Shiba inu or Dogecoin: who will win the battle of memetic coins?
Shiba inu and Dogecoin are two of the most famous and popular memetic cryptocurrencies, which are both inspired by the image of the Shiba Inu dog breed. Both of these coins have their fans and critics, as well as their advantages and disadvantages. In this article we will try to determine which one is better and why.
To compare shiba inu and Dogecoin we will consider the following parameters:
- history and purpose
- technology and ecosystem
- price and market capitalization
- prospects and risks
History and purpose
Shiba inu was created in August 2020 by an anonymous developer under the pseudonym Ryoshi. His goal was to create a competitor to Dogecoin, which was called the "Dogecoin killer". Shiba inu was launched as an erc-20 token on the Ethereum Blockchain and had an initial issuance limit of 1 quadrillion tokens. Of these, 50% were sent to ethereum founder Vitalik Buterin, who burned 90% of them and donated the remaining 10% to the fight against covid-19 in India. The remaining 50% was pledged and locked on the decentralized exchange uniswap.
Dogecoin was created in December 2013 by two programmers, Billy Marcus and Jackson Palmer. Their goal was to make a joke of the seriousness of the Bitcoin community and create a light-hearted and fun cryptocurrency. Dogecoin was based on the bitcoin code, but with some changes, such as the use of a proof-of-work consensus algorithm based on scrypt, reducing block generation time to one minute and no emission limit. Dogecoin quickly became popular due to its memetic nature, celebrity endorsements, and humanitarian causes.
Technology and ecosystem
Shiba inu is a token on the ethereum Blockchain, which gives it the benefits of security, reliability and the ability to use smart contracts. However, this also means that shiba inu is subject to high transaction fees and congestion on the ethereum network. To solve these problems, Shiba Inu plans to launch its own second-layer blockchain called Shibarium, which will be more scalable, cheaper and compatible with ethereum. In addition, Shiba Inu is developing its ecosystem, which includes the decentralized exchange shibswap, the nft shiboshis collection and the rocket pond metaverse.
Dogecoin is an independent cryptocurrency that uses its own blockchain based on Bitcoin. This gives it the advantages of simplicity, stability and widespread use. however, this also means that dogecoin has limited capabilities compared to more advanced blockchains such as ethereum. Dogecoin does not support smart contracts, decentralized applications or nfts. To solve these problems, Dogecoin plans to integrate with the ethereum blockchain through a bridge called dogethereum, which will allow token exchange and use of ethereum features.
Price and market capitalization
Shiba Inu and Dogecoin have a very low unit price as both coins have a huge number of tokens in circulation. at the time of writing this article, the price of Shiba Inu is $0.0000032 and the price of Dogecoin is $0.16. However, when comparing market capitalization, Dogecoin is significantly ahead of Shiba Inu. Dogecoin's market capitalization is $21.3 billion, and shiba inu's market capitalization is $17.8 billion. this means that dogecoin has more trust and acceptance in the market than Shiba Inu.
Prospects and risks
Shiba Inu and Dogecoin have their own prospects and risks that need to be taken into account when choosing between them. Shiba Inu has the potential to grow through its innovative technology, ecosystem development and vibrant community. However, shiba inu also has risks associated with high volatility, competition with other memetic coins, and regulatory uncertainty. dogecoin has the potential to grow due to its popularity, celebrity endorsements, and integration with ethereum. However, Dogecoin also has risks associated with low security, lack of development, and reliance on speculation.
Conclusion
After comparing Shiba Inu and Dogecoin on various parameters, we can conclude that Shiba Inu is better than Dogecoin. Shiba Inu has more modern and forward-looking technology, a more diverse and vibrant ecosystem, and higher potential for growth. Dogecoin, although having a large market capitalization and popularity, suffers from outdated and limited technology, lack of development, and volatility. So if you want to choose between Shiba Inu and Dogecoin, then Shiba Inu will be a more reasonable and profitable option.
