Dogecoin and Shiba Inu have followed each other closely as the largest memecoins today. Both coins are not just coins created out of jokes but a heavyweight in the crypto industry.
Dogecoin & Shiba Inu have several things in common which include making many millionaires in a matter of months. Of course, there have been casualties, but it has not stopped others from investing in these crypto assets.
The earlier created meme coin, Dogecoin (DOGE), has proved that it is still ahead of Shiba Inu (SHIB) in the crypto space. Despite the fierce competition between the two dog-themed coins, one has stood to be on top.
Due to some obvious reasons, investors have realized that DOGE is still a more profitable investment than SHIB. In this post, we’ll look at the major reasons why you should buy DOGE over SHIB today.
Before then, let’s learn more about both coins/tokens.
What is Dogecoin?
Dogecoin is a cryptocurrency created as a ‘joke’, to make fun of the wild speculations of crypto as at the time it was created. Billy Markus and Jackson Palmer are the two engineers that created the dogecoin.
Also called the meme coin, Dogecoin promotes the currency as the “fun and friendly Internet currency”. Dogecoin was initially designed to be “as ridiculous as possible,” in keeping with its parody theme and to prevent people from actually using it over the long term.
Fortunately, dogecoin has grown popular over time, most especially after it found the interest of Elon Musk.
What is Shiba Inu?
Shiba Inu Token (symbol SHIB) is a decentralized cryptocurrency created in August 2020 by an anonymous person or persons known as ”Ryoshi”.
Named after the Shiba Inu, a Japanese breed of dog, this token is characterized as a ”meme coin”. It has the same dog symbol as Dogecoin, which itself is created as a joke based on the Doge meme.
What Does DOGE & SHIB 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 DOGE & SHIB?
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’.
5 Reasons Why You Should Buy Dogecoin Over Shiba Inu in 2022
1. Dogecoin is best for beginners– The Elon Musk-influenced coin, DOGE, is regarded as a great asset for crypto beginners. It’s enormous volatility will help new investors to know what crypto investment is all about as it can skyrocket or dive within a matter of minutes. This is required to have a strong mindset which will help to weather the storms in crypto investment in the long run.
2. Dogecoin has a feature that makes it faster today– DOGE has a brilliant feature called the Scrypt algorithm. This facilitates much faster block creation, making it to solve one of the shortcomings of its model, Bitcoin. Meanwhile, SHIB is an ERC-20 token that function as Ethereum’s proof-of-work mechanism. Although it is theoretically similar to DOGE but, in practice, reflect the operational timings of the parent network.
3. Dogecoin is a more credible store of value– DOGE has a more credible value. Its mechanism is rooted in its intended usage as a highly accessible P2P method of exchange. It also prevent long-term holding diminishing circulation & minimize transaction fees. The developers behind Shiba Inu coin have taken a much different and less sophisticated way when it comes to the token’s supply mechanism.
4. Dogecoin is becoming more mainstream– Dogecoin is becoming more popular and has been widely accepted as a medium of exchange in our world today. The token has been listed as a legal tender by Myanmar Republic. Several businesses including Elon Musk’s Tesla company are now accepting Dogecoin as a form of payment. This has given it an advantage over Shiba Inu coin.
5. SHIB is considered more as shitcoin- While DOGE has roamed between been a real coin and shitcoin, SHIB has been considered much a shitcoin. SHIB’s real world involvement is particularly very low. Even though it is listed among the top 20 cryptocurrencies by CoinMarketCap, only 365 merchants worldwide are accepting this token as a form of legal currency.
Where to buy Dogecoin in 2022
Dogecoin is available in most of the top exchange worldwide among which is Binance, Coinbase, Kraken, etc. If you are in Nigeria, DOGE is available in peer-2-peer platforms among which is Prestmit.
If you ever need to buy Dogecoin in Nigeria or Ghana, Prestmit is the best place for you. The digital exchange platform gives the best rates for your crypto deals. Payment options here include Naira, Cedis and USDT.
Other crypto asset available on the Prestmit platform include Bitcoin, Litecoin and USDT.
Meme coins are also in the category of shitcoins which make them the riskiest of the crypto assets. Although DOGE has stand tall in the midst of other cryptos, care has to be taken before investing in this crypto coin. SHIB has also made some millionaires overnight, if you are dealing with any of these coins you should put what you can afford to lose.
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