Dogecoin And Shiba Inu Remain Top Dogs In The Crypto Universe
Andy Hecht | Dec 06, 2021 08:06AM ET
This article was written exclusively for Investing.com
- Sense of humor in the cryptocurrency world
- Elon Musk loves those Shibu Inus
- Dogecoin remains one of the best in show
- Shiba Inu: another top-tier canine digital coin
- High risk in these canine coins
PR is a powerful tool. In the cryptocurrency world, with hordes of investors and traders attempting to sniff out the next big winner, following a top dog has been a profitable strategy over the past year. And solid public relations can help boost the profile of any token, ideally shifting them from the middle to perhaps the front of the pack.
If the world's wealthiest person, Elon Musk, is the PR 'representative' for a digital token, imagine the momentum that token could enjoy, not to mention the elevated pricing. Indeed, Musk is a big supporter of cryptocurrencies. When asked how regulators should handle the asset class, he responded by saying they should “leave it alone.”
In the past he's put in a good word for Dogecoin (DOGE) which was the first crypto to use a canine as its symbol. DOGE was founded as a goof on the asset class. However, its ascent to the crypto top—in an asset class with over 15,000 tokens—is hardly a joke.
Any asset is only worth a level where buyers and sellers meet in the marketplace. Clearly, a little help from the world’s wealthiest person can go a long way.
h2 Sense of humor in the cryptocurrency world/h2Mark Twain said that “humor is mankind’s greatest blessing.” Mel Brooks said, “Humor is just another defense against the universe.” In that spirit, software engineers Billy Markus and Jackson Palmer created a payments system as a “joke” in 2013, making fun of wild speculation in cryptocurrencies.
Markus refers to himself as “Shibatoshi Nakamoto," a goof on Bitcoin’s mysterious founder Satoshi Nakamoto.
Little did they realize that their adorable Shibu Inu, the meme they chose for their "joke" digital currency, would brand their jest into one of the leading cryptocurrencies, one that's survived and thrived over the past seven years.
Moreover, Dogecoin begat a massive litter of other Shibu Inu-based cryptos in what the founders of the original token likely believe is a world gone mad. There is a fine line between humor and tragedy and even a finer line between genius and insanity.
h2 Elon Musk loves those Shibu Inus/h2Elon Musk is a character in a myriad of ways. He's also a prominent mainstream and social media personality considered by many to be a visionary, based on his founding of electric car manufacturer Tesla (NASDAQ:TSLA). Musk adopted the cause of the DOGE crypto and by PR'ing it extensively lifted the digital token to a level of value only a very prominent person could.
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Source: India Today
Musk embraced DOGE, challenging developers to submit upgrade proposals and requesting miners update their software to the latest version. He declared that Dogecoin could “ ” if it lowers fees and speeds up transaction times.
Source: Twitter
Enhancing his promotion of the Shiba Inu coin, during September 2021, Musk welcomed a new family member, “Floki,” a Shiba Inu puppy.
Just months later, on Dec. 3, 2021, there were more than one hundred Shiba-related tokens on Best in Show honors at the Kennel Club of Philadelphia's National Dog Show. The winner in 2021 was Claire, a Scottish Deerhound, her second consecutive year in the top spot. Meanwhile, Dogecoin remains the Best in Show among the Shiba-related tokens in the cryptocurrency universe.
In an asset class of over 15,189 tokens as of Dec. 5, DOGE had the eleventh highest market cap. At $0.1654, it was worth over $21.56 billion.
Source:
The chart shows the rise from $0.00020 in 2013 to a high of $0.6848 on May 6, 2021. $100 invested in 2013 was worth over $340,000 at the high.
h2 Shiba Inu: another top-tier canine digital coin/h2If Billy Marcus, aka Shibatoshi Nakamoto, developed DOGE as a joke, its success has been a laugh riot that's taken him all the way to the bank. Moreover, DOGE has given birth to a slew of 'offspring' tokens, with Shiba Inu (SHIB) vaulting to the top tier of the digital asset class.
Not far behind DOGE on Dec. 6 at number 13, SHIB is currently trading at $0.000034 with a market cap over $18.52 billion.
Source:
The chart shows the ascent of the token since it came to market in August 2020.
h2 High risk in these canine coins/h2DOGE and SHIB are the only two canine tokens in the top tier of the cryptocurrency hierarchy, but there are more than a hundred more out there floating around in cyberspace. DOGE and SHIB are now far from being jokes, given their nearly $40 billion combined market cap.
But beware, these canine tokens, and all other cryptocurrencies, are risky investments. Anyone buying them needs to understand that every dollar invested is at risk. The risk is always a function of the potential reward. Turning $100 in 2013 into over $300,000 at the high in DOGE is an incredible return. The risk is commensurate with the profits. Only invest what you are willing to lose.
Meanwhile, the Shiba Inu is a precious dog, and as the old saw notes, all dogs can be a person's best friend. However, a canine crypto could become your worst enemy if you put all your bones...er bucks, in one bowl.
Be careful out there; the hype on these cryptos is off the charts. It's critical to realize there's a fine line between comedy and tragedy, similarly between profits and serious losses.
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