There have been several significant updates that have occurred in the dog meme coin space over the past week. Let’s check out some of the biggest stories to make the news.
New “Baby Doge” Takes Centre Stage courtesy Elon Musk.
After Dogecoin, Elon Musk has brought another meme cryptocurrency into sharp focus, Baby Doge. Musk tweeted about the new Dogecoin spin-off and saw its value skyrocket. Since Musk’s tweet, Baby Doge’s value has surged by 98%, although he has also received considerable flak from the crypto community.
Baby Doge is likely to be highly volatile, and a meme currency based on an already existing meme currency isn’t exactly a great investment option. The meme coin’s description on CoinMarketCap reads:
“Baby Doge seeks to impress his father by showing his new, improved transaction speeds & adorableness. He is Hyper-deflationary with an integrated smart staking system built-in, so more baby doge are being added to your wallet. Love, pet, and watch your baby doge grow.”
Dogecoin Heavily Influenced By Social Media Mentions, Suggests IBM Data
Analysts at IBM Data and AI Unit have said that cryptocurrencies like Dogecoin are heavily influenced by social media sentiment than established players like Bitcoin. The correlation between mentions and price was estimated to be at 0.74. Hardly surprising, considering that Dogecoin has been at Musk’s mercy.
Elon Musk and other billionaires/celebrities managed to push Dogecoin into becoming one of the largest cryptocurrencies in the market. However, Dogecoin hasn’t had much luck recently, with Musk’s tweets failing to get the response that community members hoped for.
Robinhood Files For IPO On The Back Of Dogecoin Demand
Robinhood, the stock and crypto trading service, has filed an S-1. This is in preparation for its upcoming IPO. The document was published on the website of the US SEC earlier this week. Robinhood has stated that it aims to raise around $100 million through the IPO, although that number could change in the future.
The IPO will see up to 35% of Robinhood shares made available to investors, while banks such as Citigroup, Barclays, JPMorgan, Wells Fargo, and Goldman Sachs will serve as underwriters. Robinhood follows Coinbase in becoming only the second trading company in the crypto space to run an IPO. Popular exchange Kraken is also planning an IPO in 2022.
Qualities That Elon Musk Likes About The Dogecoin Community
Elon musk has liked Dogecoin creator Billy Markus’s open letter that he wrote almost six months prior. The letter talks about qualities such as kindness, empathy, fund, and creativity while also talking about silliness and absurdity. The Dogecoin creator re-shared the letter to check how the Dogecoin community is doing today.
Party for Dogecoin
The Million Doge Disco is an augmented reality game officially launched last week, with millions joining the party for Doge. The game looks like a combination of Pokemon Go and a dance party and encourages people to upload a video of themselves dancing with an animated Shiba Inu. Participants can also go treasure hunting and earn DOGE NFTs and prizes from a pool worth millions of Dogecoins.
Coin Bureau Backs Shiba Inu To Become A Surprise Player In Ethereum Ecosystem
Coin Bureau’s head may be changing his mind about Shiba Inu (SHIB), the Dogecoin copycat. In a video where he talks almost entirely about Shiba Inu, he states that he has been following the project since its Coinbase Listing.
Shiba Inu is one of the cryptos in this category, and it’s one that I’ve only ever mentioned in a negative context. But when I heard that Coinbase would be listing SHIB, however, I began to consider the possibility that there might be more to Shiba Inu than meets the eye.”
The analyst also suggested that the project could have close ties with the Ethereum ecosystem.
“Where Shiba Inu and Dogecoin differ are the connections they have to the crypto community. DOGE is really just a meme and nothing more… By contrast, SHIB is close to becoming a big player in Ethereum’s ecosystem by overcoming the shortcomings of Dogecoin. As community-driven as Shiba Inu is, there definitely seem to be some seriously prolific people behind the project.”
The Top Trending Coins In The US Last Week
Meme coins are trending in the US, data from CoinMarketCap has suggested. With BTC and ETH down to 6th and 10th respectively, the top of the charts is occupied by meme coins. Dogecoin has seen a slowdown lately, but other meme coins continue to interest people. Tokens like the Baby DogeCoin, Shiba Inu, and Doge Killer were the top trending coins last week.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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