Dogecoin, a meme-based crypto currency that has gained in popularity since its inception, is often compared to the Shiba Inu dog breed. The similarities between these two similar breeds are striking and it can be difficult to differentiate which one you want as your pet!
When it comes to Coins of Meme, there are a few contestants that have shown to be the top rivals in terms of popularity. Meme currencies are more popular than ever before, and knowing the distinctions between Dogecoin (DOGE) and Shiba Inu (SHIB) might help you make the best option possible when the time comes. Here’s all you need to know about two of the industry’s most intriguing initiatives.
What exactly is Dogecoin?
Dogecoin is a first-generation cryptocurrency that works in the same way as Bitcoin. DOGE allows users to transfer value worldwide without requiring authorization. The project has an unusual backstory, since it began as a group of Redditors’ private joke. The token’s creators aimed to mock the Bitcoin community’s seriousness at the moment.
Dogecoin was conceived as a lighthearted joke. Billy Markus, one of Dogecoin’s inventors, has gone on public describing how simple it was to create Dogecoin. He said that they first went through Bitcoin’s software and just switched Bitcoin instances to Dogecoin. He also made other amusing adjustments, such as changing miners’ names to diggers.
Stardom for Dogecoin
The most significant alteration he made was the addition of a Proof-of-Work consensus method based on scrypt. His modification was intended to minimize mining centralization. ASIC (Application Specific Integrated Circuit) miners were changing the market at the time. The inventors of Dogecoin sought to prevent Bitcoiners from using the same mining equipment on their network. Before the arrival of Dogecoin ASIC rigs, the method worked for years.
Coins of Meme
Dogecoin aided in the acceptance of meme coins, which is still a significant problem today. The project’s success has sparked interest from tech billionaires, celebrities, and even rivals. Dogecoin is currently one of the most well-known cryptocurrency ventures. It has evolved from a witty joke to a worldwide network that has done significant good in the globe.
The inventors of Dogecoin observed the coin’s positive character and sought to improve on it. They didn’t have to wait long to find out whether the community agreed, since the project’s wallet was stolen and users lost millions of DOGE days after the IEO. Most new tokens would fail at this point, therefore it was a critical time for the project.
DOGE must be saved.
Instead, Dogecoin users banded together to create the “DOGE must be saved.” fund. This vulnerary donation fund was a major success. All user losses were recovered via donations. This incident showed that Dogecoin was different than most projects. It also led to the start of a humanitarian push that would benefit the lives of people around the world.
Dogecoin started focusing on humanitarian causes. For example, the community supported a Kenyan clean water effort. They also worked with canines and autistic youngsters. Sponsoring the Jamaican bobsled squad was one of the greatest things Dogecoin users did. All of your efforts have been recognized.
Dogecoin is backed by a slew of celebrities. Famous artists such as Snoop Dogg and Gene Symons have posted support for the token. Elon Musk, one of the world’s wealthiest and most well-known tech billionaires, has lent his support. The now-owner of Twitter has often shared images of the Shiba Inu meme flying to the moon. He even said that he would henceforth be known as the “Doge Father.”
What exactly is a Shiba Inu?
Shiba Inu is a project that began service in 2020, just at the onset of the DeFi boom. The project was started by a group of anonymous developers led by Ryoshi. To guarantee additional decentralization, the organization decided not to retain any tokens before the project’s debut. Shiba Inu made its debut on Uniswap via an Initial Exchange Offering.
Shiba Inu takes a page from the beautiful dog meme book. The project’s creators intended it to be a direct rival to Dogecoin. One of the most intriguing features of SHIB is its very cheap cost. Currently, a single SHIB costs a fraction of a penny. The project’s purpose was to make it possible for everyday traders to buy large quantities of the token.
Speculative trading is Shiba Inu’s primary attraction. The objective is to bring the project to $1 per coin in the near future. People who hold millions of SHIB would benefit substantially as a result of this. To that end, the project’s developers have dubbed it a “experiment in decentralized spontaneous community development.”
Homepage of the Shiba Inu (SHIB).
SHIB gave 505 trillion to Vitalik Buterin, the inventor of Ethereum, when it was debuted. It’s unclear why they performed this move. Many people think they thought he would keep the tokens, which would offer it legitimacy in the early days.
Buterin sent the tokens to a COVID relief fund right away. The value of SHIB dropped 50% as a result of the rapid infusion of $2 billion in tokens. Despite the decrease, there was still a $1 gift. It also contributed to the project’s increased visibility, allowing it to be listed on various CEXs (centralized exchanges).
What issues were they designed to solve?
Dogecoin introduced a new dimension to the cryptocurrency market: fun. The token was not created to transform the world or to offer a better method to produce or store value. It was designed to make people happy. It was the ideal response to the market’s arid character because of its lighthearted attitude.
In comparison to Bitcoin, Dogecoin was built to give higher scalability. The network was able to do this operation with ease because to the shorter block times and bigger blocks. In this approach, Dogecoin relieved Bitcoin users’ pain points while also making them laugh.
Shiba Inu was intended to allow the common individual to possess millions of dollars worth of digital assets. The coin was released at a time of volatile trading. The stock market was engulfed in a big trading scam involving companies like GameStop and AMC Theaters. Large trading programs were used in this circumstance to prevent traders from purchasing these assets, giving hedge funds time to liquidate their holdings.
Shiba Inu versus Dogecoin (DOGE) (SHIB)
Shiba Inu intended to use its unique method to address a variety of concerns. It aimed to provide individuals with a permissionless and scalable alternative. The project takes use of the most recent DeFi features, and the creators have outlined a number of potential enhancements, including a stablecoin and a DeFi token called Bone. These features assist traders in achieving low-risk DeFi ROIs.
How do they each function?
To operate decentralizedly, Dogecoin uses network nodes known as diggers. The ecosystem consists of a proprietary blockchain that functions similarly to Bitcoin’s blockchain, as well as network nodes. For safeguarding the blockchain and confirming transactions, diggers are rewarded. Dogecoin was the first cryptocurrency to hit the market before smart contracts became popular. As a result, its technological skills are restricted.
Shiba Inu is devoid of miners. Instead, it uses Ethereum’s network to maintain its validity. This implies that the currency is subject to the same levels of congestion and high fees as Ethereum. It also has complete compatibility with the biggest DeFi ecosystem in the planet.
As part of their innovative method, the creators mined the entire supply of SHIB upon launch. The network now offers a number of DeFi alternatives, including low-risk staking choices. The protocol’s services may also be used by developers to construct complex Dapps.
Although Dogecoin costs are lower than Bitcoin, they are still more than other DeFi networks. Dogecoin, in particular, has seen a significant increase in costs since its inception. According to estimates, Dogecoin fees have grown owing to network congestion. During peak congestion, the average transaction charge on the network jumped from Dogecoin has lower fees than Bitcoin, but they are still higher than most DeFi networks today. Notably, Dogecoin experienced a huge influx in fees from its early days, According to reports, Dogecoin fees have risen due to network congestion. The average transaction fee on the network went from $0.11 to $50 during peak congestion. This represented a 4,230% increase..11 to $50. This was a rise of 4,230 percent.
Traders of Shiba Inu aren’t faring much better, since the token is subject to Ethereum’s gas expenses. Due to Ethereum’s record-high gas prices, numerous projects have branched out to other networks. The protocol presently has the highest gas costs in the crypto industry. In 2021, the average price on this network increased from $14 to $70. Transaction costs are still an issue for both projects today.
Which is superior?
The optimal project for you is determined by your overall objectives. Dogecoin is still a well-established initiative with significant backing from influential figures. Elon Musk’s acquisition of Twitter provides another another layer of possible integration for this meme currency. Because Dogecoin has been successful for years, it is reasonable to believe that it will continue to be a viable initiative.
Shiba Inu, on the other hand, is an experimental endeavor with certain distinctive features that may offer it commercial endurance. The cryptocurrency debuted with a bang, and many novice traders have it in their portfolios in the hopes of one day seeing it hit $1. SHIB is significantly more competent than Dogecoin in terms of technological aspects.
Dogecoin, on the other hand, has Shiba Inu beat in terms of long-term value and stability. Furthermore, Dogecoin was a more unique notion, since Shiba Inu essentially capitalized on Dogecoin’s popularity to gain prominence. Despite this, in terms of accessibility, SHIB may have Dogecoin beat. SHIB is available on all major CEXs. It’s backed by Ethereum’s huge ecosystem.
Dogecoin (DOGE) with Shiba Inu Buying Guide (SHIB)
Dogecoin (DOGE) and Shiba Inu (SHIB) are now available for purchase on the exchanges listed below.
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Uphold Disclaimer: The assets provided on Uphold are region-specific. All investments and trading are dangerous and may lead to cash loss. Because cryptoassets are mostly unregulated, they are not protected.
Binance is the best cryptocurrency exchange for Australia, Canada, Singapore, the United Kingdom, and the rest of the globe. Most tokens are unavailable to residents of the United States. Use the code EE59L0QP to get a 10% discount on all trading costs.
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. This exchange currently accepts International & United States residents.
Dogecoin Vs. Shiba Inu – Coins of Meme Get Serious
Both Dogecoin and Shiiba Inu are entertaining ventures that provide potential for traders to profit. Notably, the long-term viability of these initiatives will be strongly reliant on their future usefulness. If the tokens can expand their Dapp ecosystem, they may get even more market acceptance. For the time being, Dogecoin is a hot topic, and Shiba Inu is an experimental idea with some profit potential if it achieves its purpose.
Visit our Investing in Dogecoin and Investing in Shiba Inu tutorials to learn more.
Dogecoin is a cryptocurrency that was designed to be fun and easy to use. Shiba Inu is the name of a breed of dog that originated in Japan. The name “shiba” means “brushwood” or “scrub oak”, while the word “inu” means “dog”. Dogecoin has a market value of $0.0027, while the average Shiba Inu price is $1,500. Reference: shiba inu coin price.