Dogecoin’s meteoric rise in popularity spawned many imitators in the cryptocurrency industry. Today, we’ll explore six of them: DOGES, DOGET, HUSKY, KISHU, SHIBA, and SHIBAPUP.
The cryptocurrency market has become a wild show in recent months, maybe fueled by Dogecoin’s ascension to the grand stage. The meme coin, which began as a joke in 2013 and whose originator sold his stack to purchase an old car, has been among the most outstanding performers eight years later.
Dogecoin captured people’s attention and exploded in price and fame after being publicly sponsored by some of the most popular and influential celebrities, like Mark Cuban, Snoop Dogg, and Elon Musk.
It was partly expected that others would strive to emulate its ROI of a five-digit percentage in less than half a year. And this is precisely what happened. The ever-innovative crypto community dug deep, and copycats began to appear left and right. By staying informed you can avoid buying impersonators and to do so, take information from trusted sources like Open Ledger – a newbie friendly media website. Now, let’s look back to the past.
A Brief History of Dogecoin
What exactly is Dogecoin?
It was created in 2013 as a spoof coin by Billy Markus and Jackson Palmer; it was never intended to be taken seriously and was only used for trading. However, it appears that investors missed the trick since the Dogecoin value is now in the billions.
How can it be put to use?
Dogecoin may be used to buy and sell products and services on any website. As with any other cryptocurrency, its value is variable because the government does not back it.
How can it be obtained?
Dogecoin is available on a cryptocurrency exchange site. A cryptocurrency wallet, which can be created/accessed on these sites, is required.
To purchase cryptocurrencies in tiny amounts, faucets – websites that distribute a limited quantity of free cryptocurrencies – can be a viable option. To earn Dogecoins, you must click a button and enter a captcha code every three hours.
What distinguishes it from Bitcoin?
With Bitcoin’s total amount fixed at 21 million, Dogecoin has no maximum limit, and there are now over 100 billion in existence. Moreover, for you to further appreciate the value of Dogecoin and its propulsion, better yet, take time to study Cryptona’s Dogecoin Price Prediction.
Although several have roots stretching back months, their popularity has skyrocketed in recent weeks, driven by Dogecoin. Today, we’ll take a look at some of the DOGE clones available on the market.
Here are the DOGE Impersonators
This comes with a functional DEX with the same name. According to the protocol’s whitepaper, it will add additional services in the following months. Decentralised asset management, NFTs and digital art, decentralised launchpad and exchange, and staking and farming techniques are among them.
The crew is also developing a governance token to vote on DOGES burning. Users can wager “any quantity” of DOGES and gain prizes as a result.
DOGES has surged by more than 300 per cent since mid-April, notwithstanding a modest decline yesterday.
Doge Token (DOGET)
It is not Dogecoin; instead, it is Doge Token. Because it works on Stellar, the project claims it is a more environmentally friendly counterpart of its more famous big brother (Dogecoin). As a result, increased efficiency “cannot be exaggerated,” according to the website.
Doge Token argues that a 51 per cent attack is impossible, making it invulnerable and that the more straightforward auditing procedure has rendered it more trustworthy than Dogecoin.
Husky Coin (HUSKY)
Although SHIBA INU advertises itself as a Dogecoin competitor, Husky Coin publicly recognises the 2013 creation, stating that it was “fueled by Elon Musk and Dogecoin” and that Husky is the “baby brother of Dogecoin.”
It is also a meme-based innovation that started as an “experiment” led by a decentralised community. This indicates there are “no founders and no team tokens.”
The developers “threw away the keys” after locking 45 per cent of the total supply to Uniswap and 5 per cent to team tokens. In comparison, the remaining 50 per cent was “burned” to Vitalik Buterin, Ethereum’s co-founder.
Husky pledges that it will keep growing, surviving and thriving, provided that Buterin doesn’t rug it.
In February of this year, Husky was founded and has already established a connection with Binance Smart Chain. It also promises a DEX, which will be available by the end of July 2021. Meanwhile, the long-chain is expected to launch in December based on ZEC.
Husky Coin has also had a good few weeks, with its price reaching a new all-time high on April 20th, as per CoinGecko.
Kishu Inu (KISHU)
Another Dogecoin clone is Kishu Inu, “completely decentralised and owned by its lively, active community.” The project offers users immediate benefits. That is, KISHU holders will receive 2% of all network transactions.
KISHU, like all those, is an ERC-20 token having a total supply of 100 quadrillions. CoinGecko has seen a tremendous increase in price movement in the last few days, with the token increasing by 150 per cent since Sunday.
Well before Phase Three, which guaranteed the development of a decentralised exchange called KISHU Swap and placements on centralised trading platforms like CoinTiger.
Shiba Inu (SHIB): Dogecoin Destroyer
The “Dogecoin KILLER,” also called “decentralised meme token,” is not an innovation in and of itself.
The 22-page ‘Woofpaper’ boasts that the meme coin is 100 per cent decentralised, which the project’s founder, Ryoshi, has claimed credit for.
Although no date has been specified, the initiative stated that it is “committed to establishing the best Decentralised Ecosystem (DECO) on the globe.” This essentially means that the developers are working on a decentralised exchange, dubbed ShibaSwap, when this ever sees the light of day.
Though far from a market launch, the SHIB token has achieved remarkable growth in recent weeks. Since then, the DOGE clone has risen by almost 1,500% and is now the 14th largest digital asset, with a market cap of more than $15 billion, according to CoinMarketCap.
Moreover, just this week, the world’s top crypto exchange, Binance, listed SHIB on its platform, increasing acceptance.
SHIBA PUP, possibly influenced by SHIBA INU, has appeared since “Elon [Musk] begged for it,” according to the website, but we tend to believe it because there’s a mug with an “I LOVE ELON” inscription on it.
Furthermore, the website has a whole section devoted to Elon Musk’s tweets about numerous crypto-dogs.
ShibPup claims its protocol and the token are accessible for trade on PancakeSwap, despite the one-sided relationship with Tesla’s CEO.