Dogecoin or Shiba Inu: Which Meme Coin Should You Buy?
Dogecoin and Shiba Inu have been sharing the world’s center stage in the sector of meme coins over the last few years. Both cryptos belong to the largest 15 coins in terms of market cap and have consistently been pitted against one another by the crypto community. The two meme coins are separated by more than $6 billion market cap. However, additional information is required to ascertain whether DOGE is better than SHIB or vice versa.
This article explores the main characteristics of Dogecoin and Shiba Inu to provide a clearer picture of the main differences between DOGE and SHIB.
What is Dogecoin?
Dogecoin was developed as a potential alternative to other major cryptocurrencies such as Bitcoin. The native of Dogecoin, DOGE, has over 10,000 mined coins every minute without maximum supply. Dogecoin initially started as an amusing meme coin with very little value.
However, the cryptocurrency soon became one of the top 10 cryptos in terms of market capitalization, with the total value topping $50 billion. Billy Marcus and Jackson Palmer launched the crypto in 2013 as a joke by combining two popular themes in online circles – a meme featuring Shiba Inu and the ascendant crypto Bitcoin.
What is funnier about Dogecoin is that it was and still is a full-fledged crypto with its own mining system and blockchain similar to the one utilized by Litecoin.
- What is the future of Dogecoin?
Dogecoin price prediction indicates an increase in value by 2.18% by May 2023, reaching approximately $0.085686. Within the next five years, the value of DOGE may rise above $0.541898.
- Is Dogecoin going to go up?
The Dogecoin future looks bright for the token holders as the value is expected to rise slowly but sustainably in the long run. However, the Dogecoin future price may be limited due to the inflationary nature of the crypto coin.
What is Shiba Inu?
Shiba Inu was launched as another meme token to celebrate Dogecoin’s absurdity. It has evolved to create a decentralized ecosystem consisting of three major tokens, SHIB, BONE, and LEASH. The foundational currency of Shiba Inu, SHIB has a massive circulation, whose greatest-ever value stood at $0.00086 in 2021.
The creators of Shiba Inu reportedly sent around 50% of the total supply of SHIB to Vitalik Buterin, the creator of Ethereum, who subsequently burned 90% of the received tokens and donated the remaining to charitable causes. This event considerably impacted the value of SHIB and effectively improved its credibility while doubling its scarcity in a single action.
- What is the future of the Shiba Inu coin?
Shiba Inu price forecasts indicate an increase in its value by 9.79%, reaching $0.00001222 by May 2023.
Utility Battle Between Dogecoin and Shiba Inu
The utility of any token is undeniably the most important indicator of its potential. Dogecoin’s greatest utility comes from the fact that the tokens can be utilized as a payment method to buy goods and services.
Ever since the price of DOGE increased in 2021, there has been an increase in its popularity which has led several businesses and companies to start introducing DOGE as one of their payment methods. A few globally well-known businesses include AMC, Twitch, Tesla, GameStop, and AirBaltics.
Conversely, the utility of Shiba Inu comes from a range of use cases. The token stepped into DeFi through its native decentralized exchange called ShibaSwap, which allows token holders to swap tokens, buy or sell NFTs, stake tokens, access liquidity pools, and participate in governance.
Shiba Inu’s recent release of the Layer 2 scaling solution, Shibarium, will facilitate the development of dApps or decentralized applications. This will bring more investments in the long run. The Metaverse on Shiba Inu is yet to debut in 2023, and several games like Shiba Run, Shiba March, and Shiba Eternity will contribute to the project’s growth potential.
Dogecoin v/s Shiba Inu: The Price War!
Although both Dogecoin and Shiba Inu started their journeys as meme coins, sharing common characteristics, they have significant differences. Dogecoin is a 4th generation Bitcoin with PoW (Proof-of-Work) mining algorithm used to develop it. Shiba Inu is based on Ethereum, which uses PoS (Proof-of-Stake) technology instead of PoW.
Dogecoin is a crypto having its own blockchain, whereas Shiba Inu is a crypto asset issued on Ethereum Blockchain. Dogecoin has a long track record and shares a greater value in the market, whereas Shiba Inu is a recent addition to the crypto market. This automatically implies that Dogecoin has a more active and larger user base than Shiba Inu.
Coming to the supply system, Dogecoin has a limitless supply, unlike Bitcoin, whereas the Shiba Inu token’s entire quantity is capped at one quadrillion without any shortage. Dogecoin and Shiba Inu are community-driven cryptos subject to dramatic price volatility; hence, they can sometimes be difficult to compare while investing.
Every crypto is associated with some level of risk; hence, investors must be aware of the value of each crypto before investing in them.
Conclusion: Who’s the Winner?
The crypto industry is expected to recover in 2023, including the wider sector of meme coins. Behind the broader resurgence, the price of Shiba Inu has increased by over 42% since last year, whereas Dogecoin has increased by a relatively smaller percentage of more than 30%.
Nevertheless, despite the greater use cases and higher percentage gain, Shiba Inu remains behind Dogecoin, which dominates the meme sector currently. Hence, Shiba Inu may require more than a year to overtake Dogecoin and fill the gap of more than $6 billion in market capitalization.