Shiba Inu coin and Dogecoin — two meme-based cryptocurrencies based off the Shiba inu dog breed — have been surging in the past few months.
But the coins have had an impact on something other than people’s wallets — their choice of dog.
What does Shib coin, Dogecoin mean for dogs?
Fortune reports that the Shib coin and Dogecoin surge has actually had an impact on actual Shiba Inu dogs and the breed as a whole. For example, fans of cryptocurrency have decided to buy the puppies and own them. There are also people who recognize the trend and have bought the puppies ahead of time, creating an actual market for the breed.
- These dogs have become a “hot commodity” that has created “a boom for the teddy bear-ish dogs that parallels the soaring cryptocurrency market,” according to Fortune.
There’s a downside to the boom, though. Puppy mills are churning out the dogs to meet demand, which has led to overbreeding.
- And first-time owners are realizing that the Shiba Inu dogs can have a “difficult temperament,” according to Fortune. So they’re dumping their dogs at shelters and rescue agencies.
- “This year in particular has been like no other, and we are just barely keeping our head above water here,” Mary Bondoux, a volunteer with the Colorado Shiba Inu Rescue agency, told Fortune. “I really wish cryptocurrency would find another mascot.”
The history of the dog with Dogecoin
Dogecoin has long used the Shiba Inu dog breed as its logo, as I wrote for the Deseret News. However, Shib coin — which has been deemed the “Doge killer” — added the mascot to its coin, too, as a way to compete.
However, the dog breed has become synonymous with Doge, CoinDesk, a major news source for cryptocurrencies. There’s also the Kishu Inu coin, which also uses that similar dog breed as a mascot.
“The crypto industry hasn’t had its fill of canine-themed meme coins just yet,” said Rick Delaney, senior analyst at OKEx Insights, according to CoinDesk.