From Doge to DASH, here’s how 5 novelty cryptoassets got started

From Doge to DASH, here’s how 5 novelty cryptoassets got started
Image: iStock / Grandbrothers
This article is sponsored by eToro.

When it comes to cryptoassets, many immediately think of bitcoin being the predominant digital currency around. However, over the past few years, we’ve seen digital software engineers becoming more and more creative when launching their online companies, paving the way for the electronic financial market. 

There’s no shortage of exciting ways to buy and accumulate goods in the digital age; that’s why we’ve compiled a list of some of the most popular cryptoassets you might not have known existed. 

For your convenience, many of these are available on eToro, so you can keep up to date and view live charts instantly.

Dogecoin (DOGE)

Known as the “People’s currency”, Dogecoin is a satirical cryptocurrency launched by Australian entrepreneurs Billy Markus and Jackson Palmer. Its initial concept was born out of the scepticism around digital currency. 

Its company logo and name are inspired by Japanese Shiba Inu dogs, with the breed being the brand’s face. Dogecoin reached a market capitalisation of over $85 billion as of early 2021. Despite starting as a joke, Markus and Palmer are laughing all the way to the bank.

Shiba Inu (SHIB) 

Shiba Inu is another wacky cryptocurrency as it serves as a meme-based alternative to Dogecoin. This cryptocurrency is relatively new, established in August 2020, under the anonymous name “Ryoshi”. 

The cryptocurrency pays homage to Dogecoin through its company name and brand image. Though Shiba Inu began as a playful meme currency, it’s now transformed into a decentralised ecosystem. The meme coin quickly grew to prominence as investors were drawn to the company’s charming logo while Elon Musk began tweeting his obsession with it.

Uniswap (UNI)

Uniswap is one of the most innovative cryptoassets on the financial market while using an unconventional brand logo of a pink unicorn. As of October 2020, it’s the largest decentralised exchange and the fourth-largest cryptocurrency exchange for the daily trading volume.

What makes Uniswap so distinct is how they use liquidity pools rather than serving as a market maker. Users and bots deemed “liquidity providers”, give liquidity to the exchange by adding tokens to a smart contract purchased and sold by other Uniswap users. In March 2021, Uniswap was producing fees of approximately US$2–3 million daily for the liquid providers.

Dash (DASH)

Dash is a unique cryptocurrency as it uses a different consensus method from most digital currencies. Rather than requiring transaction confirmation from all of the network’s nodes, Dash is run by “Masternodes” that can instantly confirm a transaction. These Masternodes are an honest governing hub as they must have 1,000 of their own Dash staked.

Dash has seen many incarnations as the company initially launched in 2014 under the name “Xcoin”, then rebranded to Darkcoin, finally settling on its current name in March 2015.