Cryptocurrency k9 - Doge Coin and It's Mascot, the Shiba Inu
Chances are you’ve seen DogeCoin in the news recently. The so-called meme cryptocurrency blew up back in May with everyone from the New York Times to Elon Musk raving about it.
What started as a joke crypto, began to pick up traction and reached all-time highs. Penny stocks turned into overnight riches for some and left many people wondering what the story is behind it all.
As doge lovers, we couldn’t resist finding out for ourselves. So here’s everything you need to know about how one Shiba became a worldwide sensation.
Back in 2008, before Dogecoin existed, Japanese nursery school teacher Atsuko Sato rescued a Shibu Inu who she called Kabosu. She adopted her from a puppy mill that was closing. Her namesake comes from the round citrus fruit of the same name, as it reminded her owner of her beautiful round face.
Sato set up a blog about Kabosu and her other pets (which is still active today if you’re interested!). In 2010, she innocently uploaded a picture of Kabosu which exploded into an internet sensation. Meme after meme was created, receiving worldwide attention.
That photo is the same image you’ll recognize from Dogecoin today.
A Meme Coin
Cryptocurrency might be all the rage now, but back in 2013, it had a dubious reputation. Financial analysts, bankers, and stock market traders all laughed about how ridiculous the concept was while people flocked to the burgeoning currency.
Software engineers Billy Markus and Jackson Palmer also found the entire market a joke. So much so, that they set out to prove just how much of a joke it was by creating one themselves.
So they took the existing doge meme and created a cryptocurrency fit for purpose.
But the internet, being the internet, found this very funny and began to heavily invest in the currency. In the first 30 days of its launch, dogecoin.com had more than a million visitors.
The currency jumped from $0.00026 in value to $0.00095 in value in the first month. What began as a joke started looking like a legitimate investment to some.
Ups and Downs
Like all cryptocurrencies, Dogecoin has hit its highs and lows over the last decade. The initial jump was met with a crash, the Dogewallet platform experienced a major hack and there was a major crash of the entire cryptocurrency market in 2018.
However, in July 2020, Dogecoin met TikTok. A trend for the coin to hit $1 gained traction on the viral platform. In January this year, Dogecoin’s value shot up by more than 800% in 24 hours.
Celebrities have jumped on this trend since with everyone from Elon Musk to Snoop Dogg to Gene Simmons hopping on the so-called rocket to the moon. Musk himself tweeted stating he was funding a SpaceX rideshare mission funded exclusively by Dogecoin.
This brings us to May of this year. The cryptocurrency hit an all-time high of $0.72 with a market capitalization of $85.3 billion. Not bad for a coin with such humble beginnings!
But all good things come to an end. At the time of writing, the coin is worth $0.31.
What’s next for the coin?
Who knows. The cryptocurrency market is volatile and easily influenced.
Michael Burry, famed for his involvement in the 2008 financial crash claims the entire market is a bubble. One that according to his research and knowledge will inevitably crash.
But other investors have higher hopes for the coin. They predict it could hit $1 in value by the end of the year. There’s a subreddit with over 2 million subscribers who are hoping for the coin to do exactly that.
All this to say, your guess is as good as ours.
And the dog who started it all?
Shiba Inu: Breed Overview
Kabosu is 15 years old now and still going strong!
In an interview many years ago, Kabuso’s owner was asked why she thought Kabuso was so appealing to the internet. She said Kabuso has a very different temperament to most Shibas as she is calm and gentle.
Her guess is a good one. Shiba Inus were first bred to be hunting dogs in their native Japan.
Because of this background, they tend to be independent, proud, and often outright aloof.
Despite their smaller size, they can make good guard dogs as they are alert and protective. They have a distinguished vocalization known as a ‘Shiba scream’. Though in most instances, these pampered pooches will only emit this noise when they deem something unacceptable!
Many people who fell in love with the breed due to the memes went out and got their own Shibas. They’re now a popular companion dog in the United States.
But don’t let their stunning looks deceive you. These dogs make excellent companions, but only if you have the willpower and patience to train them.
While the breed is very intelligent, their proud nature means they can be stubborn. For first-time dog owners, training a Shiba may prove a challenge. This dog knows what you want him to do, he just might not feel like doing it!
Shibas can also be wary of both new people and dogs, so good socialization early on in life is vital to healthy, well-adjusted adult dogs.
Because of their high prey drive from their hunting background, Shibas are not suitable to be off the leash in most instances. They were bred to love the chase and they still do despite their domestication.
Despite these challenges, this breed makes a loving and loyal companion for many happy owners.
Learn More About Dogs
The Shiba Inu is a unique character, which likely contributed to its popularity online and eventual transition into the cryptocurrency market. The rescue dog who started it is still living a pampered life in Japan with her owner and remains a stunning example of the breed.
We don’t often cover cryptocurrencies, but if you’d like to learn more about training guard dogs and sniffer dogs, make sure to have a look at our blog.