2019, elon musk’s tweet about dogecoin sparked a surge in the popularity of dog-themed cryptocurrencies. dogecoin, shiba inu, and bonk became the most prominent tokens in this category, with dogecoin reaching its highest price of 73 cents in may 2021. 169 cryptocurrencies that included some variation of doge in their name also saw over $323 million in trading volume in the past month, while tokens with shiba in their name saw over $224 million.
Surge in popularity began in 2019, when elon musk tweeted about it. since then, the three tokens have seen around $25.6 billion in trading volume over the past month. dogecoin, shiba inu, and bonk have since dropped significantly, with dogecoin and shiba inu down 86% and bonk 76% from their all-time highs. bitcoin, on the other hand, has seen $618.7 billion in trading volume over the past month.
Surge in these tokens was due to the attention they received from elon musk, as well as the fact that they are seen as alternatives to bitcoin. this attention has also sparked the creation of various copycat coins, such as dogebonk, shibonk, and catbonk, which have a combined trading volume of $253 million. despite the potential benefits of these tokens, they can be more volatile than the meme tokens they’re based on and may even be scams. blockchain security firm peckshield recently alerted that a copy of bonk built on ethereum sidechain polygon had plunged nearly 97% out of the blue.