- What is Shiba Inu (SHIB)?
- What is Dogecoin (DOGE)?
- Shiba Inu vs Dogecoin: Key Takeaways
- Dogecoin vs Shiba Inu: Which coin should you invest in?
- Shiba Inu vs Dogecoin Price Trends Comparison Graph
- Should you invest in? SHIB or DOGE
- How to invest in both Doge (DOGE) vs Shiba Inu (SHIB) in India
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.
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?
Shiba Inu vs Dogecoin: Key Takeaways
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.
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.
Shiba Inu vs Dogecoin: Comparative Analysis of SHIB vs DOGE
|Comparison Basis||Dogecoin (DOGE)||Shiba Inu (SHIB)|
|Launch Date||December 2013||August 2020|
|Founders||Billy Markus and Jackson Palmer||Anonymous Group – Ryoshi|
|Blockchain Protocol||Dogecoin||Ethereum blockchain (ERC-20Token)|
|Use Case||Primarily a crypto coin which can be used for tipping creators on social platforms, and for the acquisition of goods and services.||Primarily as a token for decentralized governance, which can also be used for the acquisition of goods and services.|
|Circulating Supply**||132.67B DOGE||549,063.28B SHIB|
|Consensus Method||Proof-of-work (PoW)||Proof-of-work (PoW)|
|Official Twitter Account||Dogecoin||Shib Inu coin|
MarketCap* and Circulation Supply** as of February 2022
Shiba Inu vs Dogecoin Price Trends Comparison Graph (Monthly)
Source: Trading View
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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