Dogecoin, Bonk and Shiba Inu Combine for $25 Billion in Monthly Trading Volume

To say dog-themed cryptocurrencies have gained popularity since Tesla founder Elon Musk first tweeted about Dogecoin in 2019 is an understatement.

Twitter current owner famously saidDogecoin may be my favorite cryptocurrency. Years later, hundreds of dog-themed tokens are garnering similar attention.

As one of the recent Reddit users It pointed outalmost all of the top 10 tokens under CoinGecko’s so-called tokens meme section Mention man’s best friend, whether it’s coins like Dogelon Mars or Doge Killer.

Dogecoin and Shiba Inu are undoubtedly the leaders in this category, but the recent rise and fall of Solana-based Bonk Inu (BONK) has attracted many crypto traders. BONK NFT lineup and kick off undulation At the price of Solana itself.

According to CoinGecko data, BONK launched on December 25th, but the three tokens DOGE, SHIB and BONK accounted for about $25.6 billion in trading volume over the past month. By comparison, Bitcoin accounts for $618.7 billion worth of trading volume.

For the time being, Dogecoin remains the top dog among dog-themed coin execs, with trading volume up last month compared to Shiba Inu’s $7.2 billion and BONK’s $885 million since launch. $17.5 billion.

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It’s hard to tell whether any of the meme tokens will come close to Dogecoin’s surge to 73 cents, the price realized in May 2021. exterior on a comedy show saturday night livehe called the coin “Hustle”, and Dogecoin was later called Plunge 20% in an hour.

Dogecoin and Shiba Inu are currently down more than 86% from their all-time highs, and Bonk Inu is already 76% below its all-time high of $0.00000487 set just 14 days ago.

However, many tokens try to emulate Dogecoin by relying heavily on the name of the token. There are at least 169 cryptocurrencies tracked by CoinGecko that include variations of Doge in their name, and last month he surpassed $323 million in trading volume.

While not directly inspired by the token’s name, Shiba Inu is a riff on Ethereum-based Dogecoin, which launched in 2020, adopting the same dog breed as Dogecoin as the network’s mascot and moniker. This leads us to Bonk Inu, a riff on Shiba Inu itself, but built on Solana, a network designed to compete with Ethereum.

One of the main differences between Bonk Inu and Shiba Inu and Musk’s touted predecessors is that the two new tokens will work with existing proof-of-stake networks. But Dogecoin, like Bitcoin, is a proof-of-work cryptocurrency that is mined and operates on its own blockchain.

Shiba Inu also make up a sizable share of counterfeit goods, with 112 coins having Shiba in their names, with trading volumes surpassing $224 million last month.

As of this writing, the Shiba Inu has increased 6.1% to $0.00001137. start immediately Among other improvements, it implements a write mechanism.

Even the recently announced creation of Bonk token burn, has spawned a handful of scammers such as Dogebonk, Shibonk and Catbonk. According to CoinGecko data, his five coins with Bonk in their name have combined around $253 million in trading volume since the token’s issuance.

Many of these imitation coins may be more volatile or outright fraudulent than the underlying meme tokens. On Tuesday, blockchain security firm PeckShiled warned that her copy of BONK, built on Ethereums sidechain Polygon, suddenly plunged nearly 97%.