Dogecoin might have a high-profile supporter potentially headed to the White House, but it’s not the only canine-themed crypto wagging its tail in the market.
This week, Dogecoin reached a peak price of approximately $0.43—its highest in over three years—fueled by tech mogul Elon Musk’s vocal support for its token-omics.
Over the past week, the meme coin skyrocketed by 100%, bringing its price to nearly $0.40 as of this writing. However, a pack of other dog-themed cryptocurrencies is chasing its heels, with several posting even steeper gains as the market buzz continues to grow.
The Rise of Doge-Inspired Meme Coins
Shiba Inu (SHIB), an Ethereum-based rival, saw a 32% increase in its price, climbing to $0.000025 in the past week. Despite being the 12th largest cryptocurrency by market cap, SHIB has struggled to lead the pack in this latest meme coin frenzy. Tokens on alternative blockchains, such as Solana, have shown even more impressive growth.
Dogwifhat (WIF), a relatively obscure Solana-based token launched in November, has surged 71% over the past week to a price of $4.04. This follows its March peak of $4.83 during a broader meme coin rally. WIF’s recent jump was triggered by its listing on Coinbase, which brought renewed attention to the token.
Another Solana-based token, Bonk (BONK), experienced a similar listing-induced rally. Binance.US announced last week that it would allow trading of BONK on its platform, leading to a 71% price increase to $0.000038. Promoted as the “social layer” of Solana, BONK’s rapid rise reflects its growing appeal among traders seeking meme coin opportunities.
Meanwhile, Floki (FLOKI)—an Ethereum-based meme coin inspired by Elon Musk’s Shiba Inu dog—has also performed well. Floki’s price surged by 64% in the past week, reaching $0.00023. As one of the more established tokens in the meme coin space, FLOKI continues to draw strength from its connection to Musk’s personal brand.
Political Connections Add Fuel to the Fire
In an unexpected twist, President-elect Donald Trump’s announcement of a proposed “Department of Government Efficiency” (D.O.G.E.), with Elon Musk and entrepreneur Vivek Ramaswamy at the helm, has also provided a unique boost to the Dogecoin narrative. The administration has even featured Dogecoin in its promotional press releases and merchandise, drawing widespread media coverage.
An unaffiliated Ethereum and Solana-based meme coin, inspired by this concept, has capitalized on the hype. Dubbed the Department of Government Efficiency token, the project launched shortly after Musk expressed his willingness to participate in Trump’s initiative. Over the past week, the token has surged by 334% on Ethereum and 326% on Solana.
Despite their explosive growth, these tokens remain far behind Dogecoin’s colossal $58 billion market cap, still considered “puppies” in the vast meme coin ecosystem.
dogecoin
A New Era for Meme Coins?
As these dog-themed cryptocurrencies jostle for position, their popularity underscores the enduring appeal of meme coins as speculative assets in the crypto market. With influential figures like Musk and Trump inadvertently fanning the flames of interest, the meme coin space continues to attract both retail and institutional investors.
While Dogecoin may currently dominate, the rapid ascent of these alternative tokens suggests that meme coins are far from a passing trend. Instead, they are carving out their niche in the broader cryptocurrency landscape, fueled by social media hype, strategic token listings, and the allure of quick profits.
Whether these tokens can sustain their momentum or fizzle out like many fads before them remains to be seen, but for now, the meme coin mania shows no signs of slowing down.
Conclusion
The rise of dog-themed cryptocurrencies highlights the dynamic and often unpredictable nature of the crypto market. While Dogecoin remains the undisputed leader of the pack, its success has paved the way for a diverse array of canine-inspired tokens to emerge and thrive. Strategic exchange listings, celebrity endorsements, and creative narratives continue to drive the popularity of these meme coins, capturing the imagination of investors and traders alike.
However, the longevity of this trend depends on whether these tokens can offer more than speculative hype. As the market evolves, the challenge for these projects will be to maintain their relevance and utility in a rapidly growing ecosystem.
