Welcome to another Shiba Inu review. This time we’re talking about Shiba Inu V.S Dogecoin.
compared to digital assets like bitcoin, ethereum and Solana, meme coins hold no competitive advantage or use cases, however, you will be surprised at the level of attention some meme coins are receiving from crypto traders and enthusiasts alike.
The buzz around these tokens has morphed into the creation of solid crypto communities that support such projects. two good examples of meme coins that have taken the crypto space by storm are dogecoin and Shiba inu token. These tokens have undergone tremendous growth within a short period and are currently listed on some of the best crypto exchanges in the world.
Like many other meme coins, there are many similarities between the shib token and dogecoin however there are numerous differences between both projects. to find out more about the similarities and differences between these tokens, please watch this video to the end.
Table of Contents
SHIBA INU V.S DogeCoin – History And Growth Of Dogecoin:
Dogecoin is an open-source digital currency that Jackson palmer and billy Marcus launched in December 2013.
the coin was initially launched as a joke but has surprisingly gained mass followership among crypto traders worldwide. Exactly two weeks after its launch the value of the dogecoin price increased by 300 percent.
Doge continued to experience growth and reached 20 million dollars market capitalization by December 2014.
the coin experienced additional growth during the crypto bubble of 2017.
at the peak of that bull run for cryptocurrencies the dogecoin price reached point zero one eight with a market cap of two billion dollars. however, the growth of the coin was stunted with the end of the bull run and the value of the coin dropped significantly by 2018.
dogecoin experienced further growth after the tech billionaire Elon Musk was interested in the dogecoin project in 2019. the devs team for dogecoin recently revealed that Elon musk has been advising them on possible steps of improving the dogecoin project.
the team further stated that musk offered to provide funding for the project but they declined his offer.
However, musk continues to support the project via his Twitter page.
As a result, dogecoin enjoys more growth, with the coin reaching an all-time high of 73 cents on may 8 2021. on may 12 2021 Elon musk released a statement that stated that tesla would suspend all vehicle purchases using bitcoin.
In this action was because of the increased fossil fuels for mining and powering bitcoin and bitcoin transactions. this statement caused a sharp drop in the price of bitcoin and all coins including dogecoin.
SHIBA INU V.S DogeCoin- History And Growth Of Shiba Inu:
launched in August 2020, shiba inu is a meme coin that has the potential to rival top meme coin doge.
this digital currency was created by an anonymous person named ryoshi and derived its name from the Shiba inu dog breed found in japan.
in terms of growth the shiba token has experienced amazing growth since the beginning of 2021.
from its initial price of 0.00000001, the shiba token reached an all-time high of point zero zero zero zero five on may 10 2021. a major reason for this tremendous growth may be linked to a tweet made by dogecoin godfather elon musk. Musk tweeted about getting Shiba pop and within a short space of time Shiba inu a coin price rose by over 300 percent.
this growth was short-lived as ethereum co-founder vitalik buterin donated 50 trillion Shiba inu coins to the india covenant crypto relief fund. the result of this move leads to a drop in Shiba coin price.
the token further suffered a drop in price due to Elon musk may 12 2021 about bitcoin, curling the coin price for the shiba token is point zero zero zero zero zero zero seven 673.
dogecoin technology in terms of its development dogecoin shares many similarities with top cryptocurrencies.
Bitcoin, for example, the code used for creating dogecoin was copied from bitcoin’s code.
as a result, both digital assets share the same technology. one major difference between bitcoin and dogecoin is the total maximum supply. the maximum supply for bitcoin is 21 million tokens while the current supply for bitcoin is 18 million 731 768 coins on the other hand dogecoin does not have a maximum supply.
however, currently, there are over 129 billion doge coins in circulation. although considered by many to be a meme
Coin, dogecoin has been used as a means of payment, especially for small transactions. The advantage it holds over more established coins like bitcoin and ethereum is that dogecoin’s transaction fee is relatively low due to its close similarity with bitcoin doge uses the proof of work system to secure transactions.
dogecoin can be merged mined with litecoin. simply put this means miners who mine litecoin can mine dogecoin. likewise, anyone who mines dogecoin can mine litecoin.
Shiba Inu Technology:
the shib coin is a fun token that was created on the ethereum network as a result it is an ERC20 token that can use smart contracts to create decentralized financial products. currently, there are over 394 billion Shiba tokens in circulation, furthermore, the total supply of the token is capped at one quadrillion tokens.
the devs team behind Shiba inu is developing a decentralized platform for artists to sell off their NFTs non-fungible tokens. similarly, the devs team is developing a defy ecosystem for the shiba inu token.
once the Shiba inu ecosystem is launched, traders can take their Shiba tokens to earn more Shiba tokens called bones.
the devs team for the Shiba inu coin often refers to the token as the doge killer.
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