Canine-inspired tokens, including Dogecoin and Shiba Inu, saw around $25 billion in trading volume in the past month.
Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk Inu (BONK) have collectively accounted for $25.6 billion in trading volume within the past month. By comparison, leading crypto Bitcoin (BTC) has accounted for $618.7 billion worth of trading volume in the same period.
Nonetheless, the canine-themed digital currencies’ recent trading volume underscores how popular they are still. DOGE and SHIB remain the leaders in this category, with the former being the top dog. As it stands, Dogecoin saw $17.5 billion in trading volume over the past month compared to SHIB’s $7.2 billion. Meanwhile, the Solana-based BONK, arguably the least-known of the trio, has done $885 million in trading volume since its December 25th launch. In addition, Bonk Inu’s roller-coaster price trajectory has also inspired a non-fungible token (NFT) collection and induced a Solana price surge.
The three digital assets still managed considerable trading volume despite a massive downturn from their all-time highs. DOGE and Shiba Inu are currently at an 86% drawdown from their record highs. In addition, BONK is trading 76% lower than its highest price of $0.00000487, set just two weeks ago.
Unlike Shiba Inu and Bonk Inu, which operate on existing proof-of-stake (PoS) networks, Dogecoin is a proof-of-work (PoW) token. This makes DOGE similar to Bitcoin because both digital assets are mined and operate on their own networks.
The Musk Effect
Dogecoin has famously benefitted from Elon Musk’s endorsement since 2019 and became a meme coin in 2021. On several occasions, the Tesla CEO touted DOGE’s applicability for several dynamic transactions – over Bitcoin (BTC) and Ether (ETH). In addition, Musk also frequently described the digital currency as his favorite crypto and considered accepting it as payment for Tesla cars.
Alongside DOGE, Musk also embarked on a high-profile promotional sequence for Shiba Inu crypto. At the time, the brash Tesla boss even acquired a real-life Shiba Inu breed to further his cause. In late 2021, the billionaire businessman frequently posted well-documented pictures of his Shiba Inu puppy named ‘Floki.’ At the time, Musk’s antics helped to drive up the price of the namesake crypto and brought invaluable visibility to SHIB.
Dogecoin, Shiba Inu Trading Volume Inspires Other DOGE-centric Crypto Monikers
Several tokens out there seek to leverage Dogecoin’s name by including some variation of ‘Doge’ in their own names. According to CoinGecko, at least 169 digital currencies are guilty of this perceived promotional gimmick. However, the strategy is paying off as these Doge-influenced digital assets saw more than $323 million in monthly trading volume.
Amid the recent Dogecoin and Shiba Inu trading volume development, it remains unknown if any meme coin would match DOGE’s meteoric rise. The most popular canine-themed crypto once reached 73 cents in May 2021 before Musk made a televised appearance. However, following the outspoken businessman’s comments on ‘Saturday Night Live’ at the time, Dogecoin sank 20% in a single hour.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
