There is a company in India named Bombay Oxygen Investment Ltd. It was originally incorporated as Bombay Oxygen Corporation Ltd and was in the business of providing industrial use gases including Oxygen since 1960. In 2018 it changed its name to the current one (investment limited) and since Aug 2019 it stopped the earlier business and registered itself as NON BANKING FINANCIAL INSTITUTION. Due the recent Covid spike in India there was a crisis of Oxygen supply and due to high demand of Oxygen, the stock price of companies dealing with oxygen shot up. The price of this small cap stock which used to hang around 10000 INR suddenly shot up till 23000 INR. People who are completely unaware of what the company does, FOMOed in just by seeing the name of the company and not knowing what the company actually does.
This is the power of FOMO.
In crypto world we are seeing a super FOMO of crypto dogs.
The first one was the Dogecoin created in 6 Dec 2013 as a fun meme coin by two software engineers as a payment system but it quickly developed an online fan following community. In 2014 for a short time its trading volume even surpassed the combined trading volume of all coins. During the 2017-18 Bull Run its market capitalization almost reached 2 billion. During this Bull Run, particularly in 2021 we all know the amazing return it gave riding the waves of Elon Musk and others. This coin, which is potentially treated as a shit coin but, I guess some shit coins are born with luck and has survived so long.
Riding the wave of Dogecoin now we see copycats of it, not one or two, but I will write about 6 dog coins that are in FOMO now.
The most popular one is the Shiba Inu (Shib token), created by Ryoshi. It calls itself the dogecoin killer and a self proclaimed decentralised meme token. Though it does not have any project and utility at all but the present hype has given it a substantial price run up. It claims it will bring up projects like Shibaswap with three tokens SHIB, BONE and LEASH. Its popularity has been such that Binance also listed it in its exchange. At present it has a market cap of more than 4 billion dollars.
Next is Husky coin and it calls itself the little brother of Dogecoin and acknowledges itself as being inspired by Dogecoin and Elon Musk. It plans to come up with a DEX this year and has already built a bridge to Binance smart chain. Its 5% tokens are with the team, 45% is in Uniswap and the rest 50% has been ‘burned’ by Vitalik of Erhereum.
Next is ShibaPup. The website is highly dedicated to the one sided love for ELon Musk and says that it was created because Elon asked for it. It was launched on Binance smart chain and is available in Pancakeswap. Circulating supply is 10 million.
Next is Kishu Inu. It is a decentralised project which rewards it holders with 2 percent of the coins for every transaction on the network and has a maximum supply of 10 quadrillon. It also plans to launch an exchange called Kishuswap. It is presently available in Uniswap.
Next is Doge token (Doget). It was launched in stellar blockchain. It also claims that it can never be 51 percent attacked and therefore is invincible. It has a total supply of 9,996,778,208 tokens.
Next is Dogeswap (Doges). It has a working DEX at present and plans to have other projects like asset management, NFT, launch pads etc. It is also planning a governance token. It has a circulating supply of 20000 tokens and is listed on Uniswap.
Call it FOMO and greed but people have actually jumped in to buying these tokens with a hope of making lots of money quickly. The immense run up of Dogecoin has made developers copycat it and when people are ready on the sidelines with cash then who would not like to create projects to cash in and even scam.
