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- The clash between Dogecoin and Shiba Inu to win the gains for the community.
- Will DOGE lose from SHIB?
- Though certain slumping of the market in the recent month, they both manage to gain their momentums.
The Battle begins
The most popular meme coins of the crypto industry are in news, that is Shiba Inu and Dogecoin. Having the similarity that they both are based on the internet memes that made them immensely popular.
Coming upon Elon Musk’s tweet which depicted the Dogecoins as the “currency on the Moon”. But Shiba Inu is based on exactly the same technology as Dogecoins.
Talking about Dogecoin, it is based on Bitcoin. It has a larger circulation supply as compared to Bitcoin. Approximately 100 billion DOGE are in circulation, it is obviously more than that of 21 million top supply of Bitcoins. Whereas Shiba inu is based on the Ethereum Blockchain networks. It can also leverage smart contracts to generate decentralized finance (DeFi) products.
For similarities, both of the meme coins have fuzzy and warm looking dog mascots and have the same vision to create a lot of wealth for their communities. Like Dogecoins and other cryptocurrencies, the Shiba Inu too works on a peer-to-peer network and they are self governed.
But the question comes why is Shiba Inu the Dogecoins counterpart? The meme coin SHIB emerged during the time of advent of COVID-19. SHIB attracted the audience very fast with the help of its notable influencers, such as Elon musk and Ethereum’s co-founder Vitalik Buterin.
Is SHIB slightly ahead of DOGE?
In 2021, Shiba inu left Dogecoin behind in terms of market capitalization and value, which further skyrocketed its popularity. Crypto data intelligence platform Whale Stats stated that one of the top 1,000 investors on Binance smart Chain purchased 140 billion Shiba Inu tokens.
As a result, Shiba Inu gas now extended recently over the Dogecoins as it is depicted that SHIB has added an increase of 12% in its price. It has also entered into the NFT space with Shiboshis, which is a collection of 10,000 NFT tokens written on Ethereum blockchain.
SHIB has a total circulating supply of 500 trillion and an allover cap set at 1 quadrillion. In july 2022, the lead developer of Shiba Inu (Shytoshi Kusuma) stated that soon there will be few changes. It includes Shibarium layer-2 blockchain, providing flexibility for devs to create DApps and projects on top of Shiba Inu infrastructure. It possesses certain qualities to become a “Doge Killer”.
The Conclusion
The DOGE and SHIB might be preparing for the Bull run in the market as on October 11, 2022. There is so much potential in both of these meme coins. Though both the coins need to develop some extra innovative approach in their ecosystems in order to win the Bull run.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
