- Shiba Inu (SHIB) shot up by 242.9% in the past 7 days.
- Dogecoin is also currently showing bullish signs.
- Will SHIB eventually beat DOGE?
Shiba Inu (SHIB) is on the rocket to the moon as its price surged by 242.9% over the last 7 days. This means the value of this beloved crypto has gone up from $0.00000697 to $0.00002398 in just a week. In fact, Shiba Inu is topping at first rank right now according to Stockwits’ Trending Tickers list.
— Stocktwits (@Stocktwits) October 6, 2021
This accounts for massive gains for those who invested heavily in the second most popular meme token within the crypto space. This massive surge has put SHIB on the map, for at the time of writing, it ranks at 17 in terms of market cap on CoinGecko.
On the other hand, the first most popular meme crypto — Dogecoin (DOGE), is currently at rank 8 in terms of market cap. Its value currently stands at $0.2689. Though its gains haven’t been as massive as SHIB, DOGE is up by 37.8% over the last 7 days.
Both tokens have an interesting past. Dogecoin began as parody crypto while SHIB entered the market with the nickname ‘Dogecoin killer’. Some expect SHIB to eventually surpass DOGE. Some still believe that DOGE itself isn’t promising crypto let alone SHIB. Others say SHIB doesn’t hold a candle to DOGE.
However, before we head into the details of both tokens and dissect what they each have to offer, let’s first take a dive into both DOGE and SHIB and understand their humble or not-so-humble beginnings.
Dogecoin (DOGE): Elon Musk’s Favorite Cryptocurrency
Dogecoin is the first even crypto meme token to enter the crypto market. Many are aware of Dogecoin’s interesting debut. Its creator — Jackson Palmer, launched DOGE to ridicule ICOs and the crypto market as a whole. Never did he ever imagine the revolution he was igniting.
DOGE instantly became one of the most popular cryptocurrencies out there. While Bitcoin was seen as gold, Dogecoin was seen as the crypto token that would be for the people. They saw it as the copper or bronze to Bitcoin’s gold.
What’s most remarkable about Dogecoin is the massive following it built. The Dogecoin community to this day is still considered one of the strongest crypto communities. DOGE may not be as valuable as gold but it certainly had a heart of gold.
The DOGE community used Dogecoin to raise funds to drive humanitarian projects around the world. It went on to fund many such causes like Doge4Water and even played a role by assisting multiple contenders in the 2014 Winter Olympics.
For this act of repeated goodness, DOGE holds a special warm place in the hearts of crypto users around the world. One such big fan includes the tech titan Elon Musk himself. From his continuously encouraging DOGE-related tweets there is no doubt over Elon’s fondness for this token. Meanwhile, Mark Cuban has also expressed his thoughts about how DOGE is the best option for transacting payments.
This is because, unlike many cryptos that are bought and held in the hopes of huge gains in the long run, DOGE is often used on a daily basis to complete payment transactions. In fact, it is no secret that DOGE is used freely on most platforms. For instance, users send DOGE as appreciative tips to content creators.
Finally, the Dogecoin Foundation made headlines recently. It announced that Dogecoin will be re-establishing itself. In fact, it is already doing so with the help of a curated group of experienced advisors. One of these advisors includes the creator of Ethereum — Vitalik Buterin.
The Top Meme Coin Contender: Shiba Inu (SHIB)
On the other side of the fence is Shiba Inu (SHIB). While Dogecoin came out in 2013, Shiba Inu just entered the market in 2020. This means that SHIB is still in its very early stages. However, besides being a relatively new crypto, it still made its debut with a ginormous splash.
Shiba Inu was created by an anonymous person who goes by the name of Ryoshi. Ryoshi launched Shiba Inu with very high expectations. Known as the ‘Dogecoin killer’, this ERC-20 token shook the crypto world with its arrival.
Ryoshi’s SHIB ecosystem consists of SHIB — the foundational currency, LEASH tokens, and BONE tokens. Along with this came ShibaSwap — a decentralized exchange. On ShibaSwap, users can ‘dig’ to provide liquidity, ‘bury’ to stake coins, and ‘fetch’ to retrieve tokens from SushiSwap or Uniswap. Additionally, they can also simply swap coins on the DEX.
Initially, when Shiba Inu went live, Ryoshi sent half of the project’s supply of SHIB to Vitalik Buterin. Shortly after, Buterin donated and burned his share of SHIB. This led to a massive fall in SHIB price. SHIB’s whitepaper even said ‘Vitalik Buterin, Friend of SHIB’. This was met with suspicion from the crypto community as Buterin made a statement about not having to be added to projects without his consent.
Another cause of strife for SHIB came from an audit. When ShibaSwap was audited, the findings revealed ‘centralization risks’. This involved the risk of those with authority having the power to easily withdraw tokens from arbitrary addresses. ShibaSwap announced that the issues have been rectified. However, another audit was not made. Hence, it is still uncertain if the risks are still a factor to beware of.
Dogecoin vs Shiba Inu: Which Is the Best Meme Coin?
Despite these shortcomings, SHIB continues to rise. It is popular among many crypto holders and its DEX continues to host a large number of users. Dogecoin may hold more sway with celebrities, tech titans, and seasoned investors, but, we must remember that not so long ago, Dogecoin’s price was as low as Shiba Inu’s. Look how far it’s come now.
Arguably, one can say that DOGE rose in favor simply because of the unyielding support it got from its community. Not to mention, the hype it got from figures such as Elon Musk. Similarly, SHIB could also rise in the same way. Given enough support, any crypto could make a difference.
At the time of writing, Dogecoin’s trading volume is $4,862,524,223 with a market cap of $35,415,162,949. On the other hand, SHIB has a trading volume of $11,823,989,265 with a market cap of $11,911,735,658.
Clearly, both coins are trading actively and both are showing good and steady bullish signs. This is proof enough that both coins are popular and hold much potential. However, on the question of which is the better meme coin, well this stands in the eye of the beholder.
Dogecoin’s community is stronger and aims to do good in the world. Shiba Inu, known as the ‘Dogecoin killer’, doesn’t come out very well in this light. Then again, it is an integral part of the ShibaSwap ecosystem and offers slightly higher use cases than Dogecoin.
Then again, Dogecoin is currently going through a re-establishing phase. So we are yet to see what more DOGE can offer to the world. Perhaps if SHIB takes a more active role in the community, it can also garner more attention.
All in all, the truth of the matter is that the crypto world can be extremely volatile. We have seen cryptos rise and fall in a matter of hours. The important thing to remember when choosing to invest in any crypto is to do thorough in-depth research.
Check out the team, the creators, the roadmap, the vision and mission, as well as the community. Put your investments in a cause you believe in. If you truly believe that cryptos are the future then there’s no real downside to the matter.