Both are meme coins, both also use popular dog characters as icons. Between Shiba Inu and Dogecoin, which one is more superior for investment?

Today, cryptocurrency is all the rage. Especially in 2022, there's a major discussion about two of the most popular coins: Shiba Inu and Dogecoin. Both are based on internet meme dogs which makes them very easy to recognize. Elon Musk even tweeted that Dogecoin will be the money on the Moon at one time.

But, before you invest your life savings in a "meme coin", make sure you understand what you're getting yourself into. For a start, let's learn the distinctions between Dogecoin and Shiba Inu.

Doge Vs Shiba Inu

 

Dogecoin (DOGE)

The making of Dogecoin may be started as a joke, but its spot as a top-tier cryptocurrency said otherwise. This meme has become so popular that it became an icon of memes in the beginning. As the popularity of cryptocurrency started to rise, Dogecoin reached a capitalization of $85 million in 2021 and still is a popular cryptocurrency today.

Dogecoin uses the same technology as Bitcoin. To validate transactions on their networks, both Dogecoin and Bitcoin employ a Proof-of-Work consensus. Dogecoin may be a better alternative for making everyday purchases because transactions are executed faster and at a lesser cost than Bitcoin.

On the other hand, it is not a perfect replica of Bitcoin. Dogecoin has a far greater circulating supply than Bitcoin, and the dog-themed cryptocurrency has no maximum limit. With approximately 129 billion DOGE in circulation, the supply is significantly greater than Bitcoin's maximum supply of 21 million. Furthermore, 10,000 Dogecoin are created every minute.

Like Bitcoin, Dogecoin requires computational power to protect its blockchain. DOGE is mined with Litecoin, therefore anyone who mines either Litecoin or Dogecoin may also mine the other one. This makes your network power more steady.

 

Shiba Inu (SHIB)

Starting as the sole competitor to Dogecoin, Shiba Inu is an Ethereum-based token, thus making it an ERC-20 token (as opposed to non-fungible tokens, or NFTs, which use the ERC-721 token standard). Because Shiba Inu is powered by Ethereum, smart contracts may be used to construct the Decentralized Financial (Defi) products.

Shiboshis, a collection of 10,000 NFTs styled after Shiba Inu, has also joined the NFT sector. The decentralized software makes use of the Ethereum network, which allows NFTs to be auctioned off, replacing the third party for transactions with smart contracts.

Meanwhile, ShibaSwap allows you to deposit your Shiba Inu tokens in several methods for great returns. However, this will result in token inflation which may drive the price down. The platform offers no distinct advantages over its competitors in the field.

 

Which One Should I Choose?

In my previous article titled "Investing in Meme Coin, How Worthy Is It?" I have explained a lot of things regarding meme coins and how to distinguish between real and fake ones. You need to see the goal of each meme coin, the developer's reputation and track record, their transparency, and so on. Maybe you think this is not important since both Dogecoin and Shiba are the biggest meme coin right now.

But...

You also need to realize that meme coin doesn't have that much value. There are not many products in the world that accept meme coins as payment. Looking at the track record of Dogecoin's value after the most recent crash, the price is indeed dropping a lot from its high. Dogecoin peaked in May 2021 at 74 cents, and now they are just barely worth 10 cents. Shiba's value also dropped 70% in the first three months of 2022. While it is steadily rising now, it doesn't erase the fact that meme coins are almost ruined and plunged into chaos after the recent dip in the value of cryptocurrency.

To invest in meme coins, you need to see their long-term value. The ultimate question in this discussion would be: Which one between Dogecoin and Shiba can last longer than the other?

From various sources, Dogecoin performs much better than Shiba. Their reputation overall is so much better, even Elon Musk is supposedly investing in it. Other than that, the people behind Dogecoin are powerful enough to make Dogecoin withstand the recent crypto crash better than Shiba Inu.