Dog-themed memecoins are pawing their way back into investors’ hearts

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It appears each time a dog-themed memecoin like Dogecoin (DOGE) or Shiba Inu (SHIB) goes mainstream, one other one lurks within the shadows, ready to pounce on its very personal hype prepare.

The worth of the most recent such memecoin Bonk (BONK), a Shiba Inu-themed Solana token, has elevated by over 400% on the month, based on CoinMarketCap data. The hype for the token and Solana Saga cellphone skyrocketed final week, after house owners of that cellphone came upon they may declare 30 million BONK tokens, value roughly $560 on the time of publication.

The Saga cellphone quickly after bought out of its 20,000 models within the U.S., and Bonk hit an all-time excessive six days in the past. Solana (SOL), the cryptocurrency linked to the layer-1 blockchain that Saga and Bonk are centered on, has climbed greater than 21% on the week, too.

The Bonk hype has pale since, however different Solana-based memecoins like Dogwifhat (WIF) have additionally benefited quite a bit from the curiosity.

A token actually based on a Shiba Inu in a knit beanie, Dogwifhat has risen 42.46% within the final 24 hours, and spiked 864% up to now seven days, on the time of writing. The token at the moment has a market cap of round $218 million, based on CoinGecko data. As compared, Bonk’s market cap is greater than 5 instances that at $1.14 billion.

After all, these aren’t the primary meme-driven canine tokens to take off, and I doubt they would be the final. Nonetheless, these market strikes are signaling that retail curiosity and urge for food is popping towards crypto once more after a protracted bear market.

What’s taking place in web3

The newest pod

For this week’s episode, Jacquelyn interviewed Staci Warden, the CEO of the Algorand Basis, the group behind the layer-1 blockchain Algorand.

Beforehand, Warden labored on the Milken Institute and oversaw initiatives referring to capital market growth, fintech monetary inclusion, cryptocurrencies and blockchain.

Earlier than that she was at JPMorgan, the place she was an government director main public sector protection. She additionally labored at Nasdaq and the U.S. Treasury. Warden sits on the advisory boards for the United Nations Capital Growth Fund, the European Parliament’s Science and Know-how Choices Evaluation and the U.S. Monetary Know-how Affiliation.

As for Algorand, it’s a Singapore-based blockchain that goals to be quick, safe, decentralized and “the greenest” with its carbon-negative community. It had about 615,000 lively addresses on the time of recording.

We mentioned Algorand’s ecosystem, decentralization and actual use circumstances being constructed through the bear market.

We additionally talked about:

Tokenization of property
Foundations behind blockchains
Challenges of increasing within the U.S.
Algorand’s plans for 2024

Subscribe to Chain Response on Apple Podcasts, Spotify or your favourite pod platform to maintain up with the most recent episodes, and please depart us a overview when you like what you hear!

Observe the cash

Monetary web3 information startup Tres raised an $11 million Sequence A spherical
Gaming titan Nexon invested $100 million into its web3 enterprise, MapleStory Universe
Innovation lab web3mine, centered on constructing web3 instruments, raised a $6 million seed spherical
Banking-as-a-service platform supplier Fiat Republic raised $7 million in seed extension
Fyde Treasury raised a $3.2 million seed spherical to assist handle and scale on-chain crypto holdings

This checklist was compiled with data from Messari in addition to TechCrunch’s personal reporting.