Dogecoin and Shiba Inu – these meme-based forms of currencies continue to make headlines amidst the sudden hike in the popularity of cryptocurrency.
Dogecoin was initially founded in 2013, whereas Shiba Inu is a fairly new type of cryptocurrency and came into existence only in 2020. Sure, the names of these cryptocurrencies might seem odd, but since they are on the rise, it is necessary to understand the hype behind them.
Do any of these types have any strong fundamentals? What are these differences? Which is the better type? These are the financial questions on our minds.
Join us as we venture deep into understanding the differences between these types and ending the debate for the ultimate question: Dogecoin Vs. Shiba Inu – which is the better one?
What Is Dogecoin?
Similar to Bitcoin or Ethereum, Dogecoin is also a digital currency that Billy Markus and Jackson Palmer founded in December 2013. It may come as a surprise, but Dogecoin was first released as a joke.
However, the currency amassed huge followers of cryptocurrency enthusiasts from all over the world. Two weeks after the launch of Dogecoin, its value witnessed an increase of 300%. Since then, this meme-based cryptocurrency has experienced massive growth within the crypto bubble, and today, it is worth $55,000.
After a short period of insane success, the currency saw a drop by 2018. However, thanks to techno king and billionaire Elon Musk, Dogecoin became popular again. In fact, Musk himself started investing with Dogecoin and even offered help to improve the project further!
What Is Shiba Inu?
Compared to Dogecoin, Shiba Inu is a fairly new form of cryptocurrency launched in August 2020. However, Shiba Inu is much like Dogecoin in terms of being a meme-based currency.
Naturally, it is understood that Dogecoin and Shiba Inu are rivals in the world of cryptocurrency.
The origin of the currency is still a little fuzzy. However, this digital currency was launched by Ryoshi, an anonymous person from Japan.
In terms of growth and development, Shiba Inu started seeing a hike at the start of 2021. However, Shiba’s token growth can be associated with a tweet made by Elon Musk.
The tweet merely spoke about Musk adopting an adorable Shiba Inu pup. That was all that was needed to propel Shiba Coin to fame. And that is exactly what happened. The coin witnessed a 300% hike in just a few months!
However, this was a very short-lived victory, as Vitalik Buterin, the co-founder of Ethereum, donated almost 50 trillion Shiba tokens to the India COVID-19 Relief Fund. From this, the value of the coin started to drop.
Unfortunately, that was not the end – another tweet from Musk talking about Bitcoin also impacted Shiba Inu’s value. Presently, the current value of a Shiba Inu coin is 0.000000673.
Analyzing Key Points of Dogecoin and Shiba Inu
For every block, Dogecoin creates almost 10,000 new coins. And each block needs at least a minute to be fully filled. Therefore, the total supply of Dogecoin every day is 14,000,000. That is enough to make other forms of cryptocurrency invalid.
On the contrary, Shiba Inu tokens exist, and they do not follow the standard PoW protocol. As an impressive ERC-20 type of token, Shiba Inu aims to focus entirely on the PoS. Therefore, they do not issue a lot of coins.
As mentioned before, the co-founder of Ethereum recently donated a huge sum of Shiba tokens. This value amounted to almost 50% of the total supply, which only left behind 394 trillion tokens.
Therefore, in terms of coins, Dogecoin is leading. However, expert tokenomics hint that the Shibu Inu tokens have a better chance of profitability, especially for new investors.
Growth of the Community
As mentioned earlier, Dogecoin’s launch was a mere joke. For this reason, it was also treated as one for a long time. However, the Dogecoin community only focused on two things – the ability of Dogecoin to remain valid for a long time, and it is the most affordable coin on the market.
It is for this reason that the community has witnessed a lot of growth and development over the last few years.
However, Shiba Inu is fairly new. Therefore, many investors are unaware of it. However, thanks to Elon Musk, Shiba Inu has also had a rise and fall. With the given number of chances for growth, the Shiba token will also soon take over the cryptocurrency world by surprise.
Over the years, Dogecoin has amassed many followers, including talented investors, high-profile celebrities, and so on.
On the other hand, Shiba Inu does not have any such well-known followers. It is mainly because the currency in itself is fairly new. However, Vitalik Buterin still made a public announcement in the form of a letter about the investors of Shiba Inu tokens.
Currently, the retail interest of both Dogecoin and Shiba Inu seems to be at an equal level. That is because most new investors are not focusing on the history or fundamental strengths of the coin.
They are keener on the price of the tokens, the potential of price growth, accessibility, and so on.
Educate Yourself with History
As mentioned earlier, Dogecoin was launched based on a meme. The inventors never expected the currency to skyrocket as far as it has today.
On the other hand, Shiba Inu was created to help support communities that were excluded. In short, Shiba tokens were used for charity purposes.
As far as history goes, we can see that many digital currencies seem to simply pop out of nowhere. However, they always manage to hit the roof in no time.
When compared side by side, Dogecoin holds a slightly upper hand over Shiba Inu. Because of the risks involved, Dogecoin seems like a safer option. Moreover, the popularity of Dogecoin also continues to rise, thanks to Musk’s empowering tweets.
However, Shiba Inu holds more benefits for new investors. The outcome of the battle can never be determined, as the cryptocurrency market is unpredictable. Therefore, the best option here would be to choose the one best suited for your needs.