Dogecoin and Shiba Inu resume bull rally, undeterred by copycats and fractionalized NFTs
- Dogecoin's latest spin-off, DOG, represents fractional ownership of Shiba-Inu-faced non-fungible token.
- Cryptocurrency analyst states that institutional short-sellers of Dogecoin are pulling back and holds bullish outlook.
- Shiba Inu-themed cryptocurrencies on layer-2 scaling solutions Arbitrum, ASHIB and ArbiFloki compete with SHIB and DOGE.
- An important update on DOGE nodes fuels Dogecoin's current price rally.
A collective of DeFi's early adopters and collectors offer millions of fractions of the Shiba-Inu-themed NFT at $1 each. Several copycat meme coins compete with DOGE and SHIB for market share.
Analysts see further upside in Dogecoin and Shiba Inu as price rally continues
A Dogecoin analyst on crypto Twitter behind the handle @TDogeWhisperer shared an update on the DOGE network. It states that currently, 205 computers are running DOGE's newest update and calls more nodes to upgrade to 1.14.4 to secure the network and lower the transaction fees.
DOGE is popularly used for making transactions, and a reduction in fees is set to increase the meme coin's adoption by businesses.
Update on #dogecoin Nodes:
— Doge Whisperer (@TDogewhisperer) August 29, 2021
205 computers are currently running the newest update. More nodes need to upgrade to 1.14.4 & more NEW nodes are needed
Once a higher % of new nodes are running a new update will be released
It helps secure the network & lower the transaction fees pic.twitter.com/9rJInesewI
Analysts have noted an increase in the number of DOGE and SHIB copycat cryptocurrencies. Interestingly, DOGE's newest rival, DOG, is a fractionalized non-fungible token collectively owned by PleasrDAO.
Decentralized finance's adopters and collectors have teamed up to form PleasrDAO, and this collective paid $4 million for the NFT that is set to be auctioned. The NFT bears a 2010 image of the original Shiba Inu named "Kabosu."
Jamis Johnson, chief pleasing officer of PleasrDAO, states,
Doge is unquestionably the king of all memes, and PleasrDAO could not be more excited to invite anyone in the world to own a piece of something so integral to the cultural history of the internet.
The planned batch auction sale will take place on a decentralized finance protocol, Miso. SushiSwap, a leading DEX, will list the token for trade alongside DOGE after the token sale.
An Ethereum layer-2 scaling solution, Arbitrum hosts two Shiba-inu themed copycat projects, ArbiFloki and ASHIB. As these cryptocurrencies gain traction, the competition further intensifies.
A pseudonymous NFT collector and crypto investor, @LilMoonLambo, states that Arbitrum is high risk and notes that he bought two tokens – ASHIB (SHIB fork) and ArbiFloki (FLOKI fork).
Arbitrum is high risk right now so you shouldn't be buying anything on there, but I am going to take a shot at some of these
— LilMoonLambo (@LilMoonLambo) September 1, 2021
I bought $ASHIB which I can guess is a $SHIB fork on Arbitrum
ArbiFloki, which is a $FLOKI fork
And $ARBYS
Interestingly, Shiba-Inu-themed coins have witnessed a rise in demand with increasing social media mentions over the past two weeks. As Dogecoin crossed the 30-cent resistance, top crypto Twitter analysts Kaleo, The Crypto Dog and Pentoshi expect further upside to the meme coin.
FXStreet analysts evaluate Dogecoin as it approaches stiff resistance on its way to the next target at $0.40.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
