Dogecoin was first developed as a joke, mocking the cryptocurrency sector and the irrational price increases seen by currencies like Bitcoin. Ironically, the token went on to become one of the most well-known cryptocurrencies of 2021, with a market valuation of over $32 billion.
Shiba Inu is one of the tokens that will eventually compete with Dogecoin. The outcome was also inevitable. “Dogecoin killer” Shiba appears to serve as an exchange token only, similar to DOGE. In addition, it aims to recreate Dogecoin’s success through a robust community.
Therefore, in addition to having a Shiba Inu as their emblem, both coins have a similar objective. Shiba Inu’s effort to woo Vitalik Buterin of Ethereum by mailing him a sizable quantity of SHIB failed when he promptly burnt it and made it apparent that he didn’t want to be engaged with the project.
On the other hand, Doge benefits from its well-known link to Tesla CEO Elon Musk. So, does Shiba really have any long-term sustainability, or is it just capitalizing on Dogecoin’s current success? In the following comparison of Dogecoin (DOGE) and Shiba (SHIB), we’ll examine each coin’s features in more detail and assess which one has the best investment potential.
One of the various cryptocurrencies that are now accessible is dogecoin. It is open-source and peer-to-peer, like several cryptocurrencies. The Shiba Inu emblem on the coin makes it quickly recognized.
Dogecoin was conceptualized in 2013 by Sydney, Australia-based Adobe product manager Jackson Palmer. It was a lighthearted joke about all the excitement around new cryptocurrencies.
Palmer began tweeting about Dogecoin and was pleasantly surprised when responses were favorable. IBM developer Billy Markus believed Dogecoin was a cool concept. Markus asked Palmer whether he could create the software necessary to support the currency. As a result, the two collaborated to develop Dogecoin.
December 2013 saw the introduction of Dogecoin. The buzz built up before the currency even existed helped it swiftly grow a community. The simple and unpretentious idea of a coin based on a well-known internet joke contributed significantly to its appeal. Most significantly, it developed a sizable and fervent following on Reddit.
The Dogecoin community is renowned for being somewhat distinctive in cryptocurrencies. Things that start as a joke or for fun often grow into passionate groups in the sphere of online culture. The Dogecoin community is also renowned for uniting for planned events, such as supporting individual athletes and sports teams.
Apart from that, Dogecoin is an ordinary cryptocurrency. It is a currency created by miners using a proof-of-work (PoW) consensus mechanism as payment for clearing blocks. Dogecoin employs blockchain technology, but unlike Bitcoin, there is no limit on the number of coins that may be mined at once. Since Bitcoin is deflationary, this makes it an inflationary currency.
Overall, Dogecoin may be considered a good investment; however, people wishing to purchase DOGE as an investment should be mindful of its very volatile nature and the fact that there are very few use cases for the currency. Investigate Dogecoin and cryptocurrency trading on your own. Purchase and exchange Dogecoin only at your own risk.
Meme currencies are constantly evolving and growing in the cryptocurrency market. This results from several variables, but community support rather than practical value is the key to their success. The aim of the SHIB currency, its history, and a comparison between Shiba Inu and Dogecoin will all be explored in this article.
In dogecoin’s original design, the Shiba Inu was chosen as the dog breed. To carry on the tradition of canine-themed cryptocurrencies, an unidentified individual or organization, Ryoshi, produced a token with the animal’s name in 2020. It officially became Dogecoin’s adversary in 2021 after seeing significant value growth, overtaking Floki Inu, Akita Inu, and Dogelon Mars.
The guiding principles outlined in the “woof paper,” the canine equivalent of a white paper that details cryptocurrency project ideas and roadmaps, serve as the foundation for the Shiba Inu ecosystem. Ethereum was selected above other platforms because it is already reliable, safe, and well-established and supports true decentralization. SHIB is an Ethereum-based ERC-20 coin.
From the time the cryptocurrency was founded in August 2020 to the end of October 2021, it rose by an astounding 150 million percent, from a low of $0.000000000056 to an all-time high of $0.00008616.
In addition to ShibArmy, a prominent cryptocurrency community of SHIB fans, and internet influencers that drive up prices, SHIB’s growth and popularity can be attributed to popularity and growth. Cryptocurrency’s official Twitter account has more followers than the official Twitter accounts of other popular cryptocurrencies, such as Solana (1 million followers), Cardano (1.1 million followers), and Ethereum (2.2 million followers). Between January and October 2021, the SHIB price increased by nearly 27,000,000%.
The SHIB token has long been seen as a pump-and-dump cryptocurrency, mostly because people in the real world have needed help understanding its application. However, according to the Shiba token’s website, the popularity of the dog breed connected with the cryptocurrency community, and the token “evolved into a vibrant ecosystem” and won the hearts of its users.
The charitable contribution of $1 billion in SHIB made by Ethereum’s chief developer and co-founder Vitalik Buterin to combat the deadly COVID-19 outbreak in India—the biggest donation ever made—also played a significant role in the coin’s history.
Comparison between DOGE and SHIB
There is no escaping the fact that Shiba and Dogecoin are supported mainly by hype. Even though both have entirely functional infrastructures, none has significantly increased the potential of blockchain technology.
Investors shouldn’t, however, be hasty in rejecting the notion of community-led cryptocurrency initiatives. Most cryptocurrencies don’t have any inherent worth. The fact that Bitcoin currently rules the market even though it was introduced in 2009 illustrates that technological innovation isn’t necessarily a guarantee of success.
The year 2021 taught us the value of community. Following the Gamestop fiasco, in which Reddit users banded together to send the stock value of the struggling gaming retailer soaring, the Dogecoin community did the same, sending DOGE flying into the top ten cryptocurrencies by market cap – has been all but forgotten about just a year or so earlier.
Given that Shiba is kind of a “knock off,” it would seem evident that Dogecoin is the better investment choice. However, investors should remember that Shiba has several technological advantages and the project’s creators have various expansions in store, including a foray into the NFT market, which Doge cannot yet match.
Finally, anybody considering investing in either currency must pay careful attention to changes occurring in their respective communities. This entails staying current with what’s happening on Twitter, Reddit forums, and other social media sites.
Both SHIB and DOGE tokens have risks, but meme coins are a particularly alluring investment for individuals who think they can time their entry and exit points.
|Initial purpose||Based on the Bitcoin and doge memes, made as a joke||Developed as an exchange medium and a self-governing community, alongside other related tokens|
|Approximate market capitalization*||$8.04 billion||$6.242 billion|
|Coin count||132.7 billion||549 trillion|
|Maximum number of coins||A total of 5 billion coins will be minted every year, but the issuance is unlimited||Over 40 percent of them have been irrevocably wiped out, out of a quadrillion|
There is no escaping the reality that hype serves as the foundation for both Dogecoin and Shiba. Even though both have completely functional infrastructures, none has significantly increased the potential of blockchain technology.
Investors should be bold in rejecting the notion of community-led cryptocurrency initiatives. Most cryptocurrencies don’t really have any inherent worth, and the fact that Bitcoin currently dominates the market despite having been introduced back in 2009 illustrates that success only sometimes follows technological innovation.
The year 2021 taught us the value of community. Following the Gamestop fiasco, in which Reddit users banded together to send the stock value of the struggling gaming retailer skyrocketing, the Dogecoin community did the same, propelling DOGE into the top ten cryptocurrencies by market cap after being all but forgotten about just a year or so earlier.
Given that Shiba is kind of a “knock off,” it would seem evident that Dogecoin is the better investment choice. Investors should keep in mind that Doge cannot yet compete with NFTs, but Shiba has several technological advantages, and the project’s creators have various expansions planned, including joining this market.
Finally, anybody considering investing in either currency must pay careful attention to changes occurring in their respective communities. This entails being updated with what’s happening on Twitter, Reddit forums, and other social media sites.
Both SHIB and DOGE tokens are undoubtedly risky, but meme coins are a more alluring investment for individuals who think they can time their entry and exit points.