Are you confused about the difference between “DOGE vs Shiba Inu”? In recent years, the rise of cryptocurrency and internet memes have collided, giving birth to the now-infamous Dogecoin.
But with its name and logo taken from the Shiba Inu dog breed, it can be easy to confuse the two.
In this blog post, we will delve into the history and characteristics of both Dogecoin and Shiba Inu.
Dogecoin vs Shiba Inu: Key Differences
| Dogecoin | Shiba Inu | |
|---|---|---|
| Ticker | DOGE | SHIB |
| Launched | 2013 | 2020 |
| Vision | Create as a joke | created as a parody of the popular cryptocurrency, Dogecoin. |
| Market Worth | $11.6 billion | $4.8 billion |
| Total Supply | 132,670,764,300 DOGE | 549,063,278,876,302 SHIB |
What is Dogecoin (DOGE)?
Dogecoin is a decentralized, open-source cryptocurrency that was created to be a fun and lighthearted alternative to other cryptocurrencies.
It is based on the popular “Doge” internet meme, which features a Shiba Inu dog. Despite its origins as a joke, Dogecoin has gained a dedicated following on the internet, and it is now used for online transactions and purchases.
Like other cryptocurrencies, Dogecoin is decentralized and uses cryptography to secure transactions. It can be bought and sold on cryptocurrency exchanges and stored in digital wallets.
Key Features of Dogecoin
- It uses a proof-of-work algorithm for mining, which allows anyone to participate in the mining process and earn rewards.
- It has a relatively low transaction fee, which makes it attractive for small transactions and micropayments.
- It has a large and active community, with many people using it for charitable donations and online tipping.
- It has a fast transaction time, which makes it useful for everyday transactions.
Advantages of Using Dogecoin
Some of the potential advantages of using Dogecoin include:
- Low transaction fees: Dogecoin transactions are generally cheaper than those made with other cryptocurrencies or traditional forms of payment. This can make it an attractive option for people who want to send money online quickly and cheaply.
- Fast transaction times: Dogecoin transactions are generally processed very quickly, which means that you can send and receive money almost instantly. This can be useful for people who need to make online payments quickly.
- High level of security: Dogecoin uses blockchain technology to secure transactions and prevent fraud. This means that your transactions are highly secure and are less likely to be hacked or stolen.
Disadvantages of Using Dogecoin
Some of the potential disadvantages of using Dogecoin include:
- Volatility: Like other cryptocurrencies, the value of Dogecoin can be highly volatile. This means that the value of your Dogecoin holdings can fluctuate significantly over time, which can make it risky to hold large amounts of the currency.
- Lack of widespread adoption: Dogecoin is not as widely accepted as other cryptocurrencies, such as Bitcoin or Ethereum. This means that you may not be able to use it to make purchases at all merchants or online platforms.
- Limited features: Dogecoin was created as a joke and does not have the same level of advanced features as some other cryptocurrencies. This means that it may not be suitable for use in complex transactions or as a long-term investment.
Also Read: Litecoin vs Dogecoin
What is Shiba Inu (SHIB)?
Shiba Inu is a cryptocurrency that was created as a parody of Dogecoin, which itself was a parody of Bitcoin.
It is named after the Shiba Inu dog breed, which is known for its playful and energetic personality.
One of the key features of Shiba Inu is its use of a tokenomics model called “Burn, Send, Lock” (BSL), which aims to reduce the overall supply of SHIB tokens in circulation and increase the value of each token.
The project has no team, no roadmap, and no whitepaper. In May 2021, the price of SHIB skyrocketed after being listed on the popular cryptocurrency exchange platform, Binance.
Key Points On Shiba Inu
- The Shiba Inu hunting dog serves as the mascot for Shiba Inu, an alternative cryptocurrency based on Ethereum.
- It is referred to as “the Dogecoin killer” by its fans, a group known as the SHIBArmy, and is commonly regarded as a Dogecoin alternative.
- August 2020 saw the creation of Shiba Inu by Ryoshi, an individual or collective.
- On October 29, 2021, Shiba Inu’s price increased by more than 10 times, giving the company a $41 billion market value. Shiba Inu is just behind Dogecoin in the top 10 of all meme cryptocurrencies, despite a sharp decline in a market worth $4 billion as of Dec 11, 2022.
Pros and Cons of Using Shiba Inu
| Advantages | Disadvantages |
| mining, staking available | high volatility |
| huge profits | no use cases, it’s just a meme coin |
| low transaction fees and high liquidity | community-driven |
Dogecoin vs Shiba Inu: The Complete Comparison
Dogecoin was created as a joke, based on the popular “Doge” internet meme, and was intended to be used for online transactions and tipping content creators.
Shiba Inu, on the other hand, is a decentralized finance (DeFi) token that was created as a parody of the popular cryptocurrency, Dogecoin.
DOGE vs SHIB: Token Economics
| Dogecoin | Shiba Inu | |
|---|---|---|
| Price | $0.09 | $0.00000885 |
| 24H Volume | $152M | $9.23M |
| Market Cap | $11.72B | $5.23B |
| Y+10 M.cap | $16.86B | – |
| Y2050 M.cap | $24.78B | – |
| ATH | $0.74 | $0.00 |
| ATH Date | May 8th, 2021 | October 28th, 2021 |
| %down from ATH | -88.01% | -89.92% |
| Cycle Low | $0.05 | $0.00 |
Market Capitalization
Market capitalization, or market cap, is a measure of the value of a cryptocurrency. It is calculated by multiplying the total supply of the coin by its current market price.
Market cap is often used as a way to compare the relative size of different cryptocurrencies, with larger market caps indicating a higher value and popularity among investors.
About 132.67 billion Dogecoin coins are now in circulation, and they recently changed hands for a little bit more than $0.08826 each. As a result, Dogecoin’s market cap is around $11.6 billion.
Dogecoin has a slightly larger market cap, while Shiba Inu has a much larger number of coins in circulation. There are 549 trillion Shiba Inu coins in existence, with a current price of around $0.000008786.
The coin now has a total market cap estimated worth $4 billion.
Can Shiba Inu be used as a form of payment, like Dogecoin?
In terms of using these cryptocurrencies as a form of payment, both Shiba Inu and Dogecoin can be used in a similar way to other cryptocurrencies, such as Bitcoin.
They can be used to make online purchases, sent to other users, or held as an investment.
However, the popularity and acceptance of these cryptocurrencies as a form of payment can vary, so it’s important to do your own research and consider the potential risks before using them.
How to buy DOGE and SHIB?
Popular cryptocurrency exchanges to buy Dogecoin (DOGE) and SHIB include:
- Bybit
- Binance
- Kraken
- Bitfinex
- Huobi Global
- OKEx
- eToro
- Robinhood
- Gemini
- Bittrex
- Bitstamp
Conclusion
In conclusion, while Dogecoin and Shiba Inu may have similarities in their name and appearance, they are distinct digital assets with their own unique histories and characteristics.
Dogecoin is a decentralized digital currency, while Shiba Inu is based on the Ethereum blockchain.
We hope that this blog post has helped to clarify any confusion and shed light on the differences between these two popular internet phenomena.
FAQs
What is Dogecoin and how does it work?
Dogecoin is a decentralized digital currency, similar to Bitcoin, that was created in 2013 as a joke. It uses blockchain technology to securely and transparently record transactions on a public ledger.
How did Dogecoin get its name and logo?
Dogecoin was named after the “Doge” internet meme, which features a Shiba Inu dog with misspelled and broken English captions. Its logo is also a stylized representation of the Shiba Inu dog.
Are there any notable similarities between Dogecoin and Shiba Inu?
Some notable similarities between Dogecoin and Shiba Inu include:
They both originated as internet memes and have a strong association with the internet culture.
Both have a distinctive visual appearance, with Dogecoin’s logo and the Shiba Inu’s fluffy coat and triangular ears; and
They both have a loyal and passionate fanbase.
