- Dogecoin's latest spin-off, DOG, represents fractional ownership of Shiba-Inu-faced non-fungible token.
- Cryptocurrency analyst states that institutional short-sellers of Dogecoin are pulling back and holds bullish outlook.
- Shiba Inu-themed cryptocurrencies on layer-2 scaling solutions Arbitrum, ASHIB and ArbiFloki compete with SHIB and DOGE.
- An important update on DOGE nodes fuels Dogecoin's current price rally.
A collective of DeFi's early adopters and collectors offer millions of fractions of the Shiba-Inu-themed NFT at $1 each. Several copycat meme coins compete with DOGE and SHIB for market share.
Analysts see further upside in Dogecoin and Shiba Inu as price rally continues
A Dogecoin analyst on crypto Twitter behind the handle @TDogeWhisperer shared an update on the DOGE network. It states that currently, 205 computers are running DOGE's newest update and calls more nodes to upgrade to 1.14.4 to secure the network and lower the transaction fees.
DOGE is popularly used for making transactions, and a reduction in fees is set to increase the meme coin's adoption by businesses.
Update on #dogecoin Nodes:
— Doge Whisperer (@TDogewhisperer) August 29, 2021
205 computers are currently running the newest update. More nodes need to upgrade to 1.14.4 & more NEW nodes are needed
Once a higher % of new nodes are running a new update will be released
It helps secure the network & lower the transaction fees pic.twitter.com/9rJInesewI
Analysts have noted an increase in the number of DOGE and SHIB copycat cryptocurrencies. Interestingly, DOGE's newest rival, DOG, is a fractionalized non-fungible token collectively owned by PleasrDAO.
Decentralized finance's adopters and collectors have teamed up to form PleasrDAO, and this collective paid $4 million for the NFT that is set to be auctioned. The NFT bears a 2010 image of the original Shiba Inu named "Kabosu."
Jamis Johnson, chief pleasing officer of PleasrDAO, states,
Doge is unquestionably the king of all memes, and PleasrDAO could not be more excited to invite anyone in the world to own a piece of something so integral to the cultural history of the internet.
The planned batch auction sale will take place on a decentralized finance protocol, Miso. SushiSwap, a leading DEX, will list the token for trade alongside DOGE after the token sale.
An Ethereum layer-2 scaling solution, Arbitrum hosts two Shiba-inu themed copycat projects, ArbiFloki and ASHIB. As these cryptocurrencies gain traction, the competition further intensifies.
A pseudonymous NFT collector and crypto investor, @LilMoonLambo, states that Arbitrum is high risk and notes that he bought two tokens – ASHIB (SHIB fork) and ArbiFloki (FLOKI fork).
Arbitrum is high risk right now so you shouldn't be buying anything on there, but I am going to take a shot at some of these
— LilMoonLambo (@LilMoonLambo) September 1, 2021
I bought $ASHIB which I can guess is a $SHIB fork on Arbitrum
ArbiFloki, which is a $FLOKI fork
And $ARBYS
Interestingly, Shiba-Inu-themed coins have witnessed a rise in demand with increasing social media mentions over the past two weeks. As Dogecoin crossed the 30-cent resistance, top crypto Twitter analysts Kaleo, The Crypto Dog and Pentoshi expect further upside to the meme coin.
FXStreet analysts evaluate Dogecoin as it approaches stiff resistance on its way to the next target at $0.40.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.