Shiba Inu coin and the Dogecoin have been two of the most popular cryptocurrencies in recent years. As a result, the Doge coin vs Shiba Inu coin has been a lingering debate in the crypto world. While they may seem similar at first glance, there are actually quite a few differences between them. So, which one is better?
In this article, we’ll look into their tokenomics, history, and how they compare one-on-one. So whether you’re a crypto investor looking for a new long-term investment or just want to know which coin is the better right now, read on!
In This Guide
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Dogecoin is an open-source peer-to-peer cryptocurrency that makes use of blockchain technology, a highly secure decentralized system of storing data as a public ledger that is maintained by a network of computers known as nodes. A programmer named Billy Markus created Dogecoin in 2013, and it quickly became one of the most popular cryptocurrencies in the world.
The cryptocurrency was created as a joke based on the popular internet meme, Doge. The name “Doge” is a reference to the Japanese Shiba Inu dog, which was popular in online jokes and pictures of people with expressions that resembled doges.
You can use Dogecoin as a means of money transfer between individuals, either as cash or as payment for products or services. Even though a record is visible to everyone on the blockchain, users can still conduct transactions in part anonymously. And they can do it directly, without going through a conventional middleman like a bank.
Because Dogecoin is a proof-of-work cryptocurrency, it secures its blockchain using computing power similar to how Bitcoin does. DOGE is mined alongside Litecoin, so anybody who mines one cryptocurrency could also opt to mine the other. Your network power may be more stable as a result.
DOGE has an unlimited supply with 5 billion new tokens entering circulation each year. The Dogecoin Foundation launched in 2021 as it aimed to promote the Dogecoin Ecosystem, Community, and Future of the Dogecoin Blockchain. The initiative now includes several seasoned industry leaders on its board of advisors in addition to core members of the original team.
The Dogecoin Protocols will be fully implemented in the Libdogecoin C library, allowing anybody to create a Dogecoin-compliant product without having to worry about the intricate details of the crypto functions. This will increase the options for creating standard-based wallet and node implementations, diversify the reliance on the Core Wallet as the exclusive definition of the Dogecoin Blockchain, improve the process of joining the Dogecoin network so that more people run Dogecoin nodes, and increase the integration options to improve the adoption of Dogecoin by platforms.
The Shiba Inu, a Japanese hunting dog breed, serves as the mascot for Shiba Inu coin (SHIB), an Ethereum-based altcoin. Many people refer to Shiba Inu as a Dogecoin alternative. Ryoshi, the creator who prefers to remain unidentified, created the Shiba Inu coin in August 2020. The Shiba Inu Ecosystem developed Shiba Inu Coin, a decentralized cryptocurrency that fosters community interaction. The project’s primary medium of exchange is the Shiba Inu token, which investors may store in their wallets in millions, billions, or even trillions of units.
SHIB has been up hundreds of times and is continually extending its reach thanks to its widespread awareness and real value. SHIB is the first cryptocurrency to be listed on the project’s own Decentralized Exchange (DEX), ShibaSwap.
LEASH was initially intended to be a rebase token, but the rebase was later removed, allowing it to reach its full potential. This token represents the other end of the Shiba Inu Ecosystem spectrum, with a total supply of ONLY 107,646 tokens. LEASH is the second token incentivized on ShibaSwap and will offer lucrative rewards for the holders providing its liquidity. With a total supply of 250,000,000 tokens, BONE is designed to precisely complement the previous two tokens. Additionally, because it is a governance token, the #ShibArmy will be able to vote on new ideas on the ecosystem’s Doggy DAO.
Shiba Inu offer the Shiba Inu Incubator as a means of promoting creativity in all forms. Shiba Inu aim to build an environment that fosters innovation and development. The cryptocurrency helps holders discover the tools they require to bring their inspiration and original insights to life through the power of the Shiba Inu Incubator. This is simply one more approach to inspire people to go beyond boundaries and norms and discover what it means to be a member of the Shiba Inu decentralized movement.
Shiba Inu uses Amazon Smile to collect donations on your Amazon purchases and give a portion of the proceeds to the Shiba Inu Rescue Association. Shiba Inu Rescue Association (SIRA) is a volunteer group with the mission of rescuing Shiba Inu, Shiba mixes, and other primitive breeds from owners, shelters, and commercial breeders. To get them ready for adoption into carefully vetted, devoted, lifelong forever homes, they assess each dog’s temperament and place them in compassionate foster homes where their needs, both medical and otherwise, are met.
The project will soon get a new network. Shibarium is a layer 2 scaling network that will house the entire Shiba ecosystem. The social hub of the network has already been launched; an indication that Shibarium might be deployed any moment from now.
When it comes to cryptocurrencies, there’s no shortage of choices. But which project has the upper hand in the Doge coin vs Shiba Inu coin battle? The answer is still up for debate. Both coins have their advantages and disadvantages, but it ultimately comes down to some parameters about their main features. To be specific, we have to compare them in terms of token utility, transaction speed, token supply, price history, social media hype, and the project teams behind them
Token utility is a key consideration when choosing the right cryptocurrency for your needs. The token utility refers to the usage of the token in the ecosystem and the overall purpose of the token.
Dogecoin has limited use right now. Some people say Dogecoin has no utility but that is not true. Dogecoin is a digital currency and every currency has utility since it can work as a medium of exchange. This is exactly what Dogecoin is used for. For example, Tesla recently adopted it as a means of exchange. Also, the NBA team, Dallas Mavericks accept the coin as a form of payment in their merchandise store.
SHIB on the other hand is a token with better utility and has evolved into a whole ecosystem. Apart from it being a medium of exchange, the project is working on its NFT market by inviting dog-inspired artists across the globe to foster this decentralized artistic movement that is necessary for the community to transition into the NFT space. This exploration into the Metaverse drastically improves its attractiveness among crypto investors. Also, Shiba Inu uses Amazon Smile to collect donations on your Amazon purchases and gives a portion of the proceeds to the Shiba Inu Rescue Association.
Currently, Shiba Inu is showing more potential in terms of utility and growth in the future than Dogecoin.
Dogecoin stands tall among many of its contemporaries in terms of transaction speed. The Dogecoin network employs a proof work (PoW) consensus protocol similar to Litecoin. As opposed to Bitcoin, which relies on SHA256, Dogecoin uses the Script algorithm, which allows a faster block creation rate. As a result, Dogecoin’s estimated block creation time is around 1 minute, which is much faster than Bitcoin’s 1 minute and Litecoin’s 2.5 minutes.
Shiba Inu’s block creation time and transaction rate are unsurprisingly similar to its parent network, Ethereum. Therefore, SHIB now operates on the proof-of-stake (PoS) mechanism. Ethereum’s recent move to PoS from proof-of-work (PoW) may not directly translate into a faster transaction speed and lower fees. However, PoS is environmentally friendly, making tokens such as SHIB great long-term investments for those who want to invest sustainably.
Another important aspect of any cryptocurrency project is to look at the team behind the project. Even though the founder of Shiba Inu is anonymous (Ryoshi), the clear aims of the project show a well-thought-out plan by the team, unlike Dogecoin which started out as just a joke and was created within 2 hours. With that being said, Dogecoin has grown a huge community of supporters that include a number of industry experts.
Dogecoin currently has over 132.67 billion tokens in circulation and total supply. This is not capped with 5 billion tokens being added every year to the ecosystem. Shiba Inu has over 549 trillion tokens in circulation with a 589 trillion total supply. Even though there are more SHIB tokens in the market than DOGE, SHIB has a maximum supply that is just 7% away from being met, unlike DOGE which will continuously add new tokens. When the supply of SHIB is met, upwards price pressure could be placed on the token as demand grows.
The currency gained 300% in value two weeks after its launch in December 2019. a spike that was in part caused by China’s ban on its banks doing cryptocurrency transactions. For the first few years following its launch, Dogecoin’s movement was “stable,” but the first significant increase appeared around the turn of 2021. The meme-based cryptocurrency’s price rose by 822% in a single day in January 2021, reaching a high of $0.082 before tumbling to $0.073. DOGE was traded for more than $12 million at that time.
Dogecoin was listed on the Coinbase cryptocurrency trading platform in April 2021, which started a new round of bullish runs, including a 400% gain in only 48 hours in April 2021 and the coin’s eventual passing of the $0.5 mark in May. The currency saw a 20,000% growth in the first half of 2021. 2022 has not really been the year for Dogecoin compared to 2021. It started the year at $0.17 which got to as low as $0.05 in the middle of the year.
Recently, Elon Musk took over twitter which caused the coin to surge once more. However, this is ot expected to last as the new Twitter owner has already faced backlash for his decisions.
After its launch in August 2020, SHIB’s price mostly remained stable, seldom rising over a few hundredths of a cent. SHIB’s price, however, started to resemble DOGE’s price runs in 2021. SHIB’s price jumped from $0.0000001 to $0.0000036 in April of that year. That is a 3500% jump in price in a matter of days. Based on 24-hour trading volume in October 2021, the SHIB coin was one of the biggest cryptocurrencies in the world, with trading activity approximately matching that of Ethereum. Eventually, everything came together to drive SHIB’s prices up to an all-time high of $0.0000826.
Doge coin vs Shiba Inu coin- who wins the celebrity endorsement war? Celebrity endorsement is one of the key factors that can help a coin gain traction in the crypto market. Not only does this add credibility to an offering, but it also helps to attract new investors. In this round, Dogecoin holds an advantage- Twitter & Tesla CEO, Elon Musk.
After Elon Musk became interested in the project, Dogecoin began to gain serious media attention in 2020. His tweets calling Dogecoin “the people’s crypto” drove up the price by 47% within minutes. Although he toned down his tweets on Dogecoin and advised people to exercise caution in dealing with crypto afterwards, Dogecoin already benefited heavily from his early tweets on the token. By April 2021, Dogecoin had risen 12,000% as a result of his tweets about it.
Shiba Inu did not have Elon Musk on it’s side. However, the project tried to increase publicity by sending Ethereum’s founder, Vitalik Buterin, 50% of its 1 quadrillion token supply for ‘safekeeping’. However, Vitalik Buterin donated 10% of it to India’s Covid Crypto Relief Fund and burnt the remaining 40% to a dead wallet, saying he does not want the Power.
Elon Musk has since announced his interest in Shiba Inu in the first week of October, by posting a photo of his new Shiba Inu puppy named Floki, which significantly increased retail investment in the meme coin.
A cryptocurrency is only as strong as its community, and both tokens perform well in this regard. The Dogecoin community is concerned with helping each other out, being kind, spreading awareness about cryptocurrencies, raising funds, having fun, making memes, and being light-hearted with trading. Dogecoin’s unofficial tagline, “Do Only Good Everyday,” neatly encapsulates this. The community spreads across Twitter, Reddit, and Discord officially. Although it’s still early days, Dogecoin holders will be looking forward to the future after Elon Musk purchased Twitter.
Shiba Inu community is also large across platforms like Twitter, Instagram, Telegram, Reddit, and Discord. However, Dogecoin being the first meme coin has a larger representation across social media. Nevertheless, Shiba Inu has strong backing from supporters who are hopeful about future growth.
This part of the Doge coin vs Shiba Inu coin debate is tricky. Digital Coin Price predicts that in 2022, the average Dogecoin price will stay at $0.0869. It will reach $0.14 in 2023 and $0.22 in 2025. The price may increase to an average of $0.47 in 2023.
Analysts predict Shiba Inu to reach an average price of $0.00002014 in 2023, and $0.00004615 in 2025.
However, the crypto market is incredibly volatile, and price can never be guaranteed. Recently the market experience huge sell offs causing what has become known as a ‘crypto winter’. This was not on anyone’s radar and proves just how volatile the market can be.
By now, you should know that the Doge coin vs Shiba Inu coin debate is a tightly contested battle. After we have looked deeply into the main features of both tokens, which coin is better? Shiba Inu has a high growth potential due to its utility and the expected inclusion of the metaverse into the Shiba ecosystem. This is a major consideration for crypto investors. Also, Shiba Inu has a capped supply whereas Dogecoin does not. This raises doubt about its value in the long term. However, Dogecoin has a stronger community built over a longer period of time and is more well-known than Shiba Inu. This is a relevant aspect of investment as well, and Shiba Inu is still yet to reach that level.
Dogecoin remains the most popular meme coin in the market so will always spark the interest of investors. Just like Bitcoin was the first crypto, and still receives a lot of attention despite many other cryptocurrencies created after it that are actually an improvement on it. People trust what has been around for a longer time. Dogecoin being the first meme coin has some privilege. Also, a powerful influencer like Elon Musk showing support for the project in the beginning further solidifies the project as a possible investment opportunity.
Many people believe Shiba Inu is a good investment as it has a high growth potential. The coin is the product of a strong team with clear aims and objectives which gives the coin stability and credibility. The utility of the token is very attractive to investors as well. With the ecosystem touching Decentralized Finance (DeFi) and the metaverse. The ecosystem is broader, and the deflationary tokenomics encourage long-term value growth.
Investing in any cryptocurrency poses risk and it is important to consider safety before making any investment decisions. Below are some tips for investing in meme coins to consider.
1. Invest in only what you can afford to lose.
2. Buy in bear seasons and sell in bull seasons.
3. Buy only from trustworthy crypto exchanges.
4. Store tokens only in wallets (hardware or software) where you control the keys.
5. Determine your investing strategy before making any decisions.
6. Diversify your crypto portfolio as much as you can to reduce your exposure to risks.
It’s no secret that Dogecoin and Shiba Inu are two of the most popular meme coins in the world right now. So, in 2022, it’s safe to say that these coins will be among the top cryptocurrencies to invest in. You can buy meme coins through online exchanges or through the project’s website directly. eToro is one of the best crypto trading platforms where you can buy meme coins.
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If you skipped the verification step after creating the account:
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How to practice with a demo account:
After practicing with a demo account and you have mastered the basics, you can now start trading with real money. There are two ways of trading cryptocurrencies on eToro; you can buy and sell crypto assets outright (i.e. buy the underlying asset) or you can trade crypto assets price movements via Contracts For Difference (CFDs).
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Trading crypto with CFDs: CFDs are financial products that let investors and traders make money off of changes in a security’s price without actually owning the underlying asset. Without really holding the asset, when you trade a cryptocurrency through a CFD, you are essentially speculating on its future price movement.
You can trade both ways while using CFDs. This implies that price changes—both up and down—can be profitable for you. Additionally, with CFDs, you can use leverage to boost your exposure. For example, with x2 leverage, you can control $1,000 with just $500. This means there’s the potential for higher profits
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If you’re looking to move your crypto from eToro to a crypto wallet, here are the simple steps:
Another project in the Doge universe that is expected to explode, Tamadoge has quickly taken the ‘next big thing’ tag in its early days. But what is Tamadoge about and is it better than Dogecoin and Shiba Inu?
Tamadoge is a brand-new cryptocurrency that will be the first meme coin to include a metaverse and other well-known features. TAMA is the gateway token of the Tamaverse, where you can create, breed, and engage in combat with your very own Tamadoge pet. Tamadoge runs on the Ethereum blockchain.
Although Tamadoge is in the same Doge ecosystem as Dogecoin, Tamadoge is more inventive. Even more inventive than Shiba Inu. Tamadoge has an NFT store, P2E capabilities, and token utilization, making it more than simply a meme coin. Tamadoge is designed with great security measures since all of its tokens undergo full KYC and auditing.
By gaining Dogepoints, users can compete to move up the leaderboard. The users who have accumulated the most Dogepoints at the end of every month can collect their prizes from the monthly Dogepool. This reward system serves as another means for users to gain.
Your capital is at risk
In total, the maximum supply of Tamadoge is 2 billion tokens. 1 billion tokens were made available during the generation event, with 400 million tokens unminted and reserved for the exchange listings. There will be 600 million tokens that will be available to mint over 10 years to power the Tamadoge project. After its launch, the coin surged over 200% in the first week. The token has a market cap of $28,023,159.
TAMA has a wider use case than most meme coins. Non-fungible tokens (NFTs) that stand in for virtual pets are the lifeblood of the Tamadoge ecosystem. These pets will be bought by players to use against the pets of other players. TAMA tokens are given as prizes to winners. Players on Tamadoge get compensated for engaging in their favorite activities. Additionally, as players progress through the game’s levels, the value of their NFTs increases, providing them with a fresh source of income. Tamadoge is also working on its Arcade games as well as Tamaverse, the native metaverse of the ecosystem.
You can get Tamadoge on numerous exchanges like OKX, Transak (with card), LBANK, MEXC, BKEX, Consbit, XT.com, CoinEx, CoinW, BitGet, Bit.com, BitForex, and Uniswap.
To buy Tamadoge on OKX, follow these detailed steps:
Although both are meme coins, Dogecoin has an advantage of a stronger community with it being the first meme coin to be created. However, Shiba Inu has better prospects in terms of utility and many crypto investors are already considering it as an alternative to Dogecoin.
Choosing the better crypto among the two will depend on your own investment strategy. Do you want a project with a strong community and has been around for a while or a project with high growth potential? At the end, Doge coin vs Shiba Inu ultimately depends on you, and what you want.
A great alternative that has both a strong community and promising utility in Tamadoge (TAMA). This could be a great coin to consider if you are stuck between DOGE and SHIB!
There is no one-size-fits-all answer to this question. Each person's financial situation, investment goals, and other factors will likely influence their choice of meme coin. However, Tamadoge and Shiba Inu are one of the projects with the highest growth potential currently.
Shiba Inu has a considerable level of utility that can improve its adoption and also determine how good of an investment it could be. However, in the very volatile Crypto market, it is almost impossible to predict the future of most projects.
Shiba Inu is an ERC-20 token; a digital asset issued on the Ethereum blockchain network, whereas Dogecoin is a cryptocurrency with its blockchain.
No, Shiba Inu was created independently of dogecoin. Shiba Inu was created as an alternative to Dogecoin.
You can buy Shiba Inu through the Decentralized Exchange of the Shiba ecosystem, ShibaSwap or through other crypto exchange platforms like Uniswap.
You can buy Dogecoin through several crypto exchange platforms. Some exchanges only allow their users to purchase cryptocurrencies via market-taker transactions.
Maryam Jinadu is a freelance crypto & fintech writer.
After completing her pharmacy degree at the University of Lagos, Nigeria, in 2018, she began writing professionally in fintech.
She has worked with top fintech/crypto companies such as Bit.com, Equalizer, Koinly, Olymp Trade, Salesgnomics, Scribbr, and Swapzone.
She currently freelances on Upwork and writes weekly reviews at 18digits.com. Maryam lives in Manchester, United Kingdom and can be found on LinkedIn @Maryam Jinadu.
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