In 2023, which meme coin will you choose to invest in, Dogecoin or Shiba Inu? This has been one of the trendy questions crypto investors have been asking.
Quick Recap Of The Cryptocurrency Market In 2021 & 2022
The previous year, 2022, was a tough year for the cryptocurrency market. Things were really bearish unlike 2021, which I must say is one of the best years for the crypto market. Cryptocurrencies, even the least expected, were valuable and we saw eventful profits even from coins that were produced out of jokes. We witnessed Bitcoin hit an all-time high of $69,000 and meme coins like Dogecoin and Shiba Inu hit $0.682 and $0.00003791 respectively.
Well, maybe I will just say 2021 was a lucky year for cryptocurrency, but what do I know? Surprisingly, 2023 may be a better year as we have seen a consistent increase in the value of cryptos like Bitcoin and Shiba Inu. But besides these, crypto investors are likely not moved by numbers currently and heed to assets that they believe have the potential to hit value in the long-term run.
I will say we really learned a lot from the hit-hard lesson crypto gave us in 2022. And as that is, it seems there’s hope for a crypto market rebound in 2023. So as investors are no longer hungry for a one-time massive return, we are beginning to ask, which is a better investment between Dogecoin and Shiba Inu? Because, indeed, meme coins do have an impact in the crypto market even if they are, you know…, meme coins.
Let’s Compare: Dogecoin VS Shiba Inu
Before we get deeper into what makes one better than the other, let’s have a quick look at both coins.
In 2013, Dogecoin was created as a satirical spin on the burgeoning cryptocurrency fad. It was created to be a fun substitute for Bitcoin. Dogecoin was initially created as a joke, but it has since amassed a market value of over $9 billion and been put to use for a number of charity endeavours, including collecting money to send the Jamaican bobsled team to the Winter Olympics.
On the other hand, Shiba Inu was developed in 2021 as a “meme coin” comparable to Dogecoin. It was intended to be an autonomous network where users could receive compensation for their content creation. The Shiba Inu currency has a market value of over $4 billion and a total quantity of approximately 1 quadrillion (1,000,000,000,000,000) tokens.
Dogecoin and Shiba Inu are very different from each other despite their parallels. Shiba Inu is a more recent addition to the cryptocurrency market. While Dogecoin has a bigger market value and a longer track record. With a thriving subreddit and numerous online groups devoted to the currency, Dogecoin also has a bigger and more engaged user base.
Does It Mean Dogecoin Is Better Than Shiba Inu?
With these little insights provided, I know you may be wondering or maybe have even concluded that Dogecoin is better than Shiba Inu just because Elon Musk supports it. On Twitter some days back, Elon briefly changed its logo to the Dogecoin symbol, which gave DOGE a temporal growth in value. But there’s more to it. There are also some areas where Shiba Inu seems to be better than Dogecoin. Well, let me at least confuse you more.
- Shiba Inu, although created out of “jealousy” for Dogecoin, had a better foundation. It was a token built on the Ethereum network.
- Based on distribution, The original token distribution for SHIB was handled by a smart contract, with 50% going to Ethereum holders, 20% to Bitcoin holders, 20% to Litecoin holders, and 10% going to Binance Coin users.
- Tokenomics: DOGE has no tokenomics, while SHIB has a tokenomics mechanism where 1% of all transactions are burned, and 1% is sent to a liquidity pool.
- DOGE was established as a joke and as an entertaining method to pay people online. While SHIB was developed as a decentralised finance (DeFi) currency to be used as a store of value.
- Market Performance: DOGE has been around longer and has experienced some remarkable rallies, but since its debut in May 2021, the price of SHIB has grown exponentially.
With these points, you can tell that both meme coins are worthwhile. While Dogecoin may be more popular and majorly used in trading, Shiba Inu does have its own relevance in real-time.
So, Is Shiba Inu Better Than Dogecoin Then?
The first recognized viral meme coin was dogecoin, which has been around for a while. Due to risky investments, we frequently witness enormous rises as well as abrupt price declines. Since 2020, there has been competition from the Shiba Inu Coin. The idea behind this is to mock Dogecoin.
Over this period, Shiba Inu has increased more than Dogecoin. Naturally, this was due to the fact that the initiative is still in its infancy. As a result, both the risk and the possible rewards are greater. It’s also conceivable that, like other meme currencies, the Shiba Inu failed or only experienced modest price rises.
In my own opinion, meaning DYOR! Shiba Inu could be the “better Dogecoin”. It does have its own higher risks and all, but at least it has shown much more potential increase in values in 2023 than what Dogecoin has proven.
Which Is Better For Investing: SHIB or DOGE?
Shiba Inu Coin (SHIB) might be a superior option if you want the highest potential risk in a cryptocurrency. Shiba Inu presently carries a greater risk than Dogecoin for this reason. Theoretically, your earnings will be greater.
However, because it can also experience significant increases and has a lengthy history in the meme currency field, many investors favour Dogecoin. You must determine which meme coin to use and whether taking the chance is beneficial for yourself.
As I mentioned earlier, Do Your Own Research (DYOR)!
