If you think meme coins are going to the dogs, you might be right.
Four of the five most popular meme coins based on market capitalization sport some kind of canine image.
Dogecoin, which features the image of the Shiba Inu dog as its logo and namesake, racked up a market cap of $22.19 billion, at the time of printing, according to CoinMarketCap, making it the most popular.
The crypto is considered the first of the so-called “meme coins,” which are inspired by a meme or has some humorous characteristic.
It was created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a “joke”, making fun of the wild speculation in cryptocurrencies.
The second most popular crypto is Shiba Inu, which has a market cap of $16.23 billion.
The coin was named after the Japanese breed of dog and was created in 2020 by an anonymous person or group known as “Ryoshi.”
Dogelon Mars, another dog-themed crypto, is the third most popular meme coin, with a market cap of $696.66 million. The coin was inspired by Tesla (TSLA) – Get Tesla Inc Report CEO Elon Musk and its name is a combination of Musk’s name and Dogecoin.
Next on the list is Samoyedcoin, coming in with a market cap of $85.87 million. The coin, which was inspired by Dogecoin, is named after the samoyed, a breed of dog originating in East Europe.
And rounding out the top five is MonaCoin, which has a market cap of $73.65 million.
Predominantly used in Japan, MonaCoin was launched in 2013. It is named after the “Mona”, a cat-like figure and created by an anonymous “Mr. Watanabe.”