{"id":201004,"date":"2021-10-09T21:00:05","date_gmt":"2021-10-09T20:00:05","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=201004"},"modified":"2021-10-16T02:39:04","modified_gmt":"2021-10-16T01:39:04","slug":"dogefather-does-it-again-why-are-petcoin-meme-cryptos-off-the-leash","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/dogefather-does-it-again-why-are-petcoin-meme-cryptos-off-the-leash\/","title":{"rendered":"\u2018Dogefather\u2019 does it again: Why are ‘petcoin’ meme cryptos off the leash?"},"content":{"rendered":"

While the new generation of Shiba Inu<\/a> dog breed-inspired cryptos continues breaking the charts, the meme coin hype unravels as an influencer-dependent, community-driven market phenomenon.<\/span><\/p>\n

Flokinomics, one of the newer Dogecoin (<\/span>DOGE<\/span><\/a>) knockoff tokens, which started trading following Musk\u2019s recent tweet, pumped another 1,008% in the past 24 hours, according to CoinGecko\u2019s <\/span>data<\/span><\/a>.<\/span><\/p>\n

As the meme coin frenzy continues, the price of another Shiba Inu-inspired crypto, Baby Shiba Inu, pumped an additional 641.2%.<\/span><\/p>\n

Who let the dogs out?<\/strong><\/h2>\n

Branded as \u201cDogecoin killer,\u201d Shiba Inu (<\/span>SHIB<\/span><\/a>) is not only high on the list of Dogecoin spinoff tokens rolled out solely to capitalize on the meme coin hype, but grew to become the 20th largest crypto by <\/span>market cap<\/span><\/a>.\u00a0<\/span><\/p>\n

SHIB saw some of its largest trading volumes <\/span>this week<\/span><\/a>, surpassing those of the world\u2019s most iconic meme crypto, Dogecoin.<\/span><\/p>\n

Alongside other deep-pocketed public <\/span>personas<\/span><\/a>, who showed their support for DOGE, Tesla CEO <\/span>Elon Musk<\/span><\/a> earned himself the \u201c<\/span>Dogefather<\/span><\/a>” nickname for his successful track record in pumping the crypto\u2019s price in the past.\u00a0\u00a0\u00a0<\/span><\/p>\n

As crypto adoption continues gaining traction, more companies <\/span>announce<\/span><\/a> accepting DOGE for payments.<\/span><\/p>\n

Despite the token\u2019s price currently trading 73% below its all-time high (ATH) in May, DOGE pumped 7,544% during the past 12-month period.<\/span><\/p>\n

Banking on the Floki frenzy<\/strong><\/h2>\n

Musk tweeted in June his new Shiba Inu will be named Floki, which resulted in a frantic launch of numerous Shiba Inu breed-inspired tokens.<\/span><\/p>\n

Alongside SHIB, some of them, including <\/span>Floki Inu<\/span><\/a>, attracted huge attention accompanied by substantial amounts of money recently, after Musk introduced his new Shiba Inu puppy on Twitter.\u00a0<\/span><\/p>\n

While crypto\u2019s most notorious <\/span>influencer<\/span><\/a> proved his preference for DOGE and even bought some for his son X, he still hasn\u2019t made a move to accept it for payments at Tesla.\u00a0<\/span><\/p>\n

Musk\u2019s most recent tweet concerning his new pup went viral on Twitter, and while the picture he posted features the new family pooch on a Tesla, investors started speculating if the billionaire is teasing his electric vehicle company accepting payments in DOGE.<\/span><\/p>\n

\n

Hey @elonmusk<\/a> now it\u2019s your turn to accept @dogecoin<\/a> for @Tesla<\/a><\/p>\n

— Doge to the 5$ (@zoominn1) October 6, 2021<\/a><\/p><\/blockquote>\n