Dogecoin vs Shiba Inu: Comparing both meme coins

By: Timilehin

Dogecoin vs Shiba Inu: Comparing both meme coins

July 25, 2022 6:33 AM

The Shiba Inu dog serves as the mascot for both DOGE and SHIB, which were both made up as jokes. However, the parallels stop there. Dogecoin: Jackson Palmer from Adobe and developer Billy Markus, who was then employed by IBM, developed DOGE in 2013.


The first meme currency to enter the market was Dogecoin. Despite being first intended as a joke, DOGE eventually gained a supportive following. Shiba Inu appears to have been introduced with the hope of replicating Dogecoin's improbable popularity. In 2021, the prices of both cryptocurrencies saw notable increases.


These digital currencies all have Japanese dogs as their logos, yet they differ significantly.


The fact that SHIB is an ERC-20 token is seen favorably by many. Shiba Inu, which runs on the Ethereum network, may communicate with a variety of DeFi projects that share the same blockchain. However, DOGE is still recognized as a respectable payment method substitute for Bitcoin.


Dogecoin transactions are remarkably quick despite employing PoW. Since the Scrypt algorithm, unlike the SHA-256 employed by Bitcoin, permits a far faster generation rate, it is mostly to blame for this speed. Litecoin's block time is 2.5 minutes, whereas Bitcoin's block time is 10 minutes. In comparison, Dogecoin's expected block production time is about one minute. Shiba Inu has slower transaction speeds than Dogecoin since it is an ERC-20 token. However, SHIB transactions could be quicker if Ethereum eventually implements the proof-of-stake (PoS) method.


Every year, Dogecoin's supply grows by about 5 billion DOGE. Whales are kept from removing a significant amount of money from circulation in this method. Transaction costs will remain minimal with this strategy. In comparison, the total amount of SHIB tokens in Shiba Inu is one quadrillion. Although some SHIB tokens were locked up in the Uniswap exchange and others were burnt, So, the open market is the sole place to trade SHIB.


Shiba Inu had a market valuation of nearly $6.4 billion, while Dogecoin had over $11.1 billion. Both cryptocurrencies formerly had roughly equivalent market caps. However, Shiba Inu's price fell more dramatically in 2022 than Dogecoin's.


For investors who were fortunate enough to invest early, both of these assets have been a boon. However, in contrast to Shiba Inu, Dogecoin has maintained a higher percentage of its holders in profit, making it the superior alternative. However, neither of these digital assets has much, if any, utility, which is bad news for their respective futures.