Dogecoin (DOGE) and Shiba Inu coin (SHIB) have things in common and are classified as meme coins. They are undoubtedly the most popular and common meme coins today.
Shiba Inu coin has appeared whenever Dogecoin is mentioned. This is to show that they are more siblings in the cryptocurrency family.
One of the features they have in common is the macro Shiba Inu dog mascot on both tokens. The intention of SHIB’s creator, Ryoshi, is however to rival the earlier founded DOGE.
The competition between SHIB & DOGE can be said to be more than rivalry if Ryoshi sees SHIB as a ”Dogecoin killer”. In this article, we’ll learn if SHIB has really been up to the hype as a Dogecoin killer.
What Do Dogecoin and Shiba Inu Coin Have In Common?
Dogecoin and Shiba Inu coin are both meme coin-they both started as a mere joke. Software engineers, Billy Markus and Jackson Palmer created a parody out of Bitcoin which later got them a crypto pet of choice for investors.
Shiba Inu coin was founded 7 years (in 2020) after DOGE was launched as an alternative to the first Shiba Inu dog mascot token. Call SHIB the ‘meme of meme’ (inspired by DOGE) then you’re not wrong.
Another major similarity between both crypto asset is that they capitalize on multiple social media campaigns to grow. Elon Musk‘s cryptic crypto tweets, and several other influencers have a hand in the tokens sudden rise.
What’s the Difference Between Dogecoin and Shiba Inu Coin?
Even though SHIB was inspired by DOGE-and the founder embraces it as the ‘Dogecoin killer’, there are major differences.
Dogecoin is a 4th-generation Bitcoin. It is created through the same proof-of-work (PoW) mining system as Bitcoin. Meanwhile, SHIB is an Ethereum based token with a proof-of-stake (PoS) mechanism rather than DOGE’S PoW.
This means that Dogecoin is a crypto with its own blockchain, while Shiba Inu is an ERC-20 token, which is a digital asset issued on the Ethereum blockchain network.
SHIB is however not just a simple meme coin, it has a full ecosystem including three tokens. They are SHIB, LEASH, and BONE plus a decentralized exchange known as ‘ShibaSwap’.
Is Shiba Inu Coin Really a Dogecoin Killer?
Several crypto assets have been created to rival another. Some are either created to correct the shortcomings of the earlier founded ones or as a different project entirely.
SHIB was created to rival DOGE going by the founder’s statement as a Dogecoin killer. It is therefore interesting to know if has dealt DOGE a blow in the crypto world.
As DOGE is yet to match Bitcoin’s success in the crypto world, SHIB is also yet to get to the height of DOGE even though it is not far fetched.
Dogecoin is still the clear winner in terms of recognition when it comes to crypto assets that have Shiba Inu dog as mascot. Although SHIB at some point stood over DOGE in the crypto ranking, it was not long for the first meme coin to take back its position.
As of January 3 2022, DOGE is just one place above SHIB (ranked 12th &13th respectively by CoinMarketCap). DOGE has a Market Cap value of $22.91 billion while SHIB has a Market Cap value of $18.67 billion.
Shiba Inu coin has done well for itself since making its debut in 2020. However, DOGE is still the most recognized of all meme coins today. It is therefore to say that Ryoshi’s statement is yet to be fulfilled.
As a crypto investor, it is important to know about the crypto asset you’d be dealing with before investing. This is important for you not put your money without getting returns.
Also Read: Where To Sell Dogecoins In Nigeria
You should also check out the following:
Is Shiba Inu Coin A Dogecoin Killer?
What You Need To Know About Shiba Inu Coin
Top 5 Reasons Why You Should Buy Dogecoin Over Shiba Inu in 2022