WILL THE REAL SHIBA INU PLEASE STAND UP?
Last month I was fixated on the meme coin Doge as it seems to be hitting a lot of headlines due to Elon Musk flirting with it and even accepting Doge as payments for Tesla and proposing to launch a Doge-1 satellite to moon. Elon Musk is trolling with Doge and this meme coin is riding on celebrity ratings.
But the Saturday Night Live which was hosted last week by Elon Musk also seen the rise of another meme coin. Shiba Inu, which is nicknamed the Dogecoin Killer rose from the ashes and has been breaking crypto exchanges the last few days.
I’d like to discuss the similarities and difference between these two meme coins to ensure crypto buyers know what they get themselves into.
1. Both are meme coins
2. Both are tokens
3. Both feature the same Shiba Inu dog in their logo
4. Both wants to go to the moon
1. Doge has infinite supply whilst Shiba has limited supply
2. Doge is built on Bitcoin Blockchain whilst Shiba is built on Ethereum Blockchain
3. Doge has a centralized system whilst Shiba is completely decentralized
4. Doge is inflationary whilst Shiba is deflationary
5. Doge has no ecosystem whilst Shiba is building an ecosystem
6. Doge will be a stable coin whilst Shiba wont be a stable coin
SHIBA INU COIN: VALUE AND MARKET CAP EXPLAINED
The value of Shiba Inu today (12th May 2021) has been fluctuating between a 24 hour low of $0.00001260 and a high of $0.00003137, at the time of writing.
While Dogecoin has been on a steady incline since the beginning of 2021. The currency has yet to hit the $1. As it stands Dogecoin has hit an all-time high of $0.74 and has dropped back to about $0.50
The current market cap for Shiba Inu (SHIB) is $11.7 billion at the time of writing whereas, for Dogecoin the market cap for the currency is $67.24 Billion, which is a slight dip from where Forbes had placed it in early May 2021, at $69 Billion.
Dogecoin place as the fourth most popular currency on the market has not yet changed, as it sits behind Bitcoin, Ethereum and Binance Coin. Whereas, its up and coming competitor Shiba Inu coin has ranked within the top 20 cryptocurrencies on CoinMarketCap. You can see the value of cryptocurrencies on trading sites such as Coindesk, which shows the real-time value of cryptocurrencies.
INVESTING IN CRYPTO IS A RISK
As many know, investing in cryptocurrency is taking a risk as the market can be extremely volatile. There is also no guarantee that you can convert crypto assets back into cash, as it may depend on the demand and supply in the existing market. Coins can also be “burned” at any moment, diminishing a large supply.