Can Shiba Inu Destroy Dogecoin?
The Shiba Inu community has long dubbed him the “Dogecoin Killer’’. But will he be able to justify such a laudatory title and the inflated expectations of fans? Let’s figure it out.
After DOGE introduced the trend for “dog” coins, the appearance of its clones was only a matter of time. Soon, many newly-minted “meme tokens” Doge Cash, Dogelon Mars, Akita Inu, and others arrived on the market. But among all of them, Shiba Inu became the most notable and attracted crypto enthusiasts.
In just a couple of weeks after its debut on one of the largest crypto exchanges, Binance, it has earned a capitalization of 9 billion, having decreased since then to 3.5 billion. And although fans have dubbed the token “the DOGE killer”, they still stand on opposite sides of the barricades.
Confrontation of memes
Dogecoin is a fork of Luckycoin, created earlier as a fork of Litecoin, which in turn became a spin-off of Bitcoin. A bit confusing, right?
In fact, for most of the community members, DOGE has become that “coin in their pocket”, which they carefully keep, but hardly ever intend to use. In other words, a kind of “crypto talisman”. Its endless emission suggests that at least 10,000 fresh DOGE tokens can be created every minute, therefore, it is not entirely clear what is the point of holding them.
Thanks to the efforts of Elon Musk and Mark Cuban, the main promoters of DOGE, the token was able to break the $0.73 ceiling. A mark that Dogecoin fans didn’t even hope to reach first. But now everyone is almost used to seeing this coin among the top ten on CoinMarketCap. Now DOGE is ranked 6th in the TOP-10, and its cost on Binance is $0.293.
SHIB, on the contrary, declared itself initially as an experiment on decentralized spontaneous community formation which makes it a bit like DOGE. However, their tokenomics are very different. SHIB has an offer limit, albeit slightly “cosmic”, at 1 quadrillion tokens. But now it can be safely divided in two since the team previously donated half of the issue to Vitalik Buterin. He, in turn, was delighted with the benevolence and generosity of the developers, but in the end, he decided to burn some of the tokens and donate the rest to charity.
In addition, it is worth noting that DOGE is a coin, while SHIB is a token. Yes, even today the line between these terms is almost blurred, but coins still exist within their blockchain, but tokens use a network of “colleagues”.
SHIB founder Ryoshi noted in WOOF Paper that he decided to create a token-based on Ethereum so that the project can change freely and nothing hinders its development. In addition, Ethereum has demonstrated its reliability as a platform for launching decentralized projects.
The main goal of Shiba Inu is to expand the application within the DEX ShibaSwap, allowing traders and fans to directly exchange SHIB for tokens of other projects based on Ethereum. This idea will be able to get the strongest impetus with the arrival of the global update of the Ethereum 2.0 blockchain, which the crypto community cannot wait for.
But despite all the differences between DOGE and SHIB, as well as the friendly “enmity” between the two “armies” of cryptocurrencies, no one dares to deny that their creators have a great sense of humor worth billions of dollars.
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