History of Shiba Inu and its future against Dogecoin | CRYPTOPRNR®

‘Meme’ cryptos have been cast into the limelight in the past few months thanks to Elon Musk.

He has been a vocal supporter of Dogecoin which has led to a huge surge in the

price.

Other coins have also benefited massively, and one of the most popular is Shiba Inu. It has been stylized as a ‘Doge killer’ and it has undergone a significant price rise and plenty of volatility.

But, what is the difference between these two cryptos and how should you decide which one to invest in?

Keep reading to find out the details.

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What is Dogecoin?

As you may be aware, Dogecoin was initially started as a joke. It was created in 2013 by Jackson Palmer and Billy Markus. It is stylized from the Doge internet meme. Whilst, it may have started as a joke, it does possess some utility. It was forked from Litecoin

which is similar to Bitcoin. However, there is one key difference, and that is the supply.

Dogecoin’s supply is not capped and therefore it is inherently inflationary. The high supply results in a low price, making Dogecoin a viable choice for tipping in the past few years.

The Musk Factor

However, interest has surged since Elon Musk got involved in promoting the coin. He

has been continually tweeting about it which has ramped up retail interest, and many

celebrities/influencers have also been involved. This has driven a ‘Doge mania’ which

may have peaked when Elon Musk even mentioned crypto in an iconic SNL

appearance. The crypto has thus far failed to reach the peak it had before the show aired.

Coinbase Listing

More recently, the price has surged once again thanks to an upcoming listing on

Coinbase. It may have started as a joke, but even institutional investors are finding it

hard to ignore the path made by Dogecoin.

What is Shiba Inu?

Much of the cryptocurrency world can feel like an inside joke. One coin that has become

prominent in the past month seems even more obscure—like an inside joke about an

inside joke.

Shiba Inu coin, created in August 2020 by an anonymous person calling themselves

Ryoshi, is billed as an alternative to Dogecoin, which itself was created as a lighthearted

option to Bitcoin. Shiba Inu feels as if it was willed into existence, and is now being

listed on major crypto exchanges through the power of memes, crowds,

persistence—and a cute dog.

A website that hosts the coin’s white paper (or rather Woof Paper) calls it “an

experiment in decentralized spontaneous community building.” Shiba Inu is built on top

of the Ethereum blockchain, like many other coins. By design, each one is worth a

minuscule amount—$0.0000078 on Thursday.

It’s like Dogecoin on reverse steroids (each Dogecoin is worth 30 cents, which seems

wildly expensive by comparison). The cheaper the coin, the larger the potential

community. The market cap of the Shiba coin is now about $3 billion, but it climbed over

$10 billion last month. It’s the 32nd most valuable cryptocurrency, according to

coinmarket.com.

The Woof Paper includes philosophical claims about decentralization that are common

in the crypto world—that money and transactions should have no gatekeepers. And, like

Dogecoin, it has taken the Shiba Inu—a dog breed from Japan—as its mascot. One

tenet of the coin is that the community loves the dogs. Also, it has embraced the title of

“Dogecoin killer”.

The founders even gifted 50 trillion of the coins, worth $1 billion at the time, to Ethereum

co-creator Vitalik Buterin, who quickly got rid of it by transferring it to a Covid relief fund

for India—at which point, Shiba Inu coin briefly plunged 50%.

If this all feels like a trip into a bizarre new world, it’s also shining a spotlight on an

emerging trend in crypto and stock trading. The Shiba website says the community is

520,000 strong and growing, expanding its reach as its memes and philosophy spread

on social media. Meanwhile, the crypto world’s gatekeepers are anxious to bring in new

users and volume as Bitcoin trading has been relatively weak in recent weeks. Shiba

Inu has been listed on major exchanges like Binance.

The Vitalik Factor

The owner gifted half of the initial supply of Shiba Inu to Ethereum founder Vitalik

Buterin, and recently Vitalik donated these 50 million tokens to the India covid crypto

relief fund. Naturally, this sent the price of the coin down.

Dogecoin vs Shiba Inu Supply

It is always important to consider the tokenomics of crypto investment. The supply

mechanism of Dogecoin is fairly unique in comparison to mainstream crypto assets. As

mentioned earlier, Dogecoin has an unlimited supply. This means that unlike Bitcoin,

which has a capped supply of 21 million, there is no cap on how many Dogecoins can

be created.

In comparison, Shiba Inu does have a capped supply, but it is still very large by crypto

standards, with 1 quadrillion tokens to be precise. So both crypto assets are definitely

not scarce. Around half of these holdings were in possession of Vitalik, and he decided

to burn 90%, which was 410 trillion tokens worth around $6.7 billion. This drop-in supply

could potentially help to start another bullish run for the coin.

Market Capitalization

Another key metric to note is market capitalization. Both Dogecoin and Shiba Inu

already have large market caps which could lower the potential of seeing higher gains.

However, it also means that they are both well established in the cryptocurrency space.

Dogecoin sits comfortably in the top 5 crypto coins in terms of market cap, with a value

of $55,690,489,567. Meanwhile, Shiba Inu hovers around the top 30 with a market cap

of $3,930,545,083. This is pretty impressive when you consider how new Shiba Inu is.

Could SHIB Overtake DOGE?

What many people want to know is whether Shiba Inu could realistically surpass

Dogecoin one day. The market caps are very different at this moment in time.

The SHIB community is passionate, however, and therefore another significant price

surge cannot be ruled out. Many investors have flocked to it, in search of the ‘next

Doge’. Dogecoin is already up significantly and even if it reached the $1 goal, that would

not be an incredible increase in terms of percentage from where it currently stands.

Is Shiba Inu a Good Investment for You?

If you want to look in your digital wallet and see millions, billions, or even trillions of

something, you won’t do better than Shiba Inu — but few experts would recommend

that as a sound investment strategy.

Crypto, in general, is in a slump right now, particularly Ethereum-based tokens like

Shiba Inu and Dogecoin. If that trend reverses course, it’s perfectly logical to believe

that Shiba Inu will be lifted by the tide. In fact, on June 24, an expert writing for FXStreet

used convincing logic to predict that Shiba Inu is due for an 80% price increase, and

maybe it is.

But it’s just as easy to find experts who predict that the coin of the moment will soon be

tossed onto the trash heap of crypto history with the rest of the fallen altcoins.

Overall, both Dogecoin and Shiba Inu carry plenty of potentials as well as risk. These

are purely speculative assets, and they have little fundamental value. However, they do

have very enthusiastic supporters who have been able to affect their prices.

You should be aware of the significant risk before putting your money in. If you were

sitting on the fence, now you will have a clearer idea of these two cryptos.

The article contains market commentary information, it should not be regarded as

investment research or investment advice. Past performance is not a reliable indicator

for the future.

CFDs are complex instruments and come with a high risk of losing money rapidly due to

leverage. 76.25% of retail investor accounts lose money when trading CFD.

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