Shiba Inu vs Dogecoin: Can Shiba Go as High as Doge?

Key Takeaways:

• Meme Coin Evolution: Dogecoin and Shiba Inu, born as playful alternatives to traditional cryptos, now constitute a significant meme coin category fueled by social media trends and celebrity endorsements.
• Shiba Inu’s Unique Ecosystem: Positioned as the “Dogecoin killer,” Shiba Inu features a diverse ecosystem with tokens like SHIB, LEASH, and BONE, emphasizing its decentralized and community-driven focus through deflationary supply, a governance token, and applications like Shibarium, ShibSwap, and Shiboshis.
• Divergence in Paths: While Dogecoin remains a decentralized peer-to-peer currency with quick block times and community-driven philanthropy, Shiba Inu is shaping a niche in decentralized finance (DeFi) with a layer 2 blockchain, decentralized exchange, and NFT collections, highlighting diverse trajectories in the meme coin space.

Introduction

Since the dawn of the crypto space, various crypto projects have been worked on to solve the existing Web2 issues. It was when an idle coin was introduced and tweeted about by Tesla CEO, Elon Musk that a new genre of tokens, memecoin came into being. Yes, we are talking about Dogecoin. Soon, the meme coin genre got another dog-themed asset, Shiba Inu. Despite the crypto winter of 2022, the popularity of these memecoins remains unaffected in crypto communities, especially for these coins, DOGE and SHIB. 

Inspired by trolling memes on social media, SHIB and DOGE share similar faces after the Japanese dog breed “Shiba Inu ” and have been the talk of the crypto town with their developments and the pumps from their communities. In this article, we will dive into the everlasting discussion of crypto communities Shiba Inu SIHB vs. Dogecoin DOGE, outlining their past, present, future, unique features, differences, and more.

What is Shiba Inu?

Shib Inu, or “the Dogecoin killer,” was created as a rival coin to taunt competitor Dogecoin. It was launched as an ERC-20 token in August 2020 by a pseudonymous creator group or person- Ryoshi. Initially, SHIB was not as famous as it is now, but as time went online, influencers and ShibArmy- SHIB coin supporters pumped the coin, making it the 2nd largest memecoin in terms of market cap. The functionality of the SHIB ecosystem is pretty interesting, as the project currently has 3 tokens for different purposes.

Shiba Inu (SHIB), the project’s foundational currency, began with a 1 quadrillion supply. Ryoshi allocated 50% to Uniswap for liquidity and entrusted the rest to Ethereum co-founder Vitalik Buterin. In May 2021, Buterin donated over 50 trillion SHIB coins (worth $1 billion) to a COVID-19 relief fund in India. Shortly after, he permanently removed 40% of SHIB’s total supply by “burning” the tokens and directing them to a designated dead wallet.

Leash (LEASH), the second token in the Shiba Inu ecosystem, presents the opposite end of the spectrum with a minimal total supply of 107,646 tokens, starkly contrasting to the trillions of Shiba Inu tokens.

Bone (BONE) occupies an intermediate position in terms of circulation supply, with a total of 250,000,000 tokens. It is strategically designed as a governance token, enabling the SHIBArmy to participate in voting on forthcoming proposals.

Key features of Shiba Inu

• SHIB coin has an in-built deflationary supply model, with a portion of each transaction regularly burned, reducing the token’s overall supply.
• Shib Inu was built as a decentralized project focused on community-driven development.
• Besides the SHIB coin, the Shiba Inu ecosystem consists of Shibarium- layer 2 blockchain, ShibSwap-DEX, Shiboshis- NFT collection, and Shib Metaverse.
• ShibaSwap is a decentralized finance (DeFi) platform facilitating secure crypto trading. SHIB and LEASH are recommended for trading on ShibaSwap.
• The Shiba Inu Incubator aims to broaden creative horizons beyond traditional art forms like painting, photography, and digital rendering.
• Shiboshis is a collection of 10,000 Shiba Inu-generated non-fungible tokens (NFTs) on the Ethereum blockchain, where each Shiboshi possesses distinct traits, rendering them unique and collectible.

Latest news on SHIB

• Following its inception on August 16, 2023, the Shibariium ecosystem has had continuous growth, and as per the data from shibariumscan.io, it has reached a new all-time high (ATH) by surpassing the milestone of 4 million transactions.

• Well-known boxer and politician Manny Pacquiao will be using SHIB’s Shibarium’ L2 to conduct fundraising and operational activities, as per reports.

🚨BREAKING: Manny Pacquiao’s charitable foundation will use @Shibtoken‘s ‘Shibarium’ L2 to conduct fundraising and operational activities.#SHIB #ShibaInu #memecoin pic.twitter.com/fYfxm4Lkg4

— BSCN (@BSCNews) November 15, 2023

What is Dogecoin?

Originating as a lighthearted and meme-inspired digital currency, the DOGE token was created in December 2013 by Billy Markus and Jackson Palmer as a playful and friendly alternative to Bitcoin. Dogecoin features the Shiba Inu dog from the “Doge” meme as its logo, contributing to its unique and approachable identity. 

Initially developed as a joke, Dogecoin gained popularity on social media and within certain online communities. Despite its humorous origins, Dogecoin has developed a substantial and active user base. It operates on a decentralized and peer-to-peer blockchain, utilizing a proof-of-work consensus algorithm similar to Bitcoin.

One notable aspect of Dogecoin is its community-driven and charitable initiatives. The Dogecoin community has been involved in various philanthropic efforts and fundraising campaigns, contributing to its positive and altruistic image.

Key features of Dogecoin

• Dogecoin blockchain has a quick block time of only one minute, facilitating speedy and efficient transactions.
• It has a passionate, loyal community known as the “Dogearmy,” who actively supports and promotes the coin on social media.
• Unlike certain crypto assets like Bitcoin, Dogecoin lacks a maximum supply limit; miners earn 10,000 DOGE per minute block creation, generating 14,400,400 new DOGE tokens daily, which can be sold on the market or stored by miners.
• Its development is worked out by the Dogecoin Foundation, a US-based non-profit organization established in 2014.

Latest news on DOGE

• Although its yearly increase, at the time of writing, stands at a mere 13.6%, the recent 33.2% gain in the last month has attracted the attention of certain analysts to DOGE.

This dog is ready to bite #Dogecoin tags 1M Parabolic SAR

Last signal produced a $DOGE 23,000% rally pic.twitter.com/ZGr9eFCaea

— Tony “The Bull” (@tonythebullBTC) November 16, 2023

• Following the first day of presale of the GameStop token, the continued favorite meme coin of the crypto community, DOGE, has recently broken free from a consolidation pattern that lasted for 2.5 years, reaching a peak transaction volume of $665 million, as per reports.

Comparing Dogecoin vs. Shiba Inu

Here’s a brief comparison of Shiba Inu and Dogecoin:

Key Differences between Shiba Inu vs Dogecoin

• Dogecoin operates through blockchain based on a Proof-of-work algorithm, whereas Shiba Inu is minted as an ERC-20 token on the Ethereum blockchain, utilizing Proof-of-Stake consensus.
• DOGE does not have an associated governance token as such, while SHIB has introduced a BONE governance token that allows token holders to participate in voting and decision-making within the ecosystem.
• DOGE’s tokenomics is primarily focused on community engagement and meme culture, whereas SHIB’s tokenomics design incentivizes token holders and provides utility within the Shiba Inu ecosystem.
• DOGE supply does not have a maximum limit defined, while SHIB was created in a deflationary mechanism with a limited 1 quadrillion tokens, which were further distributed and burned.
• Dogecoin is a decentralized peer-to-peer currency providing a payment method to users, while Shiba Inu is building a DeFi ecosystem with its layer 2 blockchain, decentralized exchange, metaverse etc. 

Additional Read: Pepe vs Shiba Inu vs Dogecoin

Shiba Inu vs Dogecoin: Technical Analysis

Source: TradingView

Both the tokens, SHIB vs DOGE, has seen 2023 with a lot of new addition to their ecosystem. While DOGE has broken out of its 2.5-year consolidation pattern post the introduction of the GameStop token, SHIB has been making progress with its roadmap via the Shibarium L2 scaling solution. 

Maintaining their top 2 spots in the meme coin category, the yearly increase for the tokens is currently standing at 12% and 6%, however the recent developments are anticipated to bring a bull run before the end of the year, where DOGE Price attempts to reach $0.09 and SHIB Price to $0.000009 by December 2023.

Shiba Inu (SHIB) Price Prediction

Source: TradingView

Showing recovery in the first two months of 2023 amidst weak crypto markets, the SHIB price is currently running at $0.000008047, at the time of writing. As, the final quarter of the year has a tendency to be viewed as a positive period in the market, along with the monthly behavior of SHIB, there may be a chance that the optimistic sentiment of the traders help push the SHIB value as we approach December and reach $0.000009.

Read More: Shiba Inu Price Prediction

Dogecoin (DOGE) Price Prediction

Source: TradingView

Witnessing a correction in DOGE’s price, the token is currently trading at $0.0743 at the time of writing. With this, Dogecoin has effectively broken the descending wedge pattern, and in line with the prior prediction, the token can recognize a bullish price action chart soon. Taking a glance at the price history of Dogecoin, the DOGE price may continue to fluctuate within the range of $0.074 to $0.078. Currently, it is slightly above $0.074, and there is a possibility that it could achieve $0.078 by the month’s end or by the beginning of December.

Read On: Dogecoin Price Prediction

Should you buy SHIB or DOGE?

Dogecoin and Shiba Inu prices heavily depend on market news and communities’ take on them. If we look at the past, the tweets by Elon Musk on DOGE and his Shiba Inu dog “Floki” have always made a major contribution to the speculation of both coin prices. Especially this April’s Twitter Bird to Doge dog icon change event, which surrounded various controversies and investors’ support. 

As per CoinMarketCap data, DOGE stands amongst the world’s top 10 cryptos, and it would only have to be 15x to reach $1. On the other hand, SHIB’s market cap is at $4 billion and will have to increase by more than a quadrillion dollars for its price to reach the same, which seems kind of impossible in a shorter period. 

The Shib community actively burns tokens to reduce SHIB supply and improve token scarcity. They are also nearing the launch of the Shibarium-layer 2 blockchain and developing other applications within the SHIB ecosystem. On the other side, the Dogecoin Foundation is continuously introducing new updates and planning developments to create new solutions to enhance the Dogecoin network and foster community engagement. 

Dogecoin and Shiba Inu both have their own unique features, it’s entirely an investor’s interest and risk appetite to invest in. One must always do their own research and diversify their portfolio while investing in crypto assets.

How to invest in Shiba Inu (SHIB) and Dogecoin (DOGE)?

Investing in Shiba Inu SHIB or Dogecoin DOGE is extremely simple, fast and secure with the CoinDCX App. All you need to do is register yourself and verify. To register, follow the below-mentioned steps:

• Download the Bitcoin and Crypto App

• Register by entering your details.

• Complete KYC and verify your mobile and email.

• Once your profile is verified, add funds to your wallet.
•  Buy SHIB or DOGE.