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Dogecoin is an increasingly popular peer-to-peer cryptocurrency. However, its story is not as illustrious as more famous digital assets, such as Bitcoin or Ethereum. On the contrary, this coin was born from a meme, an internet joke with underlying humorous connotations.
Several other cryptocurrencies surfaced on the market this way. However, Dogecoin’s luck came from celebrity endorsements, such as Snoop Dogg and Elon Musk. That’s how it managed to become the eleventh largest cryptocurrency by market cap.
In the beginning, many crypto experts were uncertain of Dogecoin’s future. While many people mocked it, they did not think this cryptocurrency would ever get to the top. Today, Dogecoin has made it there, and it has to face the rivalry of its own clones.
This article looks at the different types of Dogecoin clones and how they have impacted the crypto market.
What Is Dogecoin?
Dogecoin operates similarly to Bitcoin, Ethereum, Litecoin, and other cryptocurrencies. It is a peer-to-peer decentralized virtual currency that aids in improving the speed, security, and scalability of transactions. Thanks to the Scrypt Technology in its Proof-of-Work consensus protocol, this coin is a direct derivative of Litecoin.
Originally, Dogecoin served as a tipping reward to content creators across various social media platforms, including Twitter, Reddit, and Imgur. Then, people found out about it and started tweeting about the meme that inspired it initially. However, that was in 2014, and it took this altcoin over 7 years to increase its value significantly.
In the first four months of 2021, Dogecoin’s price skyrocketed to all-time highs. Furthermore, it surged by over 500% within a single day. This incredible rise in popularity convinced some other developers to jump on its bandwagon by creating Dogecoin clones. Today, several such assets operate on the market with various degrees of success.
Doge Wars: Which Doge variants are the most popular?
The Doge Wars started due to the increasing number of Doge-like coins variants. Its combatants are several clones of the original Dogecoin. And, their goal is to become the ultimate “one true Doge.”
The most popular Dogecoin clones include:
Baby Dogecoin is a meme-based and low-value cryptocurrency that Dogecoin fans developed. You may know it as the Sith, which is its alternative Star Wars-like rival to Dogecoin’s Luke. Nevertheless, this token seeks to provide faster and more secure transactions than the original Dogecoin. Currently, it is worth about $0.0000000002588.
DogeCash launched in October 2018 as one of the first Dogecoin replicas. However, its purpose is to support charitable contributions. It trades on StakeCube and features a circulating supply of 14,83 million tokens. Currently, the altcoin is trading at $0.04133.
Kishu Inu (KISHU)
As a Doge knockoff, this ERC-20 coin launched in April 2021 and trades on Uniswap and Cointiger. Since then, it has surged over 58% and trades at a meager price. The maximum supply of this token is 100 quadrillion coins.
Shiba Inu (SHIBU)
This Dogecoin imitator claims to be the “Dogecoin Killer.” Its developers built it as an ERC-20 token on Ethereum. At the moment, it is trading on Uniswap and ShibaSwap, the token’s proprietary exchange.
However, critics state that this token is likely to take longer to hit the $1 mark than the original Dogecoin. Also, it’s worth noting that investors can hold trillions of Shiba Inu tokens at a time.
Nano Dogecoin and the rest of the Doge gang
The Jedi’s, also referred to as these Doge clones, are among the most popular Doge variants in the crypto space. In particular, Nano Dogecoin is a Binance Smart Chain-based crypto token trying to become the ultimate heir of Dogecoin. Recently, it has attracted many customers, hence becoming the talk of the crypto market.
Additionally, this token gained popularity due to its viewpoints about animal changes and welfare around the world. By September 2021, this token’s price shot up by 5000%. Despite its increasing price, many critics refer to it as having a bull run effect. This means that it is likely to lose its current price stance in the future.
Trading on PancakeSwap, this Doge variant features a maximum supply of 1 billion tokens. UnderDog is a community-based project with a unique burn and reward technique. It is currently trading at $0.00008421.
As a one-for-one representation for Dogecoin, renDOGE developed on Ethereum’s blockchain and trades on Linkswap and Uniswap. This token features an open protocol that aims to facilitate the movement of value between different blockchain networks. It’s also worth noting that this token surfaced in January 2021 and is currently trading at $0.2319.
DOGE Token (DOGET)
Many refer to it as the more efficient and ‘greener’ version of Dogecoin. That’s because the DOGE token provides low-cost and faster transactions without compromising on safety. With a maximum supply of approximately 9 billion coins, this token has a current trading price of $0.00145.
Another famous Doge variant is the DOGE Killer. Operating on the Ethereum blockchain, this coin saw a significant rise in September this year. The unique feature of this token is its limited supply of only 107,647 coins. In turn, this makes it highly volatile. Its current trading price is $2,797.
Originating from a 100% digital community, half of its profits go to its developer, Vitalik Buterin. To this end, the other half goes to the Uniswap poll. Husky Token functions similarly to Shiba Inu, with only a difference in the token metrics. Its current trading price is $0.000000494.
Although Dogecoin’s popularity is steadily on the rise, the future of its many Doge variants is unpredictable. However, as Dogecoin continues to go up the ranks, these variants may also follow suit and surge.