Meme coins are now invading the crypto space. They are swarming everywhere. Meme tokens are cryptocurrencies that are inspired by popular social media jokes, sarcasm, or puns. From dogs, rabbits, cats to squid,  there are now a total of 124 meme tokens in the market today in data by Coinmarketcap. But what could be the reason behind the popularity of these meme tokens? The rise of these meme tokens can be highly attributed to the influence of known personalities and celebrities backing them. The Squid Game token craze was fueled by media outlets which later on turned into a US$2.1M scam. The meme token was inspired by Squid Game, a popular Netflix Korean series that took the whole world by storm and has extended up to the world of cryptos.

In this article, we will be focusing on the top dog-meme tokens that paved the way for the various meme tokens we know today.

Leading Dog Meme Tokens

Here are the leading dog-meme tokens in 2021 by market cap and we will start with the first dog-meme token ever created in crypto. 

DOGECOIN

Dogecoin

The Dogecoin was the first dog-meme token was launched in 2013 and created by Jayson Palmer and Billy Markus. Dubbed as the “Bitcoin meme”, DOGE (dogecoin) has gained popularity and is now being promoted by influential personalities not just in the crypto world but also in the real world. It bears the face of the Inu Shiba dog as a logo and namesake and was created with no real purpose but to create laughs.

Elon Musk, Mark Cuban, and Snopp Doog are just a few members of the dogecoin compatriots. To date, there are already more than 4 million on-chain holders of the cryptocurrency. 

DOGE (dogecoin) with an influential supporter like Elon Musk rose to fame and is now ranked as #12 among leading cryptocurrencies like BTC (bitcoin) and ETH (ethereum). The first dog-meme token now has a total market cap of $22,852,090,044 in data by Crypto.co and has an infinite supply.

SHIBA INU

Shiba Inu

A “Dogecoin-killer” built on the Ethereum network which features the Shiba Inu—a Japanese breed of hunting dog—as its mascot. It was launched in August 2020 by an anonymous individual or group called “Ryoshi.” The price of this dog-meme token skyrocketed more than ten times in October 2021 with a tweet by none other than DOGE godfather Elon Musk increasing its market cap to US$35 billion catching up with DOGE (dogecoin) market cap of US$22 billion. 

The ShibArmy has reached a total member of 500,000 is a strong force to reckon with. Just like DOGE (dogecoin), the Dogecoin killer has an infinite supply. Today there are 836,588 holders of the token with Vitalik Buterin as the largest holder after the creator gifted the Ethereum founder with 50% of the 1 quadrillion supply of SHIB (Shiba Inu) as part of its marketing plan. But apparently, Buterin burned 410,241,996,771,871 SHIB by sending it to a dead address resulting in the removal of 41% of the entire SHIB circulation. He later donated the remaining SHIB (Shiba Inu) to charities in India during the COVID 19 outbreak.

The second-largest wallet has a total SHIB (Shiba Inu) holdings of 70 trillion SHIB or equivalent to 7% of the total circulating supply. Some believed that the holder could be one of the founders. Surprisingly, SHIB’s founder Ryoshi is not among the SHIB whales. 

It has recorded its newest all-time high on Oct. 27 with its price at $0.00008841. SHIB (Shiba Inu) is now ranked at #13 in data by Coinmarketcap with a market cap of $18,625,086,408 in data by Crypto.co.

DOGELON MARS

Dogelon Mars

A cryptocurrency named after Elon Musk and was primarily created with the aim to become the first interplanetary currency. ELON (Dogelon Mars) was built on the Ethereum network and was launched on April 23. There were circulating rumors that Elon Musk was the founder of the token but there was no evidence linking him to the meme token. 

In October, ELON (Dogelon Mars) recorded its all-time high at $0.00000259, increasing by 4000% from merely trading at $0.00000005 at the start of the month. ELON (Dogelon Mars) has now a total market cap of $884,280,637 with a current ranking at #108 in data by Coinmarketcap.

SAMOYEDCOIN

Samoyedcoin

A Solana’s meme coin inspired by Dogecoin aims to be community-owned and fun. Its main purpose was to help grow Solana’s ecosystem by appealing beyond its core, mostly composed of highly technological coins. The introduction of the SAMOYEDCOIN made the community stronger and has increased its appeal to people who have less interest in cryptocurrencies. It has all the benefits of Solana’s blockchain which include high scalability, high speed, and low fees while being a fun cryptocurrency to trade.

SAMO (SAMOYEDCOIN) is now ranked at #403 with a market cap of $126,453,866 in data by Crypto.co. The meme-token has a circulating supply of 2.9 Billion SAMO coins and a total supply of 9.8 Billion.

HOGE FINANCE

Hoge Finance

HOGE (Hoge Finance) is a meme token with the power of DeFi (decentralized finance) which is a combination of a meme and frictionless yield farming. For every buy and sell, a token is burned and HOGE holders get a share of the transaction as a reward. Launched on Feb. 7,  it has a maximum supply of 1,000,000,000,000 HOGE coins.

Ranked at #547 by Coinmarketcap, HOGE (Hoge Finance) now has a market cap of $69,420,045

The rising popularity of these dog-meme tokens can be clearly seen by the tremendous increase in their market caps from the time of their inception. But as an investor, there is a high risk associated with these tokens. There are four notable reasons for this concern. 

  1. They have no real purpose.
  2. Their infinite supply will have a considerable effect on their long-term value.
  3. Many tokens were created with the concept of being a “joke” which may contribute to their extreme volatility
  4. Some were launched out of nowhere and is not ideal for long-term investment or could even be a possible scam

After considering the risk, as an investor, it is very important to always do your own research to avoid losing money. Again, invest only what you can afford to lose. Cryptocurrencies, whether they come in the form of meme-tokens, can become even more volatile if investing is driven by emotion.