Two Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) clones are trending on CoinMarketCap in the late hours of Monday.
What Happened: Mini Shiba (CRYPTO: MINISHIBA) and CyberDoge (CRYPTO: CYBRRRDOGE) trended on CoinMarketCap at press time.
See Also: How To Buy Dogecoin (DOGE)
MINISHIBA traded 30.09% lower over 24 hours at $0.00000001018, while CYBRRRDOGE traded 21.6% lower at $0.000000000138 in the same period.
DOGE traded 2.09% lower at $0.20 over 24 hours, while SHIB traded 0.61% higher at $0.000006294.
Why It Matters: Mini Shiba claims to be the son of Shiba Inu — reminiscent of Baby Doge Coin (CRYPTO: BABYDOGE), which claims to be the son of Dogecoin.
CyberDoge is a self-described deflationary token on the BSC network that claims to automate earning process by creating “autonomous friction less yield farming and liquidity generation.”
While Cyberdoge is promoting itself by announcing a giveaway of a Tesla Inc (NASDAQ:TSLA) made Cybertruck when they reach a certain market cap threshold, Mini Shiba recently concluded a meme competition.
— CybrrrDoge (@CyberDogeDefi) August 2, 2021
Winners of the meme competition
Check your wallets as you have now been rewarded for your amazing memes. Congratulations pic.twitter.com/H9AyxbGO1k
— Mini Shiba Inu Token (@MiniShiba_Token) August 2, 2021
There is no dearth of DOGE-inspired cryptocurrencies in the market as a number of coins have emerged thanks to the popularity of the Shiba Inu-themed cryptocurrency.
Benzinga’s Take: Investors should conduct due diligence before investing in cryptocurrencies with small market capitalization and volumes regardless of promotion by backers or celebrity endorsement.