Shiba Inu Vs Dogecoin : A Deep Dive Into The Ecosystem

An Overview of Shib Inu

Shiba Inu was introduced in the year 2020. With time it has evolved to become a meme coin. This was created as a playful response to Dodgecoin. It is one among the top ERC-20 token which runs on Ethereum blockchain. Its deflationary design causes a portion of each transaction to be burned. This reduces the available supply.

The anonymous creator group called “Ryoshi”, chose to use Ethereum due to the blockchain platform’s secured and decentralized nature. The coin is just one small component of a bigger ecosystem. It also includes the Shibarium, Shibswap, Shiboshis as well as Shib metaverse. Recently, the introduction of Rocket Pond, Game builder explains how SHIB is committed to innovation as well as engagement with an outer community.

What Makes Shiba Inu Worth Buying?

• Each SHIB transaction burns a portion of the token’s supply, deflating its supply.
• The community-driven Shiba Inu project is decentralized and transparent.
• The coin uses Ethereum’s smart contracts to add new applications to its ecosystem.
• The Shiba Inu ecosystem includes the coin, Shibarium, ShibSwap, Shiboshis, and the Shib Metaverse.

An Overview of Dogecoin

Dogecoin, an internet joke cryptocurrency, has drawn attention and criticism from the cryptocurrency community. The Shiba Inu dog from the “Doge” meme is the logo for Dogecoin, a cryptocurrency launched in 2013 as a satire on Bitcoin’s popularity. Despite absurd beginnings, Dogecoin has distinguished itself in cryptocurrency.

Dogecoin, like Bitcoin, is based on a public, distributed ledger called the blockchain. It is unique in that it is community-based and uses inflation. Unlike Bitcoin, Dogecoins are infinitely circulating.

Some of Elon Musk’s tweets and endorsements have helped Dogecoin gain popularity, causing market volatility and excitement. It began as a joke, but its popularity and acceptance by some businesses show how cryptocurrencies are developing and could disrupt financial systems.

Dogecoin investors and enthusiasts should be cautious. The erratic dogecoin price swings, unclear goal beyond community involvement, and speculative value raise concerns. Research and understand risks before investing.

The cryptocurrency market’s volatility is shown by Dogecoin’s transition from parody to real currency. Despite its unique blend of humor and innovation, its long-term viability and impact are debated.

What Makes Dogecoin Worth Buying?

• Dogecoin is known for its humor in cryptocurrency with a Japanese Shiba Inu dog as a logo.
• Its one-minute transaction processing per block makes it suitable for daily use.
• Due to its low transaction fees and high supply, Dogecoin is popular for microtransactions.
• The supportive community has helped the coin’s charitable side shine through despite its humble beginnings.
• It fast transactions, low costs, and supportive community, Dogecoin is unique in cryptocurrency.

Shiba Inu vs Dogecoin: Key Differences

Dogecoin gained phenomenal popularity because of Elon Musk, and despite being a meme coin, it became a success. Dogecoin inspired the development of Shiba Inu. However,  there are certain aspects that make Shiba Inu different from Dogecoin.

• Development

Dogecoin was created in 2013 using Bitcoin Technology and deployed the PoW (proof-of-work) mining method as Bitcoin. However, Shiba Inu Coin was created in 2020 using the Ethereum Network and deployed PoS (proof-of-stake) technology, rather than PoW. Dogecoin has its own blockchain, whereas Shiba Inu utilizes the Ethereum blockchain network.

• Market Capitalization

At the time of writing, Dogecoin’s market cap was $9,507,711,042 USD, compared to $4,714,605,984 USD for Shiba Inu Coins. At the time of writing, SHIB’s current worth was $0.000008, whereas, Dogecoin was at $0.68.

• Coin Supply

Despite having a limitless supply, Dogecoin is only permitted to issue 5 billion coins annually. On the other hand, the total supply of Shiba Inu coins is restricted to 1 quadrillion, which is still a sizable amount by crypto standards. The majority of these assets, totaling 410 trillion tokens worth around $6.7 billion, belonged to Vitalik, who elected to destroy 90% of them.

• Use-cases

Shiba Inu coin got fervent popularity rather than being useful, thus it is still attempting to increase in price. However, Dogecoin is recognized for use with some platforms’ online payments.

Where to Buy Dogecoin and Shiba inu ?

Dogecoin and Shib Inu are available in all top crypto exchanges. Check out these top crypto exchanges that offer seamless trading opportunity.