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Dogecoin Leads the Pack—But These Dog Coins Are Running Up Gains Too

Dogecoin Leads the Pack—But These Dog Coins Are Running Up Gains Too

CointimeCointime2024/11/15 10:51
By:Cointime

From decrypt by André Beganski

Dogecoin Leads the Pack—But These Dog Coins Are Running Up Gains Too image 0

Dogecoin  isn’t the only dog in town when it comes to red-hot crypto coins.

While the meme coin fetched its highest price in more than three years this week,  rising to about $0.43  as tech CEO Elon Musk defended  the asset’s tokenomics , a cadre of canine-themed contemporaries have meanwhile jockeyed for pack position.

Resembling Dogecoin’s 100% leap over the past week to a current price of nearly $0.40, as of this writing, dog-themed meme coins on  Solana  and  Ethereum  have jumped as animal spirits run relatively rampant, following President-elect Donald Trump’s White House victory and Musk-led embrace.

As the 12th largest cryptocurrency by market cap, the Ethereum-based token  Shiba Inu  ( SHIB ) has climbed 32% to $0.000025 over the past week. However, it’s far from a pack leader, with meme coins on Solana like  Dogwifhat  ( WIF ) notching greater gains.

Launched last November, the once-obscure token hit an all-time high price of $4.83 in March amid an industry-wide bout of  meme coin mania . The token, which trades on little more than vibes, has jumped 71% over the past week to $4.04 after crypto exchange  Coinbase listed the token .

Dogecoin Leads the Pack—But These Dog Coins Are Running Up Gains Too image 1

Not long before, the meme coin  Bonk  ( BONK ) got its own listing bump as Binance.US  said  traders could access the token on its platform for American users. Billed as the “social layer” of Solana, the token’s price has similarly increased 71% in price over the past week to $0.000038.

Another Ethereum-based dog coin has posted nearly as sizable gains, however, 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.

Appointing  Musk and entrepreneur Vivek Ramaswamy to lead a so-called Department of Government Efficiency, also known as D.O.G.E., earlier this week, the president-elect has featured DOGE in  press releases  and  t-shirts  available for sale. The exposure has benefited an unaffiliated project that leans heavily into Musk’s pitch, alongside a dash of crypto lingo.

“Our mission is to decentralize the narrative around government spending,” a website for a meme coin called the Department of Government Efficiency  claims . Among memes as well as merch that’s “coming soon,” the project also features pages tracking government debt and spending.

The project’s tokens, launched on Ethereum and Solana days after Musk said he was “ willing to serve ” in Trump’s name, have respectively climbed 334% and 326% over the past week. With current market caps well below Dogcoin’s $58 billion, however, they could perhaps be considered mere puppies in the meme coin world.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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