogecoin that this cryptocurrency piqued the interest of WallStreetBets.
Overview of popular dog-themed coins
DOGE is not the only one dog-themed cryptocurrency. There are also such projects as SHIBA INU, Akita Inu, BabyDoge, EtherBone, DogID Token, and others. You can see a comparison chart below.
*Data obtained from coinmarketcap.com and coingecko.com as of August 21, 2021
Is it worth investing in dogecoins?
All dog-themed coins don’t have an intrinsic value. They are either joke coins, or spam-projects wishing to make hay of the Dogecoin’s popularity. It’s only worth investing in these cryptocurrencies if you are a savvy trader and able to act on publicity opportunities, that is you can foresee how Musk’s or other celebrity’s tweets affect the cryptocurrency exchange rate. Otherwise, investing in dogecoins doesn’t make any sense.
