The crypto community is determining the superior coin between Dogecoin and Shiba Inu. International Business Times said despite lacking the serious utility of many DeFi tokens, these meme coins boast a combined market cap of $18 billion, surpassing even Cardano (ADA). For those who prioritize short-term volatility over long-term viability, choosing between DOGE and SHIB may be a difficult decision.
According to the publication, Dogecoin is still the king of meme coins. In December 2013, Jackson Palmer and Billy Markus launched Dogecoin (DOGE) as a parody of Bitcoin on Reddit. DOGE is a modified version of Litecoin (LTC) and uses Proof-of-Work to verify transactions and generate new coins. Miners are rewarded with 10,000 DOGE per block, and the total supply is unlimited, with approximately 5 billion new coins created each year through mining.
Moreover, transactions on the network are confirmed quickly due to a block time of one minute, and DOGE can be traded on cryptocurrency exchanges and used to purchase goods and services online.
Additionally, Elon Musk revitalized Dogecoin with his tweets in early 2021, propelling it to position 8 among cryptocurrencies by the end of 2022.
However, the more he tweeted about DOGE, the more market resistance he built up. Due to its high inflation rate, DOGE’s value is constantly being eroded, making it a risky investment with volatility and inflation risks. Nonetheless, despite not being a stable investment, DOGE outperformed Bitcoin in 2021 due to its memetic volatility.
Meanwhile, Shiba Inu (SHIB) is the second-largest meme coin with a market cap of $5 billion, launched in August 2020 by the pseudonymous “Ryoshi.” Unlike Dogecoin, SHIB is an altcoin that is tied entirely to Ethereum as an ERC-20 token. SHIB’s tokenomics initially had a total supply of 1 quadrillion tokens, with 50% sent to Vitalik Buterin’s wallet, causing controversy. Buterin later burned 40% of the total supply, leaving SHIB with a 44,410% larger total coin supply than DOGE. Ryoshi locked the rest of the supply to the Uniswap decentralized exchange.
SHIB coins, unlike DOGE, are limited as ERC-20 tokens and native to the Ethereum DeFi ecosystem, enabling staking in liquidity pools and play-to-earn blockchain gaming. DOGE, on the other hand, relies on external pushers like Elon Musk for utility integration and is also volatile, influenced by social media.
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Source: Cryptocurrency - investing.com
