In summary
- Dogecoin has reached its highest point in three years, touching $0.43, as other dog-themed tokens also rise.
- Shiba Inu (SHIB), the 12th largest Cryptocurrency, has gained 32% this week, trading at $0.000025.
- Dogwifhat (WIF) and Bonk (BONK) have seen increases of 71%, reaching $4.04 and $0.000038, respectively.
- Floki (FLOKI), inspired by Musk’s dog, is up 64% to $0.00023.
Dogecoin is not the only dog in town when it comes to hot cryptocurrencies.
While memecoin hit its highest price in more than three years this week, reaching around $0.43 as Tesla CEO Elon Musk defended the asset’s tokenomics, a group of contemporary canine-themed tokens have been vying for prominent position in the pack.
Resembling Dogecoin’s 100% jump over the past week to a current price of nearly $0.40, at the time of writing, dog-themed meme coins on Solana and Ethereum have surged while animal spirits run relatively rampant, following the victory in the White House of President-elect Donald Trump and the embrace led by Musk.
As the 12th largest cryptocurrency by market capitalization, the Ethereum-based token Shiba Inu (SHIB) is up 32% to $0.000025 in the past week. However, it is far from a leader of the pack, with meme coins on Solana like Dogwifhat (WIF) achieving greater gains.
Launched last November, the once-obscure token hit an all-time high price of $4.83 in March amid an outbreak of memecoin craze. The token, which is mainly traded on viral news and has risen 71% in the last week to $4.04 after being listed by Coinbase.
Not long ago, meme cryptocurrency Bonk (BONK) got a boost in its price when Binance.US announced that traders would be able to access the token on its platform for US users. Billed as Solana’s “social layer,” the token’s price has also risen 71% in the past week to $0.000038.
However, another Ethereum-based dog cryptocurrency has posted almost as significant gains, as Floki (FLOKI)—inspired by Musk’s own pup of the same name—is up 64% on the week to a current price of $0. .00023.
Naming Musk and entrepreneur Vivek Ramaswamy to lead a so-called Department of Government Efficiency, also known as DOGE, earlier this week, the president-elect has highlighted DOGE in press releases and T-shirts available for sale. The exposure has benefited an unaffiliated project that leans heavily toward Musk’s proposal, along with a touch of crypto jargon.
“Our mission is to decentralize the narrative around government spending,” a cryptocurrency meme website called the Department of Government Efficiency claims. Between memes and “coming soon” merchandise, the project also includes pages that track debt and government spending.
The project’s tokens, launched on Ethereum and Solana days after Musk said he was “willing to serve” on Trump’s behalf, have risen 334% and 326% respectively in the last week. However, with a current market capitalization well below Dogcoin’s $58 billion, they could be considered simply puppies in the world of meme cryptocurrencies.
Edited by Andrew Hayward
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