Shiba Inu vs Dogecoin: A Comparison of Memecoins

Introduction

Crypto winter of 2022 was a somewhat difficult year for most cryptos, including memecoins. Despite this, the popularity of these memecoins remains unaffected in crypto communities, especially for these dog-themed 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 become the talk of the crypto town. 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 2nd largest memecoin in terms of market cap.

Now, as per the whitepaper, the SHIB creator opted for Ethereum over other networks because of the secure, robust, and decentralized infrastructure it offers. The initial token supply of SHIB was capped at 1 quadrillion, out of which 50% was sent to ETH founder Vitalik Bruitien, who burned 90% of them and donated the rest 10% to India’s Covid-19 funds. The other 50% of SHIB was pooled and locked in the decentralized exchange, Uniswap.

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.
• SHIB leverages the Ethereum network’s decentralization, transparency and smart contract capabilities to introduce new applications in its ecosystem.
• Besides the SHIB coin, the Shiba Inu ecosystem consists of Shibarium- layer 2 blockchain, ShibSwap-DEX, Shiboshis- NFT collection, and Shib Metaverse.

Latest news on SHIB

Shiba Inu has recently launched a new metaverse adventure Rocket Pond and a development tool, The Game Builder. This tool allows users to customize their gameplay objects and templates with a user-friendly interface and realistic physics engine.

Attention all Shib-fans! Get your engines revved up for an exhilarating ride! We’re thrilled to unveil the mind-blowing teaser video of Rocket Pond! 🎥 Brace yourself for a journey through the Metaverse like no other. Join us and get ready to be amazed! @mvshib #ShibTheMetaverse pic.twitter.com/FsuxlmMNAO

— Shib (@Shibtoken) June 7, 2023

Shiba Inu community has burned over 708 million SHIB tokens within a week, as per Shibburn.com data on June 25. This rising burn rate of SHIB indicates the active participation of community members and an improvement in SHIB’s scarcity level. 

SHIB UPDATE$SHIB Price: $0.00000797 (1hr 0.87% ▲ | 24hr -0.53% ▼ )
Market Cap: $4,686,734,171 (-0.76% ▼)
Total Supply: 589,350,023,839,869

TOKENS BURNT

Past 24Hrs: 328,438,383 (10688.75% ▲)
42 transactions

Past 7 Days: 708,766,124 (-5.14% ▼)
69 transactions…

— Shibburn (@shibburn) June 25, 2023

What is Dogecoin?

DOGE, one of the very first memecoin, was inspired by a Shiba Inu dog meme to mock the speculation of the crypto industry and came to life through Software Engineers Billy Markus and Jackson Palmer back in 2013. Interestingly, what began as a playful joke quickly gained traction and made DOGE among the top 10 cryptos based on market capitalization. 

According to the Dogecoin website, Dogecoin is an open-source, peer-to-peer digital currency that operates through a PoW consensus-based blockchain network. That is similar to Bitcoin, miners employ their computation resources to solve a mathematical problem(but an easier one) to validate transactions and mine Dogecoins, receiving rewards in return.

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.
• Dogecoin has an infinite supply of tokens, and fixed amounts of tokens are added to the market every year.
• Its development is worked out by Dogecoin Foundation, a US-based non-profit organization established in 2014.

Latest news on DOGE

In April this year, Elon Musk, aka Dogefather, changed the Twitter logo icon to Dogecoin’s Shiba Inu dog, which caused market speculation pumping DOGE prices by more than 22% within an hour. This icon change happened worldwide and was visible across platforms of more than 360 million users.

https://t.co/VraaVN7HN4 https://t.co/5BzIuGNij4

— Dogecoin (@dogecoin) April 3, 2023

Comparing Dogecoin vs Shiba Inu

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

	Shiba Inu	Dogecoin
Launch Date	2020	2013
Founder	Anonymous Ryoshi	Billy Markus and Jackson Palmer
Blockchain Protocol	Ethereum	Dogecoin
Native Token	SHIB	DOGE
Market Cap	$5 billion	$9 billion
Token Type	Utility	Native
Circulating Supply	589,348.25 billion	139.92 billion
Max Supply	589,590.20 billion	–
Consensus Method	PoS	PoW

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 (SHIB) Price Prediction

Source: TradingView

• SHIB price showed recovery in the first two months of 2023 amidst weak crypto markets. But, it soon started plunging and is trading in a descending triangle pattern.
• SHIB price has been oscillating in a close range for a few weeks before rejection from the $0.00000834 resistance level. 
• However, SHIB’s price has managed to recover over 25% from its recent low of $0.000006, with its market cap standing at $4 billion as on June 27.
• Though the market sentiment seems bearish at present, if the SHIB pulls above its 50-day moving average, we expect to see a good recovery in the upcoming weeks.

Read More: Shiba Inu Price Prediction

Dogecoin (DOGE) Price Prediction

Source: TradingView

• There have been a lot of pump and dump movements in the DOGE chart, unlike SHIB’s. DOGE is also following a downward trend following rejection from $0.0998 level.
• DOGE price is currently trading at $0.06485 and has dropped about 1.66% in the last 24 hours. Its trading volume(24 hours) is at $246 million, and its market cap is at $9 billion as on June 27.
• DOGE has been trading in a consolidated range of $0.06-$0.07 for the past few weeks, below its 50-day moving average.
• Looking at price action, if DOGE price reverts from $0.063 level and manages to cut the current trendline, it might possibly reach $0.08 in upcoming times.

Read On: Dogecoin Price Prediction

Should you buy SHIB or DOGE?

Both Dogecoin and Shiba Inu prices are heavily dependent 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 as well as support by investors. 

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 is actively burning 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. Dogecoin Foundation, on the other side, 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 on investor’s interest and risk appetite, which 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 CoinDCX 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.