Cryptocurrency is the highest debated topic in recent times. Over and above that is a substantial argument around two of the most sought-after cryptocurrencies, Dogecoin and Shiba Inu. Both have the common origin of dog memes followed by skyrocketing success. In this article, we will talk about Dogecoin vs Shiba Inu, let’s get started!
Surprisingly, Elon Musk also tweeted for Dogecoin to be the currency on the moon.
Before investing your valuable life savings into a meme currency, ensure you know what you are trading. After shooting off in 2021, which one of these two most beloved meme coins sees a more prosperous 2022? Both currencies cost alike, that is, a fraction of a dollar, while exhibiting the same dog mascot from the Japanese breed Shiba Inu.
This blog post walks you through the difference between Dogecoin and Shiba Inu.
Dogecoin has the same technology as Bitcoin. Both leading currencies avail themselves of a proof-of-work common consent pact for transactions. But Dogecoin is a better solution for making day-to-day payments. It has the advantage of faster processing in. a cost-effective manner, unlike Bitcoin.
Be mindful that Dogecoin is not an exact duplicate of Bitcoin. Dogecoin surpasses in circulation supply Bitcoin, while there is no optimal supply for Dogecoin. It has over 129 billion DOGE circulation, that’s way ahead of BTC’s 21 million maximal supply.
Believe it or not, every minute, they mint 10,000 Dogecoins!
Dogecoin secures its blockchain just like Bitcoin being a proof-of-work crypto asset. Doge goes through mining with Litecoin, allowing anyone who mines Dogecoin or Litecoin to choose to mine the other one. This stabilizes your network power.
Shiba Inu is an ETH network token. This is a fungible token that uses the ERC-20 standard. As Ethereum backs it up, Shiba Inu can attach smart contracts to generate decentralized finance (DeFi) products.
This year, the DeFi zone has stepped up with valuable tokens such as Uniswap, Aave, and yearn. finance. It soared above the sky in price and adoption. These currencies use smart contracts on the Ethereum blockchain and create decentralized exchanges (DEX). They lend protocols and interest-bearing accounts.
Shiba Inu have set foot in NFT space along Shiboshis. Shiboshis is a group of NFTs with the motive of their pet Shiba Inu. The program makes use of the Ethereum network, which allows NFTs auctions, exchanging a third party for smart transactions.
ShibaSwap lets you deposit the Shiba Inu tokens with high returns in many different ways. This will cause the token to inflate, which can lead to a price fall. Currently, the platform is not offering any clear benefits to investors unlike its competitors.
Following are the considerable similarities and differences between Dogecoin and Shiba Inu:
Dogecoin vs. Shiba Inu – The Commonalities
Beyond price and history, let’s see what else these famous currencies have in common.
Cryptocurrencies trade in a digital database known as the blockchain. The blockchain database records all transactions of currencies. It is huge, and it manages and tracks all happenings there and then.
It also verifies receipts, preventing fraud and ensuring smooth transactions. Over 10,000 cryptocurrencies use some form of the originating blockchain technology.
Dogecoin vs. Shiba Inu -Key Differences
Dogecoin and Shiba Inu have different origins and purposes, each having its own price and maximum coin numbers. Some key differences are:
Dogecoin vs. Shiba Inu -Objectives of Both Cryptocurrencies
Dogecoin dived into mock Bitcoin in 2013 to make people trade real money to own digital money (having less utility). The joke currency established later rose in price and became one of the most accepted cryptocurrencies of today.
The founder of Shiba Inu affirms that the currency is a ‘Dogecoin Killer.’ Shiba Inu functions on the Ethereum blockchain having three variants, each assigned a different task.
The Three Variants of Shiba Inu
- SHIB: The basic one is operating as a mode of exchange.
- LEASH – Limited (only 107,646 tokens available). Provides stacking rewards to those validating the currency.
- BONE – Having 250 million coins allows Shiba Inu users to vote on different proposals (how to manage the currency, etc.)
Shiba Inu also looks after the features of a community, like Shiba Swap (a decentralized platform for buying and selling coins).
Dogecoin vs Shiba Inu -The Market Capitalization
Market capitalization is the net value of all coins that exist today. It will keep growing with the number of coins in the market.
Quick Tip: If you want to find out the market cap of each currency, multiply the coin number with its trading price.
Dogecoin already has around 132.3 billion coins, and it aims for more than $0.20 per coin. It gives Dogecoin a market capitalization of about $27 billion.
Despite being very popular, these currencies hold very less value than Bitcoin. BTC’s market cap crosses $1 trillion daily, depending on the day’s price.
Dogecoin and Shiba Inu both buy and sell on major crypto exchanges. To name a few, we have:
Dogecoin vs Shiba Inu – The Coin Issuance
Dogecoin continues to issue more every day despite having around 132 billion existing coins. It will issue 5 billion more coins yearly having no capitalization on the total number.
Shiba Inu’s founder established one quadrillion coins yet lent around half of them to Ethereum’s founder, Vitalik Buterin. He burned almost 40 percent of the total in existence, while half of the existing ones were locked into the Uniswap exchange to assure liquidity.
In 2021, most investors predicted the growth of each one of the coins in 2022 as follows:
- Dogecoin: 57.9%
- Shiba Inu: 42.1%
They emphasize further that by the end of 2022, Dogecoin will experience a larger percentage gain than Shiba Inu. We now conclude that trading Dogecoin will prove to be the best investment for investors in 2022.
Dogecoin OR Shiba Inu -The Bottom line
Before investing, you must get a clear concept that all cryptos are not the same. Few cryptocurrencies are more popular than others, and that is also very volatile. Concisely, the cryptocurrencies’ worth changes vary with traders’ sentiment. So you must remember that it surges incredibly with interest.