So what is Dogecoin?
By now most of us are familiar with Dogecoin, as it first started as a joke. Created by Jackon Palmer and Billy Markus in 2013 inspired by the doge meme.
Even though it started as a joke it has utility, dogecoin was forked from Litecoin.
Dogecoin’s supply is not capped and therefore it is inherently inflationary. High supply equals low price, which has made Dogecoin a viable choice for tipping in the past few years.
Elon Musk enters the equation
As Elon Musk slowly enters the crypto space, he got involved in promoting the coin. Tweeting about the coin and putting in his bio that he is the former CEO of Dogecoin caused spikes in price.
Add a Coinbase listing and Dogecoin is the best performing coin for 2021 rising the whooping 11,769,%.
What is Shiba Inu?
Around the Dogecoin mania hype, many competitors have emerged aiming to emulate the buzz around Doge.
Shiba Inu coin has been known as the Dogecoin Killer, created in August 2020 by an anonymous person with the pseudonym ”Ryoshi”, ERC-20 token named after the Japanese breed of dog, which is shown on the coin’s symbol.
The coin has been very popular among the Chinese traders who have helped to push up the price. In terms of utility and underlying value, it is similar to Doge in the fact that it can only be used as a token of transfer.
Dogecoin Vs Shiba Inu Token Supply
Shiba Inu unlike Doge does have capped supply, but it is still very large even by crypto standarts, with 1 quadrilion tokens to be concrete. So both of the assets are definitely not scarce.
It is important to mention that half of the supply of Shiba Inu token is held by not other but Vitalik Buterin, and he decided to burn 90% which was 410 Trilion tokens worth around $6.7 bilion. This drop in suppy could sky rocket the price.
Vitalik also donated 50 million tokens to the India covid crypto relief fund.
Both Shiba Inu and Dogecoin already have large market caps which could lower the potential of huge gains.
However, it also means that they are both now established in the crypto space. Dogecoins sits comfortably in the top 5 Crypto coins by Market Cap, with $55 Bilion Market Cap.
Meanwhile Shiba Inu hovers around the top 40 with a market cap of $4B. This is pretty impressive considering how new Shiba Inu Token is.
So Could Shiba Inu Token Overtake Dogecoin?
This is something many of us want to know, the market caps are very different at this moment in time.
The Shiba inu community are passionate, however, and therefore another significant price surge cannot be ruled out. Many investors search for the next Dogecoin. Overall it is possible, you never know what the future holds.
Overall, both coins carry great potential, but a great risk also. These are purely speculative assets, and they have close to zero fundamental value. However, they have the media clout, which affects their prices immensly.
You should be aware of the risk investing in both of these assets. If you were sitting on the fence between these two, now you have a little better idea about the coins. Keep on going down the rabbit hole.