What is Shiba Inu (SHIB)?
Shiba Inu (SHIB), also referred to as ‘dogecoin killer’, is a coin created to be a direct competitor to dogecoin. An anonymous person under the pseudonym Rayoshi created SHIB in August 2020 as an experiment in decentralized governance.
50 percent of SHIB’s maximum supply of 1 quadrillion was pooled with 10ETH on Uniswap. And the key to this liquidity pool was thrown away, whereas the other 50 percent was sent to ethereum founder Vitalik Buterin, who burned 90 percent of the tokens he received and donated the rest 10% to social causes across the globe.
Shiba Inu is now being developed as a community effort by 10 pseudonymous developers. A governance token called BONE and a utility token called LEASH was launched as part of SHIB’s decentralized exchange – ShibaSwap.
Also Read: Shiba INU Technical Analysis
The unique features of Shiba Inu (SHIB) are:
- Shiba Inu’s goal is to assess the functioning of a decentralized organization without any central leadership.
- It was partially created to be a direct competitor to Dogecoin, and is referred to as “dogecoin killer”.
- Built on the Ethereum blockchain, it is an ERC-20 token and uses PoW technology.
Latest SHIB News:
Shiba Inu has come a long way since its inception. Its new platform, Shibaswap has the crypto community mesmerized. The official launch of its decentralized platform confirmed Shiba Inu’s commitment to growth.
Top 10 Ethereum blockchain applications including DApps
Ethereum is a distributed computing platform and operating system with a smart contract (scripting) functionality that is open-source, public, blockchain-based.$SHIB $APE $RISE $RARE $HEX $AXS $CRO $SAND pic.twitter.com/wCttkRHCfd
— Ben GCrypto (@GCryptoBen) August 4, 2022
Earlier this week, the SHIB ecosystem launched its new CCG game Shiba Eternity! The game would heavily feature the meme coin, which is being developed with Playside Studios, one of the leading game development studios.
What is Dogecoin (DOGE)?
Dogecoin, the first ‘dog coin’, started as a joke on the internet but was eventually mined into a crypto asset by the developers. The coin features a Shiba Inu on its logo, and was created by Billy Markus and Jackson Palmer.
Since it wasn’t profitable for Dogecoin to mine by itself, a novel technology called ‘merged mining’ was used to fork Dogecoin from Litecoin in December 2013, which means Dogecoin and Litecoin are mined at the same node at no additional cost.
Dogecoin’s development is now being coordinated by Dogecoin Foundation, a non-profit organization based in the US, and founded in 2014. Its advisors include Ethereum founder Vitalik Buterin.
Additional Read: What is Dogecoin? How to buy Dogecoin in India?
The unique features of Dogecoin (DOGE) are:
- Dogecoin is the first of its kind. It opened up doors for a segment in the crypto space.
- It has a loyal community who trade and use it as a tipping currency for social media content.
- The token is based on Litecoin and uses the same PoW technology.
Also Read: Shiba Inu vs Dogecoin
Latest DOGE News:
The Dogefather, Elon Must, recently mentioned in their Q2 company report that they are still holding onto their DOGE repository and will soon be integrating Elon Musk’s SpaceX to make use of DOGE payments!
Musk’s recent tweet that read: “X AE A-XII loves Doges” with a video showing his son playing with Shiba Inu dogs raised the DOGE price by more than 4%! More to see on what happens with the DOGE ecosystem in the future! With the influence Elon Musk has on the first ever dog coin, it is an interesting journey of the coin that keeps the crypto community fascinated!
Also Read: How to buy Shiba Land in the Metaverse
Shiba Inu vs Dogecoin:
|Coin Name||DogeCoin||Shiba Inu|
|Founder||Billy Markus and Jackson Palmer||Anonymous Group – Ryoshi|
|Blockchain Protocol||Dogecoin||Ethereum blockchain (ERC-20Token)|
|Circulating Supply||132.67B DOGE||549,063.28B SHIB|
|Consensus Method||Proof of Work||Proof of Work|
Pros and Cons of DOGE vs SHIB
|The first meme coin to exist and thus has cultural significance||One of the most popular meme coins in the world today|
|High token supply makes new crypto entrants think it is “cheap” at current prices||An easy-to-understand concept that is attractive to a lot of investors.|
|Backed by some of the wealthiest people in the world||Unit bias as a result of high total supply creates alluring prospects for new investors|
|It is mainly used as a vehicle for speculation||It has no use-case outside of speculation by crypto enthusiasts|
|Use-cases are limited compared to other cryptocurrencies||Market capitalization is very large now meaning there is limited upside potential|
DogeCoin Price Prediction
How high will DogeCoin Price go in 2022
Ever since the DOGE price rallied in 2021 and gained levels close to $0.8, the expectation of the asset hitting $1 has been on the rise. However, just before the May 2022 crash DOGE dropped hard and has maintained a descending trend since then. The value of DOGE, amid the past couple of market crashes, has dropped below $0.1 levels.
The upcoming trend for the asset displays fewer chances of a rebound, hence the price is expected to shed some more of its value soon. Currently, after the fresh rejection, the DOGE price appears to be primed to hit $0.07 levels soon. Moreover, the rebound may also be pretty weak making a chance for the asset to reach above $0.1 levels by the end of 2022.
The DOGE price has been rejected from the same resistance levels a couple of times dragging the price towards lower support. The asset now appears to be primed to plunge by another 8% to hit the support again and undergo a catapult action to rebound strongly. However, the rebound may not uplift the price close to the resistance as the asset appears to have lost its strength notably
Shiba Inu Price Prediction
How high will Shiba Inu Price go in 2022
The SHIB price is maintaining a significant upswing since the beginning of July and hence by the end of the month could gain another 10% to secure levels close to INR 0.001. The beginning of August trade was expected to be pretty shaky as the prices may experience a slight pullback. However, after a brief retest, the prices may resume trading towards the north to achieve the crucial resistance at $0.0000119.
SHIB vs DOGE Technical Analysis
SHIBA INU Technical Analysis
Shiba Inu’s technical structures indicate that SHIB prices are at a crucial level now. While it has seen a near 60% rally from its recent lows – it is still trading below an important resistance level of $0.00001250. It has seen constant growth over the past month and a half and can be expected to breach this level too.
Also to add to the bullish narrative for the second largest meme coin by market capitalization, it is currently in an ascending triangle pattern. This price pattern is widely known as a very bullish pattern and indicates the possibility of a convincing breakout over $0.00001250. And considering the fact that it is already trading above the 50-day moving average (marked in cyan blue) – we can expect to see a good recovery from SHIB prices if the rest of the market remains moderately bullish in the weeks to come.
DOGECOIN Technical Analysis
Much like Shiba Inu’s price action – the largest meme coin by market capitalization also as a similar price action underway with some minor differences. It has only recovered about 35% from its lows while at the same time it has suffered slightly less in the bear market than Shiba Inu too.
But that is where the difference ends – it also follows an ascending triangle pattern on the charts. It is a very well-known bullish indicator and a convincing breakout above the $0.073 region would provide the necessary trigger for a rally henceforth. DOGE prices too are trading well above the 50-day moving average with healthy RSI levels and hence can be expected to ride the rally along with the broader market
Additional Read: Shiba INU Price Prediction 2022
Should you invest in SHIB or DOGE
The mention of Dogecoin in various tweets by the legendary Elon Musk has contributed to the exponential growth of crypto coins in 2021. Price charts make it evident that even though Elon never directly tweeted about SHIB in his tweets, the token appeared to pump every time he mentioned dogecoin or his Shiba Inu dog named ‘Floki’. But, the question still persists. Which one is better?
Dogecoin and Shiba Inu both have a large community and are evenly matched when it comes to scaling techniques on the technology end. However, Dogecoin has a slightly greater edge than Shiba Inu.
While Dogecoin’s price is heavily manipulated by Dogecoin whales, Shiba Inu’s price is heavily driven by fear of missing out (FOMO) from retail investors. Both the coins are cheaper in price because their supply is significantly larger. For Dogecoin and Shiba INU coin to reach a price target of $1, its market capital should approximately increase by 5x and 32000x respectively! That would be more than quadrillions of dollars – impossible to happen in the short term, and completely dependent on the upside volatility of other crypto assets like bitcoin as well.
Dogecoin was introduced to the crypto world as a sarcastic meme. However, Dogecoin Foundation, the team behind its development made an announcement in August 2021 that they are looking to secure a few years of funding and hire dogecoin developers to build dogecoin related products focused on solving payments integration problems. No official whitepaper has been released yet.
Shiba Inu, on the other hand, released a revised whitepaper in 2021, which mentions various plans focused on developing decentralized community experience. Firstly, the development of layer 2 blockchain for the Shiba Inu community called Shibarian. Secondly, a DAO which will give governance rights of the community to BONE token holders. And third, to create an initial batch of incubated SHIB holders who will build the content infrastructure for ShibaNet, an NFT-based marketplace which would accept Shiba Inu coin as payments. However, such developments cannot really be tracked by the public as it does not have a github.
Both Dogecoin (DOGE) and Shiba Inu (SHIB) have their unique features and roadmap. While Dogecoin has a credible and legitimate background to back it up, Shiba Inu is more anonymous. It’s always up to the investors’ discretion which appeals to them better. The investor must study the use cases and DYOR (do your own research) before investing in any crypto project.
Additional Read: Comparative Analysis of Bitcoin vs Dogecoin
How to invest in both Doge (DOGE) vs Shiba Inu (SHIB)
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Read our recent articles:
WHAT IS THE MAIN DIFFERENCE BETWEEN DOGE and SHIB
The key difference between the two meme coins is that SHIB is actually an ERC 20 token, while DOGE
IS DOGE A GOOD INVESTMENT OR SHIB?
Both the meme coins have their unique features to back the asset supporters, however, you should do your own research and choose between the two based on your investing strategy.