The modern crypto market has grown exponentially in recent years. Just a few years ago, there were only a handful of popular coins. These included Bitcoin and Ethereum. But as cryptocurrencies grew in popularity, we’ve seen many more ecosystems, exchanges, and coins entering the market. There are now hundreds of coins available to buy, sell, and trade. Each one uses blockchain technologies to work properly.
Two of these cryptocurrencies include Dogecoin (DOGE) and Shiba Inu (SHIB). These community-based tokens are now enormously popular. Dogecoin is a good example of this. This coin was created as a joke. But it caught on within the market and spread like wildlife. Today, Dogecoin is a favourite among millions of traders. In fact, it had a market cap of more than $30 billion by the end of 2021. This means that Dogecoin has seen more trade than many other coins.
Dogecoin would not dominate the market for long. Other coins have risen in the interim. One of these is Shiba Inu. Shiba Inu is a direct rival to Dogecoin. In fact, some even call it the “Dogecoin killer”. Traders use these two tokens to make exchanges primarily. And both are reliant on the overall strength of their respective communities.
Modern traders are advised to know the difference between these two popular coins. Knowing this difference will help you choose which one to trade. It can also help tremendously to know whether a particular coin has a long and profitable future. We will begin by looking at these two coins, including their origins.
Dogecoin is regarded as a memecoin. This coin was created as a joke in 2013. It was a way for people to make fun of crypto markets. These markets were still very much in their infancy at that time. It has only been within the last ten years that crypto has expanded so much.
It didn’t take long for Dogecoin to build a following. It’s quite ironic that DOGE has become so popular over the years. In fact, it has frequently been within the top ten most traded coins on the market.
Dogecoin has also frequently been in the public spotlight. Such well-known figures as Mark Cuban and Elon Musk have both advocated for Dogecoin. Musk in particular has had a profound effect on its popularity. Similar people, like billionaire Zhu Su, have told the public that DOGE is a good investment.
Many enthusiasts feel that Dogecoin is important. This is because it’s the first memecoin in history. It has been a significant part of the cryptocurrency culture.
The price of Dogecoin is quite low. This is because there is an extremely high supply in circulation. This is also like Shiba Inu. And what that ultimately means is that these two coins have low buying prices. In fact, Dogecoin has rarely gone over $1. But consider that it has a market value of over $30 billion. This gives you an idea of how many Dogecoins are in circulation now.
A common belief is that Dogecoin may one day be as high as Bitcoin. Therefore, many traders invest money in Dogecoin. The market cap and high supply make it an attractive coin. But the token supply mechanisms of Dogecoin do not allow for high value gain. This is why you use DOGE as a trading token. On the other hand, there are some cases in which using Dogecoin is a good idea.
Companies sometimes will accept Dogecoin as payment for goods or services. This has seen Dogecoin increase in popularity. An example of this is the Dallas Mavericks team. The owner of the team accepted Dogecoin as payment for tickets. Within a few days, it allowed his franchise to be the top DOGE merchant across the globe. Other companies like SpaceX have also made use of Dogecoin in the past.
Dogecoin still has a long way to go. There are many projects on the horizon that will leverage the power of this unique token.
Shiba Inu is much younger than Dogecoin. It was released to the public in August of 2020. At the time, it was released as a spin-off of popular Dogecoin. The developer behind Shiba Inu is known as Ryoshi. Shiba Inu is meant to replicate Dogecoin as much as possible. Even the logos are similar.
This coin is also commonly known as a memecoin. Like Dogecoin, Shiba Inu is designed to be a joke. These coins are not generally used outside of the exchanges. In other words, they don’t have much use in the real world. They are also a favourite of cryptocurrency enthusiasts.
Both Dogecoin and Shiba Inu’s values are determined by their speculation on the market. Like Dogecoin, Shiba Inu has seen major growth thanks in many ways to Elon Musk. Musk has a keen interest in certain crypto coins. and is responsible for much of their widespread popularity. He has spoken extensively about his love of coins like Dogecoin and Shiba Inu. Along with talk show hosts, he has also spoken about them on his Twitter page. Musk’s Twitter page has millions of followers.
On the other side of the coin, Musk has also caused some falls in value. Musk told fans that he does not own any SHIB. This announcement saw Shiba Inu lose much of its value. It did not take long before those lost values were once again regained.
Another aspect that sets SHIB apart is the total supply of tokens on the market. This number currently sits at 1,000,000,000,000,000. With that many tokens, it’s not hard to see why the price of SHIB is so low. It costs just a fraction of a dollar to purchase a single SHIB token. For a single dollar, you are able to purchase well over ten thousand SHIB.
The low asking price sees many beginner traders investing heavily in Shiba Inu. They do this because they believe that the price might rise to $1. Market capitalization plays an important part in the value of Shiba Inu. It’s also worth keeping in mind that the supply figures are enormous. For these reasons, SHIB would outvalue Apple, Google, and Bitcoin if one SHIB rose to $1 each. Safe to say, it is unlikely that this will ever happen.
Regardless of its value, the Shiba Inu ecosystem continues to evolve. Further uses will be discovered for this coin in the future. At the moment, traders use it as a platform for speculation.
Now that we have looked at the two different coins, let’s explore the differences. Because both coins are similar in origin and use, there are inherent similarities. But breaking down the key differences will help you when you decide to begin trading.
Let’s start by looking at the fees and speeds of transaction times.
Community represents the people interested in a coin. But there are some fluctuations within the communities, too. You can witness this during the highs and lows of a coin’s value. There will come a time where new, high values don’t get hit that frequently. It will be at this time that we will see the strength of the communities for both coins. These coins are attractive because of their large supply and low cost. Profitability in the long-term is not set in stone. This doesn’t mean that these tokens don’t have value. Let’s compare the communities of the two coins.
A cryptocurrency exchange is where the action takes place. Every day, billions of transactions occur across the world’s exchanges. Due to the fact that DOGE and SHIB are well-known coins, they are both easy to find. This will become apparent when searching for coins to purchase on an exchange. It’s a good idea to learn about the various exchanges and which ones are best. These are some of the values you want in an exchange:
With that in mind, these are among the best exchanges right now:
Before investing, look at the price history of both coins. This allows you to see how these coins performed in the past. It can provide you with insight into how they may perform in the future. This information alone is not enough for predictions that are accurate. Instead, they help you assess how the market affects these coins.
Most traders want to know the investment potential of DOGE and SHIB. The marketing history paints one possible future. But we know that the market is always in a state of flux. Despite this, we can still make some predictions about these coins. Keep in mind that these predictions are based on how the market has performed. Knowing the future is impossible.
Dogecoin and Shiba Inu are both memecoins. Their value is dependent on community and market hype. This hype that drives them is powered by large social media sites such as Reddit. Initially started as jokes, both coins have gained popularity. And both have seen increases in value. Dogecoin is the older coin of the two, and more well-known.
It’s expected that over the years DOGE and SHIB will see more investment. Community projects have become an important part of the crypto market. Investors should not dismiss these projects, especially considering their large fluctuations. Many investors and enthusiasts have made decent profits from Dogecoin and Shibu Inu in recent years. Keep a close eye on both these coins and make notes of their future performances.
The answer to this can vary. It’s important to keep in mind that different metrics of measurement are in use. In terms of overall market capitalization, Shiba Inu has overtaken Dogecoin already. However, there are many millions more holding Dogecoin.
There are lots of similarities and differences. The main technical difference is the blockchain technology these coins use. Ethereum is the base for Shiba Inu. On the other hand, Dogecoin works on top of the Bitcoin blockchain.
You can mine Dogecoin. Make sure you have the right equipment and knowledge to do this. The cost of electricity is an important factor. Shibu Inu cannot be mined as it works on a proof-of-stake mechanism.
Keep in mind that Dogecoin does not have much inherent value. You cannot use it often in the real world. It is also a high risk investment. Despite that, you could still make a decent profit from DOGE.
The only places to find SHIB and Doge are cryptocurrency exchanges. These exchanges make it easy to buy, sell, and trade different crypto tokens.
