Dogecoin vs Shiba Inu:
Dogecoin and Shiba Inu represent a duo of meme cryptocurrencies that share a penchant for not taking themselves too seriously. However, despite their playful demeanor, both have managed to amass substantial followings and foster dedicated, thriving communities of enthusiastic supporters.
In the realm of meme coins, DOGE and SHIB have commonly exhibited a price trajectory influenced more by virality and excitement rather than traditional supply and demand dynamics. These coins share not only a Shiba Inu dog mascot but also possess distinguishing characteristics that set them apart.
Dogecoin – History of Meme coin, DOGE on it
Debuting in 2013, DOGE stands as the original meme coin, conceived by software engineers Billy Markus and Jackson Palmer. Their motivation stemmed from the belief that Bitcoin's intricacy and user-unfriendliness needed simplification for the average individual. Remarkably, Dogecoin's genesis was somewhat of a jest, yet it quickly gained unexpected virality.
The coin proudly features a Shiba Inu dog as its official mascot, an emblem that became widely known through the "doge" meme, which was enjoying immense popularity at the time of Dogecoin's launch.
Derived from the now-defunct Luckycoin, a derivative of Litecoin (LTC), the Dogecoin protocol operates on its unique blockchain architecture, mirroring Bitcoin's functionality. Transactions are safeguarded through cryptographic techniques and indelibly logged on its digital ledger. Similar to Bitcoin, Dogecoin employs a proof-of-work consensus mechanism and incentivizes miners through DOGE rewards, with the distinction of a swifter block generation rate – one minute compared to Bitcoin's ten.
A notable divergence between DOGE and Bitcoin lies in their supply dynamics. While Bitcoin has a fixed cap of 21 million coins, DOGE was intentionally designed to be inflationary, devoid of an upper supply constraint. This configuration differentiates DOGE from the role of a "store of value" like Bitcoin, making it more adaptable for everyday transactions.
Interesting facts about Dogecoin:
- In 2014, the Dogecoin community came together to raise funds for a very real-world cause. They sponsored a Jamaican bobsled team's trip to the Winter Olympics. The Jamaican bobsled team needed financial assistance to cover their travel expenses, and the Dogecoin community contributed over $30,000 worth of DOGE to help make it happen.
- The well-known meme coin, DOGE, briefly assumed the role of the Twitter logo after the platform was acquired by the renowned businessman and prominent cryptocurrency enthusiast, Elon Musk. During this period, the iconic bird logo of the platform was temporarily replaced by the DOGE logo. Thus, promoting Meme coins and Crypto in general.
Shiba Inu – History of one of the most popular Meme coin
Shiba Inu coin, a relative newcomer compared to DOGE, emerged on the scene in August 2020, introduced by an enigmatic figure known solely as Ryoshi. SHIB was conceived as an Ethereum-based counterpart to Dogecoin, placing a strong emphasis on community engagement. Its original intent was to serve as a playful parody of DOGE, often playfully referring to itself as "the Dogecoin killer."
Just like Dogecoin, Shiba Inu coin enjoyed its moment of viral fame, briefly surpassing its rival's market capitalization in mid-2021. The fervent community of SHIB, affectionately known as the "SHIBarmy," is renowned for its unwavering support of the coin, frequently making their presence felt in Twitter polls and online petitions. This spirited backing propelled SHIB to outshine even Bitcoin as the most popular cryptocurrency of 2021, as per CoinMarketCap data, amassing a remarkable 43 million more views than BTC.
Shiba Inu coin operates as an ERC-20 token within the Ethereum blockchain ecosystem, providing users with the ability to participate in on-chain activities such as smart contract creation and the accumulation of staking rewards.
If you still don’t know what an ERC-20 Token is and in General, what the difference is between a Coin and a Token, check out our blog:
Interesting fact about Shiba Inu:
- Some Shiba Inu community members have created social media profiles for their real Shiba Inu dogs and given them personas as "crypto influencers." These canine influencers sometimes share updates on the crypto world from a dog's perspective, adding a humorous twist to cryptocurrency discussions.
What is the difference between two Meme coins – Shiba Inu and Dogecoin?
Shiba Inu coin and Dogecoin exhibit both similarities and differences in their respective journeys. Their price trajectories have mimicked the volatility typical of many cryptocurrencies, undergoing significant fluctuations over time. DOGE's claim to fame includes prominent endorsements from figures like Snoop Dogg and Elon Musk, whose support played a pivotal role in Dogecoin achieving its peak value of $0.74 in May 2021. In contrast, Shiba Inu coin reached its all-time high in October of the same year, reaching a value of $0.00008616.
Shiba Inu coin imposes a maximum supply cap of 1 quadrillion tokens (1,000,000,000,000,000). Although it doesn't share DOGE's infinite supply, SHIB boasts the highest maximum supply among all existing cryptocurrencies. In a noteworthy move in May 2021, Ryoshi sent half of SHIB's total supply to Ethereum founder Vitalik Buterin. He contributed 10% to the India Covid Relief Fund, with a value exceeding $1.2 billion at the time, and burned the remaining 90%, effectively removing them from circulation. As of July 2023, DOGE's circulating supply slightly exceeds 140 billion coins, with approximately 5 billion DOGE added annually due to its inflationary design. On the other hand, SHIB's circulating supply stands at 589.34 trillion.
A prominent disparity between these meme coins resides in their blockchain infrastructure. Shiba Inu operates as an ERC-20 token, providing users access to the DeFi ecosystem, most of which aligns with Ethereum. Conversely, DOGE relies on its standalone blockchain, built on Litecoin's foundational technology, utilizing the scrypt proof-of-work algorithm.
Better for Crypto Investment – Dogecoin or Shiba Inu?
Both Dogecoin and Shiba Inu, originating as jests, have remarkably transformed into widely embraced cryptocurrencies, each boasting substantial and dedicated communities. Nonetheless, as meme coins, their price fluctuations are primarily fueled by hype rather than conventional economic principles, rendering them notably volatile and speculative investments. Elon Musk, in particular, has faced accusations of inflating Dogecoin's value through his various actions. After taking over Twitter, he temporarily replaced its iconic blue bird logo with the DOGE logo, just one example of his influence.
As for which of these two might be the more promising investment, it's a rather uncertain prospect. Dogecoin holds a pioneering position, a larger community, and a notably higher average price compared to Shiba Inu coin. On the other hand, SHIB's fixed, albeit substantial, supply might appeal to certain investors. As of 2023, Dogecoin boasts a market cap of $10 billion, surpassing SHIB's market cap of $5 billion.
Which Meme coin is for making Payments?
Both Dogecoin and Shiba Inu coin have achieved global recognition and are accepted by numerous major merchants worldwide. Whether it's spending SHIB on movie tickets at AMC Theaters, purchasing a new watch from Jomashop, or securing center-ice tickets to a Carolina Hurricanes hockey game, or using DOGE at retailers like Ralph Lauren and Newegg, paying for services like Sling TV, or grabbing courtside seats to a Dallas Mavericks game, these cryptocurrencies have found practical utility in various consumer transactions.
However, according to Crypto Stats for June 2023, DOGE accounted for nearly 7% of the crypto payments, while SHIB represented less than 1%.
How to Buy Meme coin DOGE and SHIB?
With Cryptal, users have the capability to acquire cryptocurrencies using various fiat assets such as the Georgian Lari, US Dollar, and Euro. Once these fiat assets are deposited into the user's balance, they are automatically converted into TOGEL (representing Georgian Lari), TOUSD (representing US Dollar), and TOEURO (representing Euro).
The platform offers two methods for purchasing Shiba Inu and Dogecoin:
- Convert: Cryptal's Convert feature is meticulously crafted for simplicity and swiftness. Given the ever-fluctuating market values, obtaining your tokens promptly can be a game-changer. Moreover, you don't have to possess advanced expertise; the Convert function is well-suited even for absolute beginners.
Utilizing the Convert feature, you can seamlessly transition between your preferred and widely recognized cryptocurrencies, such as Bitcoin, Ethereum, USDT, and many others, and convert them into fiat alternatives like TOGEL, TOUSD, or TOEURO. Even if you're inclined towards crypto-to-crypto transactions, Convert streamlines the process without the need for complex technical terminology.
- Spot Exchange: Imagine this as your digital marketplace, where you engage with fellow traders who are eager to buy or sell cryptocurrencies. You can submit your bid, wait for approval, and once it's confirmed, you've effectively completed a Buy Order.
Spot Exchange frequently offers the most competitive prices. Nevertheless, it's primarily designed for individuals who have spent time navigating the complexities of crypto trading and possess the expertise to do so.