Shiba Inu Coin vs Dogecoin: Which Is the Better Coin To Buy in 2022?
2022-02-16 09:58:50
Is Shiba Inu A Good Coin
As a token designed to be an Ethereum-compatible alternative to Dogecoin (DOGE), Shiba Inu Coin (SHIB) is a decentralized cryptocurrency created by an unidentified person or group known as 'Ryoshi'. Named after a Japanese dog breed that originated in the Chubu region of Japan, SHIB Coin was developed to answer a simple question: What would happen if a cryptocurrency project was 100 percent run by its community?
Shiba Inu Coin is also known as the “Dogecoin killer”. The price of Shiba Inu Coin has climbed more than 50 million percent in 2021, while DOGE price is up more than 3,300%. Which one is better to buy in 2022? Let's take a look.
Shiba Inu Coin vs Dogecoin: What Is the Similarity?
There are many similarities between Shiba Inu Coin and Dogecoin. Both of them use Japanese dog breed-Shiba Inu as a mascot and partially started as spoofs on the cryptocurrency craze. The two digital assets went on a run since birth and have turned some early investors who buy Shiba Inu Coin or Dogecoin into billionaires. At present, Shiba Inu Coin and Dogecoin are both acting only as currencies and speculative investment vehicles, which means they aren't integrated with a blockchain service network in the same way as Bitcoin and Ethereum.
Shiba Inu Coin vs Dogecoin: What Is the Difference?
DOGE is modeled after Bitcoin while Shiba Inu is an ERC-20 token built on the Ethereum blockchain. They are created for different purposes. The following are the key differences between the two cryptocurrencies.
1.Purpose of Creation
Incredibly, Dogecoin was created in 2013 as a practical joke on Bitcoin to ridicule the fact that people spend real money to have Bitcoin, the useless digital currency. Surprisingly, this joking currency rose sharply in price and became one of the largest cryptocurrencies. As for Shiba Inu Coin, it was created as three variants that perform various functions: SHIB - as the medium of exchange; LEASH - to provide staking rewards for those who validate the currency; BONE – allowing those who use Shiba Inu to vote on various proposals on how the cryptocurrency is managed.
2. Number of Coins
There are about 132 billion Dogecoin in circulation, which still keeps being issued every day, with 5 billion more new dogecoins issued each year. Though unlimitedly produced, Dogecoin owns more and more market demand. Shiba Inu Coin was created with 1 quadrillion coins but about half of them was given to the founder of Ethereum, Vitalik Buterin who then“burned” about 40 percent of the total in existence. Another half was locked into the Uniswap exchange for liquidity.
SHIB Coin vs DOGE: Is Shiba Inu A Good Coin to Buy in 2022?
Actually, both cryptocurrencies are speculative plays. It’s recommended to spend a very small portion of your portfolio on them, so as to avoid the risk of losing everything. According to the data from Gate.io, the top exchange with 1000+ coins, Shiba Inu Coin appears to have more momentum right now. Some experts said that Shiba Inu Coin may have more room for explosive growth with smaller market cap, deflationary characteristics, and other advantages. But Dogecoin might be better for those who think Elon Musk, the Tesla founder, can provide some stability and long-term relevance.
As a token designed to be an Ethereum-compatible alternative to Dogecoin (DOGE), Shiba Inu Coin (SHIB) is a decentralized cryptocurrency created by an unidentified person or group known as 'Ryoshi'. Named after a Japanese dog breed that originated in the Chubu region of Japan, SHIB Coin was developed to answer a simple question: What would happen if a cryptocurrency project was 100 percent run by its community?
Shiba Inu Coin is also known as the “Dogecoin killer”. The price of Shiba Inu Coin has climbed more than 50 million percent in 2021, while DOGE price is up more than 3,300%. Which one is better to buy in 2022? Let's take a look.
Shiba Inu Coin vs Dogecoin: What Is the Similarity?
There are many similarities between Shiba Inu Coin and Dogecoin. Both of them use Japanese dog breed-Shiba Inu as a mascot and partially started as spoofs on the cryptocurrency craze. The two digital assets went on a run since birth and have turned some early investors who buy Shiba Inu Coin or Dogecoin into billionaires. At present, Shiba Inu Coin and Dogecoin are both acting only as currencies and speculative investment vehicles, which means they aren't integrated with a blockchain service network in the same way as Bitcoin and Ethereum.
Shiba Inu Coin vs Dogecoin: What Is the Difference?
DOGE is modeled after Bitcoin while Shiba Inu is an ERC-20 token built on the Ethereum blockchain. They are created for different purposes. The following are the key differences between the two cryptocurrencies.
1.Purpose of Creation
Incredibly, Dogecoin was created in 2013 as a practical joke on Bitcoin to ridicule the fact that people spend real money to have Bitcoin, the useless digital currency. Surprisingly, this joking currency rose sharply in price and became one of the largest cryptocurrencies. As for Shiba Inu Coin, it was created as three variants that perform various functions: SHIB - as the medium of exchange; LEASH - to provide staking rewards for those who validate the currency; BONE – allowing those who use Shiba Inu to vote on various proposals on how the cryptocurrency is managed.
2. Number of Coins
There are about 132 billion Dogecoin in circulation, which still keeps being issued every day, with 5 billion more new dogecoins issued each year. Though unlimitedly produced, Dogecoin owns more and more market demand. Shiba Inu Coin was created with 1 quadrillion coins but about half of them was given to the founder of Ethereum, Vitalik Buterin who then“burned” about 40 percent of the total in existence. Another half was locked into the Uniswap exchange for liquidity.
SHIB Coin vs DOGE: Is Shiba Inu A Good Coin to Buy in 2022?
Actually, both cryptocurrencies are speculative plays. It’s recommended to spend a very small portion of your portfolio on them, so as to avoid the risk of losing everything. According to the data from Gate.io, the top exchange with 1000+ coins, Shiba Inu Coin appears to have more momentum right now. Some experts said that Shiba Inu Coin may have more room for explosive growth with smaller market cap, deflationary characteristics, and other advantages. But Dogecoin might be better for those who think Elon Musk, the Tesla founder, can provide some stability and long-term relevance.
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