Every industry witnesses multiple changes with the ongoing technological advancement and time. While the cryptocurrency sector is evolving and flourishing at a tremendous rate, it somewhere gets the general user confused about the applications and coins they hold. We can witness a similar case with the two most popular meme-cryptocurrency Shiba Inu and dogecoin, so visit Official trading platform now. As a matter of fact, it is quite common that many people do not understand the difference between the two.
Both are dog-themed cryptocurrencies that share similarities but hold undiscovered differences to a major extent. Despite the general public, even big businesses and investors get stuck upon choosing the right one to invest in. Read out more to understand the difference and find out which is the better buy in 2022.
SHIBA INU
The SHIB cryptocurrency made its announcement in the early days of august 2020 as a competition against dogecoin. Introduced by an anonymous founder Ryoshi, Shiba outperformed doge in 2021 making huge headlines. SHIB holds a current market capitalization of more than $15 billion and is also ranked at the 15th position in the crypto charts, whereas DOGE is four spots above. SHIB is developed on the Ethereum network which allows users to experience the benefit of smart contracts and decentralized finance applications.
Another great thing to know about the Shiba Inu cryptocurrency is it has a passionate team, making the currency adopted worldwide. Recent updates confirm that the cryptocurrency is working on several projects such as the NFT marketplace, DEX ShibSwap, and more. Major firms have started accepting SHIB as payment, making it more investment-worthy and popular.
DOGECOIN
Introduced in 2013 by Billy Markus and Jackson Palmer. The coin was launched as a joke about the volatility of bitcoin. The currency witnessed immense popularity in 2021 when its market capitalization reached $32 billion. Dogecoin is currently the 11th largest crypto according to its market capitalization. More to that, the network uses a proof-of-work consensus protocol in order to authenticate transaction blocks. When compared to Bitcoin, doge is less decentralized but can be a slightly better option when it comes to payment procession and fees.
The current performance of DOGE reveals that many celebrities including Elon musk are supporting the coin. The community aims to make the network a peer-to-peer payment system with over 2,000 companies accepting DOGE as payment.
WHERE TO INVEST?
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Purpose
Initially, dogecoin was built as a joke about bitcoin’s volatility, however it gained immense popularity. The coin was created to mock the fact that people were ready to pay real money for digital utilities, however, the joke came back to the founders, and dogecoin became one of the largest cryptocurrencies.
Shiba Inu founders mentioned their currency as a “dogecoin killer” and have three important variants to function – SHIB, LEASH, and BONE. SHIB acts as a medium of exchange, LEASH token is used to provide staking rewards, while BONE has over 250 million coins.
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Market cap
Doge holds a total of 132 billion coins, which gives them a market cap of more than $17 billion. While on the other hand, Shiba Inu’s market cap is less than doge and has approximately 549 trillion coins. A total value of $11 billion is held by Shiba Inu.
Both dogecoin and Shiba Inu are included on major crypto exchanges that allow users to access them with ease and enjoy their applications better.
SUMMARY
Both DOGE and SHIB are great performers in the crypto industry with immense gains. Each community is practicing more and more to redefine themselves and provide better to the market. Both meme coins share common aspects along with major differences in terms of market cap and usage. It is crucial to know which coin will provide more benefits and investment guarantees. When it comes to where to invest in. Shiba Inu might be a slightly better option rather than doge, the reason being the utilities and the number of projects the company is working on. However, the Ethereum network will resolve processing as well as scalability issues, making SHIB the right choice for investors. Doge, on the other hand, holds a limited utility as the P2P payment network.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
