Your Dogecoin vs. Shiba Inu Complete Guide

Meme tokens like Dogecoin and Shiba Inu have transitioned from online jokes to genuine digital assets. Thus, it has become (and remains) the top meme-based token in the cryptocurrency and meme culture. But once you know both tokens, you may wonder about Dogecoin vs. Shiba Inu. What sets Dogecoin apart from Shiba Inu or vice […]

Meme tokens like Dogecoin and Shiba Inu have transitioned from online jokes to genuine digital assets. Thus, it has become (and remains) the top meme-based token in the cryptocurrency and meme culture. But once you know both tokens, you may wonder about Dogecoin vs. Shiba Inu.

What sets Dogecoin apart from Shiba Inu or vice versa? Which might be better for investors? Is Shiba Inu dead?

Indeed, many investors initially mocked these meme coins, yet these digital currencies have grown massively. Thus, we offer a detailed look at Dogecoin and Shiba Inu, their performance, their differences, and which might be a better investment option. 

Dogecoin vs. Shiba Inu: Key Differences

CriterionDogecoin (DOGE)Shiba Inu (SHIB)
Price (at the time of writing)$0.1978$0.00001882
Market cap (at the time of writing)$29.01 billion$11.09 billion
Circulating Supply (at the time of writing)146.68 billion589.26 trillion
Max SupplyUnlimited supply1 quadrillion SHIB
BlockchainDogecoinEthereum
Consensus MechanismPoW (Proof of Work)PoS (Proof of Stake)PoA (Proof of Authority)
Block Reward10,000 DOGEN/A
Cryptographic AlgorithmScryptFHE (Fully Homomorphic Encryption)
Token UtilitySpend with various merchants (Including SpaceX)Tip content creators on RedditPayments between traders and merchants accepting the token
FoundersJackson Palmer and Billy MarkusAnonymous individual or group Ryoshi (Now led by Shytoshi Kusama)
Launch DateDecember 2013August 2020
Token DistributionN/A50% locked on Uniswap50% burnt to Vitalik Buterin’s wallet
Supporting ExchangesBinance UpbitOKXGate.io
BitgetBybitMEXCand 86 more
BinanceUpbitGate.ioOKXKuCoinCrypto.comHTX GlobalKrakenand 73 more
CommunitiesX (Twitter)RedditX (Twitter)TelegramDiscord

Dogecoin vs. Shiba Inu: The Genesis

1. Dogecoin vs- Shiba Inu the Genesis

Dogecoin and Shiba Inu have distinct origins but focus similarly on the crypto community and internet culture.  

Dogecoin was launched in 2013 by software engineers Billy Markus and Jackson Palmer. It was initially created as a parody of the cryptocurrency boom, using the Shiba Inu dog as its mascot. Thanks to being mentioned by high-profile figures like Elon Musk, Snoop Dogg, and Gene Simmons, Dogecoin’s popularity has soared, often called the “original” meme coin. 

Launched in 2020 by an anonymous developer, Ryoshi, Shiba Inu started as the “Dogecoin killer.” The Shiba Inu dog breed-inspired token runs on the Ethereum blockchain and includes multiple tokens in its ecosystem, including SHIB, LEASH, and BONE.

Unlike Dogecoin, Shiba Inu aims to build a DeFi ecosystem with features like decentralized apps (dApps) and governance tokens. Despite being a relatively new token, Shiba Inu has experienced rapid growth, gained popularity, and become a key player in the meme coin market. 

Dogecoin or Shiba Inu: Technical Comparison

Winner: Shiba Inu 

2. Dogecoin vs Shiba Inu Technical Comparison

Technically, Shiba Inu and Dogecoin mainly differ in their blockchain frameworks, consensus mechanisms, and functionalities. But allow us to explain more in-depth.

1. Blockchain and Consensus Mechanisms   

The original meme coin operates on its Dogecoin blockchain and has unlimited supply. This makes it unique compared to Bitcoin and other coins with capped supplies. Yet, it works based on a Proof-of-Work (PoW) consensus mechanism, similar to Bitcoin. This means that users are called miners and get involved in validating transactions.

Shiba Inu coin, however, is an Ethereum-based token and uses Ethereum’s Proof-of-Stake (PoS) mechanism (since Ethereum’s transition in 2022). This makes it part of a more extensive ecosystem, allowing integration with Ethereum-based DeFi protocols and facilitating its collaboration with the dApp world provided by Ethereum.

However, in August 2023, the Dogecoin killer launched a Layer-2 blockchain network called Shibarium. This aims to improve scalability, lower transaction costs, and provide a seamless user experience. Since then, SHIB has been powered by Shibarium, and its network is part of the Ethereum ecosystem.

2. Supply and Limitations   

Dogecoin offers unlimited supply, which helps maintain lower transaction fees but limits its scarcity appeal. This is one of the reasons why its price has remained pretty low over the past 11 years since its launch. Otherwise, its market cap is among the top 10 cryptocurrencies, with a market cap of over $29 billion.

On the other hand, Shiba Inu has a fixed supply of 1 quadrillion tokens. Half of the Shib supply was initially sent to Ethereum co-founder Vitalik Buterin, who burned a significant portion (90%) and donated the rest to COVID-19-related efforts, creating a slight sense of scarcity. 

3. NFT and DeFi Integration   

As part of the Ethereum world and ERC-20 tokens, the Shiba Inu ecosystem can interact with dApps. It also includes the ShibaSwap decentralized exchange and offers support for NFTs, which has helped it expand beyond a basic meme token. Dogecoin currently lacks NFT or DeFi applications, which limits its use cases. 

Shiba Inu vs. Dogecoin: Market Performance

Winner: Dogecoin

1. Market Cap   

Dogecoin has consistently maintained a high market capitalization. Thanks to support from many people, including Elon Musk, the token has grown. Shiba Inu, while newer, has also grown rapidly in market cap due to its DeFi features and community involvement. 

When writing, Dogecoin and Shiba Inu are among the top 15 cryptocurrencies by market cap, with Dogecoin ranked 8th and Shiba Inu 12th.

2. Supply and Price Action

Dogecoin’s unlimited supply affects its scarcity and long-term price potential as more tokens enter circulation regularly. Shiba Inu, with its fixed supply, has a higher speculative appeal. Its price action, however, remains highly volatile, driven by social media platforms and internet culture. 

Still, this is the case with most cryptocurrencies, as their evolution and volatility are highly influenced by their communities. Besides, all crypto is influenced by worldwide events, right?

3. Trading Volume and Market Sentiment

Dogecoin has a considerably higher trading volume, around $6.6 billion (at the time of writing), compared with Shiba Inu’s $1.1 billion.

Regarding market sentiment, they do not differ much when looking at the bullish and bearish percentages. However, due to its community and constant trading volume, Dogecoin’s price might be easier to stabilize.

Practical Uses of Shiba Inu and Dogecoin

Winner: Shiba Inu

Regarding utility, Dogecoin and Shiba Inu serve different purposes within the cryptocurrency ecosystem. 

1. Payment Method

Dogecoin is often used as a payment method. Due to its low transaction fees, various online retailers and tipping services support it. It’s known for being fast, simple, and community-focused. 

2. dApps

Shiba Inu’s ecosystem goes beyond simple crypto-based payments, offering decentralized applications (dApps) and a DeFi ecosystem via ShibaSwap. Its other tokens, BONE and LEASH, add governance functionality, enabling the community to vote on ecosystem changes. 

Part of these features also come from Shiba Inu’s strong collaboration with the Ethereum ecosystem, a network on top of which it was built in the first place.

Dogecoin vs. Shiba Inu: Short and Long-Term Growth

Dogecoin has the advantage of being a well-known, widely accepted meme coin with support from a strong community and notable figures. After all, it is the first meme coin ever launched. However, its unlimited supply and limited utility outside of payments make it a potentially high-risk investment for long-term growth. 

According to industry experts concerned about its potential for the following years, Dogecoin might see a price increase, reaching around $0.46 2025 and $1.37 by 2030. This is an average calculated by considering 10 main sources of price predictions.

With its multi-token system and DeFi applications, Shiba Inu has positioned itself as more than just a meme coin. Usually, meme coins start as simple jokes, and very few go beyond that. Still, Shiba Inu begs to differ. While it’s still highly speculative, its integration within Ethereum’s ecosystem and expanding DeFi and NFT functionalities suggest it may see more substantial growth in the future. According to an average of 7 sources, SHIB’s price prediction reaches around $0.000029 for 2025 and $0.000134 by 2030.

Where Are Dogecoin and Shiba Inu Headed?

The future of Dogecoin and Shiba Inu will depend on their continued community support and market performance.

Dogecoin’s value is strongly related to its reputation as a fun, community-driven asset and its usability as a payment method. In contrast, Shiba Inu’s value depends on its success in growing its DeFi ecosystem and maintaining relevance among meme coins and other digital assets.

Both coins are risky investments. However, Shiba Inu’s growing ecosystem might give it an advantage. When you buy Shiba Inu or Dogecoin, it is important to choose based on your needs. This will help you make the most of your investment.

FAQ

Why is DOGE worth more than SHIB?

Dogecoin is an older meme coin (the first one, actually) and has a stronger community involved in its growth and evolution.

Can SHIB reach $1?

SHIB cannot reach $1 if it keeps growing in circulating supply. For SHIB to reach $1 with a 589 trillion circulating supply, its market capitalization should also reach 589 trillion, which is nearly impossible.

Will SHIB overtake DOGE?

With the help of our calculator, we analyzed both cryptocurrencies and found that SHIB should see 255% to reach DOGE’s level. So, to overtake it, it should rise even more.

Does Shiba Inu Beat Dogecoin?

In some situations, users might consider Shiba Inu is better than Dogecoin. For instance, it can work with dApps. Still, Dogecoin comes with its benefits, too.

Final Thoughts

The Dogecoin vs. Shiba Inu fight can be considered a never-ending story. They are some of the most popular meme coins, and it is no wonder users compare them before investing. SHIB comes with its DeFi integration and dApps, while DOGE can be used even to buy Teslas and has a higher market cap.

Keep in mind that each cryptocurrency comes with its advantages. Thus, choosing the right one strongly depends on your goals and investment strategy.

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