Dogecoin, Shiba Inu's Battle for Supremacy Puts Spotlight on Lesser-Known Dog-Coins

While Shiba Inu and Dogecoin fight it out, a number of lesser-known meme coins are recording triple-digit gains.

By Shomik Sen Bhattacharjee | Updated: 29 October 2021 15:44 IST

Dogecoin, Shiba Inu's Battle for Supremacy Puts Spotlight on Lesser-Known Dog-Coins

Photo Credit: Unsplash/ Executium

Dogecoin and Shiba Inu are the most popular meme coins but others are catching up

Highlights

Shiba Inu and Dogecoin have near-equal market capitalisation
Retail investors are rotating capital from BTC, ETH to dog-coins
SAMO and FLOKI saw values increase in triple digits over the week

Dogecoin (DOGE) and Shiba Inu (SHIB) are going hammer and tong at each other this week to be the top dog. While Shiba Inu's valuation has gone up 160 percent over the past seven days according to CoinMarketCap, Dogecoin has risen to the challenge, rising 29 percent over the past 24 hours alone. Crypto market analysts have documented a rotation of capital from top cryptos to dog-themed coins as the market gets overheated. The top three cryptocurrencies by market capitalization have suffered a drop in price as dog-coins capture the attention of retail traders.

The reason we aren't just naming SHIB and DOGE directly is that there's are a flurry of other coins trading in the green amid the dog-themed coin craze. Here's a look at some of the other lesser-known Dogecoin rivals that have been seeing a lot of trading activity of late.

Samoyedcoin (SAMO)

Topping the gain charts on CoinMarketCap over the past week is a meme coin most of us haven't heard about — and unlike most DOGE-copycats, it doesn't have a Shiba Inu-themed name either.

Elon Musk Reveals Reason Behind Supporting Dogecoin

Samoyedcoin (SAMO) is a meme coin created by Solana and was inspired by a dog breed named Samoyed, which is a hybrid breed of dog. SAMO is a cryptocurrency that aims to appeal to non-believers, just as Solana's community is already growing.

The meme coin's value has risen in triple-digit percentages over the past couple of days and is down by only 8.45 percent over the past 24 hours. The meme coin has a market capitalisation of around $442 million (roughly Rs. 3,313 crore) and is currently trading at $0.14 (roughly Rs. 11).

Floki Inu (FLOKI)

Floki Inu coin is an altcoin inspired directly by Elon Musk's Shiba Inu-breed pet, named “Floki." The crypto-assets website claims the coin was created by fans and members of the Shiba Inu community. The website reads: “Floki Inu is inspired by #DogeFather Elon Musk's very own Shiba Inu.”

Bitcoin, Ether Back in Green as Dogecoin Skyrockets by 29 Percent

The digital coin's platform also claims to be the only cryptocurrency project official partnered with “#DogeFather's brother Kimbal Musk's Million Garden's Movement.” The Floki Inu website says the coin represents a "movement" and will have three utility projects: an NFT gaming metaverse called Valhalla, an NFT and a merchandise marketplace called 'FlokiPlaces', and a content/education platform known as 'Floki Inuversity'.

The meme coin has a market capitalisation of around $1,980 million (roughly Rs. 14,841 crore) and is currently trading at $0.0002155 (roughly Rs. 0.01616).

Dogelon Mars (ELON)

Dogelon Mars is an Ethereum-based crypto using the ERC-20 token standard. The meme coin was born out of a joke and makes references to Elon Musk, Dogecoin, and the planet Mars. On its official website, Dogelon Mars promises to become an "interplanetary currency" among other extreme presumptions — clearly living up to its billing of a "meme coin".

For now, though, despite having found some buyers there isn't much reason to see Dogelon as a viable cryptocurrency. But that isn't stopping people from making a lot of money out of Dogelon trades.

The meme coin has a market capitalisation of around $451 million (roughly Rs. 3,383 crore) and is currently trading at $0.0000008191 (roughly Rs. 0.00006).

SafeMoon Inu (SMI)

SafeMoon Inu is a smart ERC20 token with creators who've set a goal to fix some of the problems in other digital coins. SafeMoon aims to discourage day trading of its coin and to reward long-term holders by charging a 10 percent fee on each sale. Half of the fees collected are earmarked for existing coin owners, who receive a sort of dividend in the form of additional coins.

Accordingly, SafeMoon Inu is not a usual meme token, it has many unique features compared to other meme tokens. the SMI community is creating a blockchain-based play-to-earn gaming platform named SMI Play with in-game NFTs which provides additional rewards for SMI token holders.

As per CoinMarketCap, SMI has a market capitalisation of around $55 million (roughly Rs. 417 crore) and is currently trading at $0.00005574 (roughly Rs. 0.00418).

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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