May 11 - Dogecoin copycats are driving up Ethereum fees

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 1 month ago '07        #1
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May 11 - Dogecoin copycats are driving up Ethereum fees

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If imitation is the most sincere form of flattery, then recent efforts to mimic dogecoin represent a genuine appreciation for the surge in demand for the meme a*sets. However, some market participants are concerned that a proliferation of dogecoin copycats might end badly for digital-asset investors.

One virtual, China-based cryptocurrency, Shiba Inu, which was minted recently and modeled as a “fun” crypto a la dogecoin DOGEUSD , has seen its value surge in recent weeks along with dogecoin and some complain that it is having a negative effect on the broader crypto market.

The coin, which is sometimes described as an alternative, if not a rival, to dogecoin, has surged more than 1,500% in the past seven days. Even with this rally it was last changing hands at $0.00003296, according to crypto data site CoinMarketCap. com.

SHIB, which presumably derives its name from the fact that dogecoin is pegged to the image of a Shiba Inu dog, is now the 19th largest crypto in the world. Dogecoin stands as the fourth largest crypto, according to CoinMarketCap.com.

Creators of SHIB describe it “as an experiment in decentralized spontaneous community building,” and have dubbed it a “DOGECOIN k*llER,” on the website. The creators are also trying to market two other cryptos loosely pegged to SHIB known as Leash and Bone.

Sound like a joke?

The Wall Street Journal wrote last week that dogecoin’s stratospheric run-up has spurred investors to turn their attention to “newer digital a*sets such as DigiByte, VeChain and SafeMoon” in the hunt for cheaper alternatives but the proliferation of dogecoin doppelgängers also seems to be feeding into the fervor for speculative gains.

A number of other coins being billed as dogecoin dopplegangers also have been drawing attention. Those rivals include Kisha Inu, which trades under the ticker KISHU and is marketed as “a community-focused, decentralized cryptocurrency with instant rewards for holders.”

Dogelon Mars trades under the ticker ELON and refers to itself as “a fair universal currency for the people,” on its website, trying to leverage from dogecoin’s everyman appeal and Elon Musk’s avid promotion of dogecoin as a viable virtual currency.

ELON’s says it shouldn’t be thought of as a “meme currency” and calls itself a “real project that will be constantly evolving,” on its website. Corgi Shiba-Inu, COSHI, is thought of as another copycat.

Larry Cermak, director of research at crypto data provider The Block, on Monday said that the proliferation of dogecoin copycats was causing spikes in transaction fees.



 1 month ago '20        #2
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 1 month ago '15        #3
S U P R E M E 
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this sh*t said nothing about eth fees.


 1 month ago '21        #4
nodayzoffatl  topics gone triple plat - Number 1 spot x3
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i just wanted to post this gif


 1 month ago '20        #5
Gen Anti Fruit  topics gone triple plat - Number 1 spot x7
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