Which is better? Shiba Inu (SHIB) and Dogecoin (DOGE).
Who has let the puppies out? The crypto community has lost its mind over these two canine currencies. Tokens inspired by the cute Shiba Inu puppy, whose meme delighted all social media fans a few years ago, are commonly called canine coins or more often meme coins, and have become the hottest cryptocurrencies on the market. . And now you too can be part of the action and trade with Shiba Inu (SHIB) and Dogecoin (DOGE) on StormGain. But what currency should you invest in?
Shiba Inu and Dogecoin may have come out on the market as a joke, but the truth is that they have recently achieved a position in the list of the top 10 cryptocurrencies according to their market capitalization, rubbing shoulders with well-known altcoins such as Ripple (XRP), Polkadot (DOT) or Cardano (ADA). And they aren’t even the only canine coins in this race, as some coins like HUSKYX are seeing huge growth as of late. However, we will focus on the two great dogs in the ring. How are the two currencies different?
Invest in Shiba Inu (SHIB) and Dogecoin (DOGE)
Technical differences – Shiba Inu (SHIB) and Dogecoin (DOGE)
Shiba Inu Crypto and Dogecoin were created from the same meme, although they are very different races. In fact, only one of these, Dogecoin, is technically a currency. The Dogecoin network, fork of Litecoin (LTC), has its own dedicated blockchain, and transactions with DOGE are native to this chain. When you carry out an operation with DOGE, this transaction will be registered on the Dogecoin chain, just like Bitcoin and other distinctive cryptocurrencies. SHIB, meanwhile, is a token on the Ethereum blockchain. Transactions with SHIB are recorded on the Ethereum chain, rather than by themselves.
The practical consequence is that it is not possible to mine the DOGE coin, and Dogecoin works from a proof-of-work consensus algorithm similar to Bitcoin. The developers plan to move to using a proof-of-stake algorithm in the near future, as this is the preferred consensus model for more advanced cryptocurrencies. It is not possible to mine SHIB because it does not have a consensus mechanism that allows this action. However, the developers of Shiba Inu created an exchange platform called ShibaSwap, in which the user can bet their participation in liquidity funds in exchange for rewards in the form of tokens.
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There is much more SHIB than DOGE … for now
Both puppy-inspired cryptocurrencies differ when it comes to supply, since, in addition to having a very different initial supply, the number of coins moves in opposite directions. The supply of Shiba Inu tokens started from a staggering 1 billion SHIB, well above DOGE’s current supply of around 132 billion. However, the fact of the matter is that the total supply of SHIB is shrinking, while the total supply of DOGE is growing.
The DOGE supply is not discounted from a limited BTC pool, but instead Dogecoin miners mint new coins, which are added to the total supply in circulation. The Dogecoin mining protocol was designed so that the amount of DOGE that can be mined per year slowly decreases, although the total supply will continue to increase. For its part, the initially huge supply of SHIB is declining, sometimes very sharply. Ethereum founder Vitalik Buterin recently received 500 billion SHIB from its developers, which he then burned, drastically reducing the supply of the token. The direct consequence of this sudden reduction in supply was a large demand for SHIB, with its consequent appreciation. Sooner or later the lines will end up crossing on the graph,
Invest in Shiba Inu (SHIB) and Dogecoin (DOGE)
Price of these two puppies
The members of this canine duo also differ when it comes to their price. At the time of writing, DOGE is trading for around $ 0.26, while SHIB’s price of about $ 0.000055 appears to be much more affordable. Still, both SHIB and DOGE have seen extraordinary growth in recent times. An investment large enough could produce significant returns, and analysts expect DOGE to fetch between $ 1 and $ 1.50 over the next year. SHIB’s unprecedented growth has undoubtedly made many people millionaires, and perhaps those who invested in the early days of the currency have even become billionaires.
Don’t lose sight of the influencers
When thinking about the price of these meme coins, we should always keep in mind that both puppies owe their spectacular growth to the advertising seen on social networks. Dogecoin undoubtedly has Elon Musk as its flag bearer, and his Twitter account has a decisive influence on certain assets in the market. Musk himself owns Dogecoin, and he frequently encourages his Twitter followers to help the cub on his ascent to the moon. The CEO of Tesla often jokes about the meme, calling himself “Dogefather” (Doge’s father) and “Lorde Edge” (perhaps referring in code to the expression “Elder Doge”, or veteran Doge). Word games aside, the truth is that the billionaire is still very dedicated to the DOGE cause, both for fun and for profit.
The story of SHIB as a sensation of the moment in social networks is also similar. As we mentioned before, Vitalik Buterin has had a great influence on the price of this one, although an additional deciding factor is given to us by the Shiboshi NFT collection. NFTs are a popular section of the crypto sphere right now, and the Shiba Inu team has ably used them to promote their token. In short, anyone interested in trading with both SHIB and DOGE would do well to closely follow social media, the NFT market, and big crypto influencers!
Invest in Shiba Inu (SHIB) and Dogecoin (DOGE)
Trade SHIB / DOGE on StormGain today!
These two fascinating coins are now available on StormGain along with more than 150 crypto instruments. Which puppy will win the race? Take advantage of this opportunity to invest in SHIB, DOGE or both, benefiting from all the advantages that StormGain offers you: high leverage, profit distribution, commission-free operations and loyalty benefits.
Choose your favorite puppy
The new StormGain SHIB / DOGE pair lets you play with these two opposing pups for maximum benefit. The current potential of SHIB and DOGE is enormous, and no one really knows which of them will emerge as the victor. But now, using this new instrument you can take sides in battle directly. If the puppy you have bet on turns out to be the alpha dog in the cryptocurrency market, you will receive your share of the prize!
Still not a StormGain user? Register in just a few seconds to start trading today, and don’t miss this confrontation between the two titanic dogs!
Invest in Shiba Inu (SHIB) and Dogecoin (DOGE)
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Comment by Hans
April 24, 2024
as I am trading here various assets, for me it's the most important feature. i mean, flexibility in tradable markets. i alternate trading styles, meaning that sometimes I trad...