Chiko the Shiba Inu dog watches Netflix and draws love hearts
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Amid the ongoing dogfight between the top crypto-canine tokens Dogebonk (DOBO) has soared in value by 21,000 times in less than one month. Its growing popularity is fuelled by its intensive grass-roots advertising campaign where it positions itself as “a social response to the madness incited by Shiba Inu”. In a matter of weeks since the coin’s inception, the founders have spent tens of thousands taking their war against Shiba Inu to advertising billboards in New York, London, Sydney and Brisbane.
The marketing lead from the Dogebonk community G. Broe, spoke to Express.co.uk and said: “When comparing the communities, the Shib Army photoshopped a Shib billboard onto Times Square, we actually went ahead and made one.”
This was in reference to a Dogebonk billboard that appeared in Times Square, New York, last week.
Members of the Dogebonk community have the Shib Army firmly in their crosshairs.
The Dogebonk marketing lead has called the month-old cryptocurrency, “the anti memecoin” in reference to Shiba Inu being a memecoin that has no connection to the world of memes.
The cryptocurrency rival to Shiba Inu has now caught the attention of Arthur Hayes, the co-founder of BitMex, one of the world’s leading cryptocurrency derivatives exchanges.
Mr Hayes in a blog post released on Thursday revealed his awareness had turned to three memecoins warring for dominance in this embattled corner of the crypto-ecosystem, he said, “I want Dogebonk, Shib, Floki and any other memecoin.”
Meanwhile, the jockeying for position continues unabashed between Dogecoin and Shiba Inu, with Shib now being knocked into eleventh place by market capitalisation, Dogecoin has regained its ninth place in the crypto-top ten.
The Ship Army has ambitiously declared that their Shiba Inu cryptocurrency will attain a value of $1.
However, in terms of market capitalisation, for Shiba Inu to reach this target, it would need to increase in value forty-fold.
For Shiba Inu to even increase tenfold it would need a capital flow that would increase its market cap to one similar in value to Ethereum, which is very unlikely to happen.
This is why many cryptocurrency experts warn that Shiba Inu’s days of rapid growth are over.
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Speaking to Express.co.uk about the ongoing war between canine coins in the crypto-sphere Waseem Mamlouk, VP Capital Markets, said: “Shiba doing a 10X from here would mean that most of the investors within the crypto space would have to choose it over the highly successful and much more highly utilised tokens and projects out there which is extremely unlikely and I would even say it’s near a 0 percent chance that it would happen.
“Even if the project temporarily gets enough liquidity pumped into it to raise the market cap even higher than where it is it still will not be a viable platform or utility technology of any kind.
“As for the store of value proposition we already have the king of them all, Bitcoin, and there is absolutely no chance that something like a Shiba would ever come close.
“In general meme coins and meme coin conflicts are not necessarily constructive to the overall market because they are not creating real value in terms of utility or actual features that can be employed to make better use cases for crypto globally and this is the reason why they are all destined to disappear one day.”
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