The Ultimate Fight Between Doge And Shib — Who Will Win?
The growth of cryptocurrencies is boiling down to competition among digital currencies that share similar attributes. For instance, Solana and Cardano are in a crypto utility contest. But for meme and dog lovers, the contest is between the Shiba Inu and Dogecoin. Which pup will have the last bark?
Dogecoin was the original meme coin, but since its inception, others have emerged, including SHIB and Dogecash. Shiba Inu leads the rivals, positioning itself as the DOGE killer.
Shiba Inu and Dogecoin, both inspired by Shiba Inu’s puppy, started as a joke. The meme coins grew to rank among the top ten coins rubbing shoulders with the likes of Solana, Cardano, and Polkadot.
Both Dogecoin and Shiba Inu are based on memes. But the canine coins are from a different breed.
Dogecoin is technically a coin, and its network is forked from Litecoin. It has its own dedicated blockchain where the native coin DOGE transactions are logged on, like Bitcoin and Ethereum. Technically this means that Dogecoin can be mined and uses a proof of work mechanism. However, there is a plan to upgrade to proof of stake.
On the other hand, Shiba Inu does not have a working mechanism meaning it can’t be mined. However, Shiba Inu has a ShibaSwap that allows users to stake their holding for rewards.
Unlike Doge, which runs on its blockchain, Shiba is an ERC-20 token based on the Ethereum network. According to the Shiba Inu paper(whitepaper), Royishi, the anonymous Shiba Inu creator, states they chose Ethereum because it is well established and secure.
Demand and supply
Dogecoin and Shiba Inu started at different numbers. Dogecoin’s total supply at creation was 132 billion, while Shiba Inu started at a total of one quadrillion coins. The coins’ total supply is heading in the opposite direction. While the total supply of SHIB is shrinking, that of a doge is increasing.
Dogecoin allows miners to mint new coins hence increasing the total supply. But the mining mechanism is designed to slow down the number of coins mined every year. However, the total supply will increase in the long run.
Shiba Inu recently gifted Ethereum Vitalik Buterin 500 trillion SHIB, half of the total supply. However, Vitalik burned 90% of the SHIB gifted to him, decreasing the supply and increasing the demand.
Price Growth and Prediction
Currently, DOGE is trading at $0.215
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