Dogecoin vs Shiba Inu

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As you may be aware, Dogecoin was initially created as a joke. It was started in 2013 by Jackson Palmer and Billy Markus. The currency is styled after the Doge internet meme in an effort to poke fun at cryptocurrency’s fervor for Bitcoin-based projects that are doomed from their inception because of unnecessary complexity.

Dogecoin has been forked off Litecoin which means they share similar similarities with Bitcoin such as supply limitations on coins mined per day or week but there is one key difference; unlike Bitcoin’s capped limit of how many can ever exist, DOGE has no limit.

Interest of cryptocurrency began surging after entrepreneur Elon Musk became involved, mentioning it both repeatedly as well as during an iconic Saturday Night Live performance. This led to ‘Doge Mania’ where many celebrities/influencers also joined together in promoting interest towards DOGE (a prominent Bitcoin alternative), leading up its peak before he noticed his post was deleted from twitter - but not for long!

Once an internet joke, Dogecoin has surged in popularity since and now is listed on Coinbase and is now gaining attention from the institutional investors.

Dogecoin was the first meme to be developed into a cryptocurrency token and it is now one of many Doge-related currencies. Shiba Inu, an ERC20 Ethereum-powered crypto has been dubbed “the new ‘Doge’ killer” for its hilarious name - after a Japanese dog breed which adorns both their coin’s symbol and logo.

How to Buy Dogecoin

Shiba Inu

The Shiba Inu coin, the only cryptocurrency born in Japan and named after a dog breed that originated there as well, has been experiencing some turbulence of late. Vitalik Buterin’s donation to India Covid crypto relief fund came with an unexpected side effect: the price went down!

Dogecoin’s supply mechanism is fairly unique, as it has an unlimited number of tokens. Bitcoin was the first crypto asset to have a limited token cap at 21 million; however, there are no limits on how many Dogecoins can be created.

SHIB Token Supply

Shiba Inu has a very large supply of tokens, unlike the scarce Bitcoin. Yet after Vitalik’s recent actions by burning half his holdings, this may help to start another bullish run for Shiba coins because it will decrease their total number and therefore make them more valuable than before.

Dogecoin and Shiba Inu are both established in the cryptocurrency space. Dogecoin is valued at $55,690,489,567 while climbing up to be one of the top 5 coins by market cap with a value that eclipses all other cryptocurrencies except Bitcoin ($260 billion). Meanwhile on a much smaller scale than its predecessor- but still an impressive feat for such new currency Shiba Inu has posted an even greater milestone: after just two months since launch it’s already worth over $3 million dollars.

Another key metric we want you to take note of when analyzing these coins is their respective Market Capitalizations (MCs.). Both currencies have large Market caps., which could lower potential gains.

SHIB - Is it the next DOGE?

The SHIB community is passionate, however, and therefore another significant price surge cannot be ruled out. Many investors have flocked to it in search of the ‘next Doge’. There are many similarities between Shibes and DOGE enthusiasts; both communities believe their digital currency will replace fiat currencies like USD or euros due to a lack of central government control over them (and one could argue that this has already started happening).

The Shiba Inu is a dog that was originally bred for hunting in Japan. It is one of the oldest breeds, and it has been preserved over centuries as part of Japanese tradition. However, during WWII they were nearly extinct due to restrictions on breeding by occupying forces from America and other nations but luckily survived with help from the government’s project “The Hundred Dogs.”

Final Thoughts

Both Dogecoin and Shiba Inu have incredible potential. Dogecoin was considered a complete joke just a few years ago and 2021 saw many people profit and make incredible gains from the rise in Doge’s price. They also carry plenty risks which are based on the fact that a lot of price movement is based on speculation and celebrity endorsement. With Dogecoin you need to watch Elon Musk’s twitter feed like a hawk to monitor movements, with Shib it is still under the radar largely but it also has built an impressive community of fans and investors in a short space of time. Supporters who adored them helped bring about their prices through their enthusiasm.

Disclaimer: Cryptotravellers or the author are not a financial advisor and the information in this article is not financial advice and should not be construed in this way.

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