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- Dogecoin has a higher price per coin than Shiba Inu, but Shiba Inu has gained more attention due to its lower price and meme-inspired branding.
- While both Shiba Inu and Dogecoin are meme-inspired cryptocurrencies, they have their own unique characteristics and differences.
Shiba Inu (SHIB) and Dogecoin (DOGE) are meme-inspired cryptocurrencies that have gained popularity and have tasted equal success in terms of social popularity through the years.
Data from LunarCrush reveals that Shiba Inu received 22.01 million social media engagements up until March 2023. SHIB took the fourth spot in social engagements and remains below Bitcoin (231.59 million), GIGA (167.96 million), and Ethereum (134.62 million).
Dogecoin, on the other hand, was ranked #6 with a total social engagement of 17.44 million. The meme-coin is also below Solana at 20.45 million taking fifth place.
Apart from the speculations that Twitter chief Elon Musk will find a way to integrate DOGE as a form of payment for Twitter and often rallies on news and tweets related to Elon Musk, what else drives the Dogecoin to print a green candle?
However, there are several differences between the two:
HISTORY
Dogecoin was established in 2013 by Jackson Palmer and Billy Markus (Software engineers) as a joke and was initially meant to be a parody of the cryptocurrency space.
On the other hand, Shiba Inu was created in August 2020 by an anonymous person named Ryoshi much like the situation with Bitcoin (BTC) and Satoshi Nakamoto.
SUPPLY
Dogecoin has a much larger circulating supply than Shiba Inu with $10,064,138,403 and $6,208,610,989 respectively. Dogecoin has no maximum supply which infers that it is an inflationary coin, adding on that, it has no burn mechanism since its Proof-of-Work.
There are currently over 132 billion coins in circulation, while Shiba Inu has a maximum supply of 1 quadrillion tokens.
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
PRICE
Dogecoin has a higher price per coin than Shiba Inu, but Shiba Inu has gained more attention due to its lower price and meme-inspired branding. Shiba Inu spiked nearly 77% between January and mid-February 2023 before retracing in price.
Shiba Inu dubbed the “Dogecoin killer” has been experiencing a tumultuous period, with the coin’s value plunging in line with the wider cryptocurrency market. As of press time, SHIB is trading at $0.0000123, down from its all-time high of $0.0000377 in early May. Despite the drop, the coin continues to be popular among retail investors, who are attracted to its meme-inspired branding and low price.
However, to the dismay of Shiba holders, Elon recently revealed that he doesn’t own any SHIB which caused the price of the token to plunge before making new highs again.
Dogecoin has seen some remarkable highs and lows throughout its history, the lowest price ever paid for DOGE was just $0.00008690, recorded 8 years ago on May 06, 2015. The current price, by comparison, is an incredible 92,415.48% higher than the all-time low price, demonstrating the remarkable growth that Dogecoin has experienced over the years.
DEVELOPMENTS
Shiba Inu is relatively new and still in the early stages of development while Dogecoin has a more established development team and has been around longer than Shiba Inu, despite this, I think Dogecoin needs more than just support from Elon Musk.
As things stand, Dogecoin has plans to transition from the Proof-of-works (POW) Consensus Mechanism to Proof-of-Stake (POS) system, a move that Ethereum (ETH) founder Vitalik Buterin championed back in September 2022.
BREAKING‼️#Shibarium Intake Form is LIVE!https://t.co/0N75nHzn3Q
— Shibarium (@ShibariumGems) February 28, 2023
Become part of the growing ecosystem. pic.twitter.com/Wbr9p0rNFS
There are no immediate plans to make the Dogecoin blockchain smart contract-compatible, which means there is no way Dogecoin can ever get involved in some of the most promising developments of the crypto world, such as non-fungible tokens (NFTs) and decentralized finance (DeFi).
When compared to its successor, Shiba Inu, a meme coin that is working overtime to provide fundamental catalysts to boost its value as a meme coin, DOGE is at the end of the rope.
Meanwhile, Shiba Inu is getting ready to launch its first-ever layer 2 scaling solution, The Shibarium. Additionally, it is also working on coin-burning initiatives to get rid of millions of SHIB coins from circulation.
In summary, while both Shiba Inu and Dogecoin are meme-inspired cryptocurrencies, they have their own unique characteristics and differences. Dogecoin has a larger circulating supply, higher price, and more established development team, while Shiba Inu has a lower price, and a maximum supply limit, and is still in the early stages of development. Ultimately, the choice between the two cryptocurrencies depends on individual preferences and investment goals.
