The memecoin debate between Dogecoin (DOGE) and Shiba Inu (SHIB) is one of the hottest topics in crypto trading in recent years. Most people knew of the former being released in 2013 as a parody of Bitcoin (BTC). However, it soon became beloved by a niche community that gave the memecoin viability as a mode of payment and store of value.
SHIB, on the other hand, was launched in 2020 as a more serious take on the penny crypto economy that investors envisioned DOGE could fulfil. This sparked a discussion on which of the two cryptocurrencies is the better investment for the long term. If you are a new investor, these two are great digital assets. The question is, which one is the better venture? Here is a quick overview of their current status and the general consensus as of 2023:
The circumstances of creation, as well as the structure of Dogecoin and Shiba Inu, are entirely different. One is made in a lighthearted tone with little to no planning for its eventual popularity while the other is fully intended to fulfil a certain role in the economy. Thus, identifying how they are different from each other is the best way to make a complete comparison. Here’s what you need to know about the two assets:
It’s rare for a penny crypto to be supported in an industry as mainstream as Bitcasino live casino gaming but Dogecoin made it despite its humble origins. Creators Billy Markus and Jackson Palmer forked the blockchain from Luckycoin (LKC) which was forked from Litecoin (LTC) which is also forked from Bitcoin. The idea was just to poke fun at the craziness behind Bitcoin’s success by introducing the same kind of money but with the name and likeness of a meme at the time, Doge.
The Dogecoin blockchain was a proof-of-work (PoW) network that people could mine in exchange for providing the network’s processing power. Overall, it works exactly like Bitcoin from the basic structure of its platform to how it’s earned but what they didn’t anticipate is how it would emulate how it grew, too. Dogecoin amassed a strong economy thanks to various practices on the internet like tipping each other using DOGE or accepting it as a mode of payment for unofficial transactions. The latter of which is commonly found in hobbies like trading card games, the same as how BTC was first used in 2010.
The circumstances around Shiba Inu’s development are a lot more complex. Creators under the pseudonym ‘Ryoshi’ is a hard fork from Dogecoin but put on top of the Ethereum network. Thus, it is an ERC-20 token, allowing it to benefit greatly from the innovations of Web 3.0. It was also using a PoW mechanism but Ethereum has moved all its contents on a proof-of-stake (PoS) network in 2022. All SHIB are mined under this mechanism but validators are now chosen and paid as stakeholders.
While Dogecoin created an economy made from an accident, the Shiba Inu developers are hands-on in crafting its future. SHIB is partnered with many decentralised apps (dApps) and is one of the contributors to the development of the Metaverse. They have also participated in trading non-fungible tokens (NFTs), swaps, and other ERC-20 trading to widen their adoption rate.
DOGE and SHIB have similar functions as cryptocurrencies but they are different in several ways. The former is circulating an independent blockchain while the latter is built on the Ethereum (ETH) network. Other than these major differences, the best way to decide between the two assets is to compare them by the following criteria:
All blockchain developers aim to have their crypto supported and accepted in various industries but only a few make it to mainstream use. In this case, Dogecoin is taking the lead because they circulate various platforms like Reddit communities and Bitcasino slots. Shiba Inu, on the other hand, has effectively circulated the Ethereum network as a payment for services like dApps.
Higher rate of adoption means a bigger potential for growth in both market price and trade volume, resulting in big profit if you are to hodl them today. There’s also the matter of which industries are adopting them because it could mean the difference between success or stagnation for a cryptocurrency.
The best way to view this is to stay updated with the latest news. For a quicker refresher on the topic, you may also view blogs on pages dedicated to either asset’s communities. An asset’s adoption can also affect you personally or professionally so choosing between DOGE and SHIB can also depend on which one is used in your niche.
Market trends refer to the collective statistics of trade volume and market price in a specified time period of individual digital assets. You can find these statistics by simply opening an exchange’s chart. Most will show a line graph to indicate a general showcase of the trends but a candle graph is more accurate and you will have to toggle it on most websites.
It can be difficult to track market trends if you’re not familiar with the concept of indicators. The best way to learn about this is to check out recently-updated forum threads. DOGE and SHIB each have their respective network of traders sharing their predictions on the market in the next year or more. You can learn from their insights or just check their conclusions and plan your finances accordingly.
The best indicator of a cryptocurrency’s success is its appearance on any of the top exchanges like Coinbase and Binance. Centralised trading platforms occasionally reevaluate the assets they support to help people determine which ones are worth investing. Both DOGE and SHIB are supported in both exchanges which is impressive given how the former was made as a joke and the latter had minimal uses outside of Ethereum.
If the two cryptocurrencies are going to compete for the same niche, then one of them is bound to fall out of favour. The only way for the two assets to co-exist in the crypto industry is if one of them forms an independent ecosystem. This is history repeating itself because Shiba Inu is dubbed by its supporters as a ‘Dogecoin killer’.
It’s an ambitious title that many have claimed is trying to compete with Bitcoin and Ethereum but none have succeeded. All of these crypto remained in the market like Litecoin (LTC), Polkadot (DOT), and Cardano (ADA) as complementary assets, instead. SHIB is likely to meet the same fate if it continues to compete with DOGE.
Other than the three factors to consider above, there is one other field where Dogecoin beats Shiba Inu. It has been in the industry longer than its rival (2013 and 2020 respectively), giving DOGE a longer track record and better name recognition. SHIB’s efforts in closing the difference between them is commendable and it can go a long way to strengthening its economy. However, most investors see quicker and bigger profit in Dogecoin. It has a more general market, comparable to that of Bitcoin and Ethereum today.
The reasons to choose only one asset to invest in depends entirely on you, the investor. One reason is simply based solely on how familiar you are with the crypto economy. For example, you will know that you can use DOGE playing Bitcoin slots if you are a gambler. Thus, it’s entirely possible that the asset is popular in other casinos, too.
Another reason is your vision of the future. If your trade focuses heavily on commerce like Bitcoin live casino gaming, foreign exchange, and stock trading then you will find more value in DOGE. SHIB, on the other hand, will only be valuable to you if you are trading entirely within the ERC-20 economy like the Metaverse, NFTs, and other Ethereum-based assets. Hence, the latter’s use is more limited than the memecoin it was forked from.
There is a lot to discuss regarding the differences between DOGE and SHIB. Here are some of the most frequently asked questions on the topic that you should know about:
DOGE is a first-generation crypto with its independent blockchain while SHIB is an ERC-20 token circulating the Ethereum network. The former is also mined using a PoW mechanism which the latter also used but it has moved to a PoS system because of the Ethereum Merge.
DOGE is generally seen as better because it has a more mainstream use than SHIB. However, there is some commerce accepting the latter, as well, like casinos and markets. These platforms that support SHIB now have used DOGE first, though.
‘Memecoin’ is a term referring to cryptocurrencies made in the likeness of a meme, an internet joke with a relatable punchline. Likewise, it can also be referring to any digital asset with its own functioning blockchain made entirely as a joke. Dogecoin fits both descriptions while Shiba Inu is a serious project. However, it’s still based on a popular Shiba Inu meme named, Doge.
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