Shiba Inu vs Dogecoin – Is SHIB a step ahead of DOGE?
In 2022, in the middle of the crypto winter, there is considerable debate about the two most popular Shiba Inu and Dogecoin. Both are based on internet dog memes, so their popularity has skyrocketed, and even Elon Musk tweeted at one point that dogecoin would be the currency on the moon. Dogecoin is basically the same technology as Shiba Inu. As an ERC-20 token, SHIB uses a proof-of-work mechanism that gives it a similar transaction speed to dogecoin for all intents and purposes. In this article, we take a look at who will win the next bull run – Shiba Inu vs Dogecoin.
Dogecoin is not an exact clone of Bitcoin. Dogecoin has a much larger circulation than Bitcoin, and there is no maximum supply for the dog-themed cryptocurrency. With over 129 billion DOGE in circulation, the collection is far more abundant than the maximum Bitcoin supply of 21 million. In addition, 10,000 Dogecoins are minted every minute. Shiba Inu is a token on the Ethereum network. Fungible tokens like Shiba Inu are ERC-20 tokens (as opposed to non-fungible tokens or NFTs which use the ERC-721 token standard). Since the token is powered by Ethereum, Shiba Inu can use smart contracts to create decentralized finance (DeFi) products.
The DeFi sector took off this year with tokens like Uniswap, wishn. finance and Aave are skyrocketing in both price and adoption. These cryptocurrencies use smart contracts on the Ethereum blockchain to create decentralized exchanges (DEXs), lending protocols, and even interest-bearing accounts. Shiba Inu has also entered the NFT space with Shiboshi, a collection of 10,000 NFTs themed around their pet Shiba Inu.
The decentralized program uses the Ethereum network to allow NFTs to be auctioned, replacing smart contracts for third-party transactions. Shiba Inu's technical patterns indicate that SHIB prices are now at decisive levels. Although it has seen an almost 60% gain from its recent lows – it is still trading below the important resistance level of $0.00001250. It has seen steady growth over the past month and a half and can be expected to break this level as well.
To add to the bullish story of the second largest meme coin by market cap, it is currently in an ascending triangle pattern. This price pattern is widely known as a very bullish pattern and suggests the possibility of a convincing break above $0.00001250.
SHIB has a circulating supply of 500 trillion and the total cap is set at 1 quadrillion. However, a large amount of stock was burned by Ethereum co-founder Vitalik Buterin - it is not clear if this was the intention when the Shiba developers sent him the token. Still, it was largely seen as a thumbs down from Ethereum's founder.
The Shiba website proudly states that the remaining SHIB - what Buterin didn't burn - has been completely locked up on the Uniswap exchange, meaning that anyone who wants to trade SHIB must do so on the open market. It may appear that Shiba is more or less a copycat of Dogecoin, trying to capitalize on its recent success – and to some extent this is true. However, SHIB has a few aces up his sleeve that could eventually make him the Doge Killer he's been touted to be. First, as we mentioned before, SHIB is an ERC20 token.
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