Last Updated on 13 October, 2023 by Samuelsson
Dogecoin vs. Shiba Inu – How Do They Differ?
We’ve come a long way since the early days of Bitcoin. There are now thousands of different cryptocurrencies out there, from the relatively standard to the wacky and wonderful.
Dogecoin and Shiba Inu certainly fall into this latter category. They are known as memecoins, but while their conceptual origins are satirical in nature, they both pack some serious tech under the hood. In this guide, we compare the two assets and discuss how they differ, looking at things like Shiba Inu tech and the price of Dogecoin. Read on to find out more.
What is Dogecoin?
Dogecoin was launched in 2013. It was developed by Jackson Palmer and Billy Markus and was inspired by the popular internet Shiba Inu dog that spawned countless memes and gags.
Despite being launched as a memecoin, Dogecoin has some serious technological power behind it, and it was designed to be a serious player in the crypto industry.
Dogecoin is built on a blockchain network modelled on Litecoin, with developers improving on certain aspects to upgrade its functionality and performance. Dogecoin has an unlimited market supply, and it can process 33 transactions per second.
Dogecoin is perhaps most well-known for its association with tech mogul Elon Musk. His support of the coin and numerous social media posts about it saw it become wildly popular, with prices skyrocketing after every mention made by the SpaceX and Tesla owner.
What is Shiba Inu?
Shiba Inu is another memecoin, also inspired by the famous internet dog. It came out a full seven years after Dogecoin, hitting the market in 2020. Despite being the second dog meme-inspired coin, Shiba Inu enjoyed some early success, thanks in part to the features and functions it offers.
The Shiba Inu ecosystem is an umbrella term used to describe the various coins, tokens and applications that make up the wider Shiba Inu technology. The ecosystem is home to various blockchain-based exchanges and marketplaces where users can buy, sell and trade Shibu Inu cryptocurrencies and tokens.
How Do They Differ?
While they are both inspired by memes, Dogecoin and Shiba Inu are very different. The key difference lies in each asset’s blockchain platform. Dogecoin uses a Litecoin-modelled blockchain, while Shiba Inu uses the Ethereum network.
What this means is that Dogecoin is fairly limited in terms of blockchain functionality. Shiba Inu’s blockchain network, on the other hand, allows for the design, development and implementation of decentralised apps and innovative tools.
How Do Their Prices Compare?
At the time of writing this article, Dogecoin is trading at a price of $0.060919. Its value has decreased by 2.77% over the past 30 days but has grown by 1.13% over the past year.
Shiba Inu is currently trading at a price of $0.00000725. Over the past month, it has fallen by 10.28%, and by 33.91% over the past 12 months.
The first thing you’ll notice from the above comparison is how low the Shiba Inu price is. In fact, the asset’s all-time highest value is just $0.00008616, which it reached in October 2021.
Why is the Shiba Inu price so low? It’s a direct result of the asset’s enormous market supply. With so many coins in circulation, supply always outweighs demand, which prevents the price from rising.
This has long been one of the biggest downsides of Shiba Inu. However, developers have been taking steps to address the situation. A process called the Shiba Inu burn has been implemented, through which tokens are sent to a dedicated wallet and permanently removed from circulation. This is helping reduce the supply and bring up the value of the asset.
The Future of Dogecoin and Shiba Inu
What does the future hold for Dogecoin and Shiba Inu? For two seemingly similar coins, their future paths will likely diverge and be determined by the different technologies that power them.
Dogecoin investors will be hoping for further support from Elon Musk. His association has lent the asset legitimacy and relevancy, propelling it to the forefront of the mainstream to the envy of many other coins. A figure with his reach and influence has the power to send Dogecoin’s price into the stratosphere.
Shiba Inu, on the other hand, looks to be in charge of its own destiny. The recently launched Shibarium Layer-2 scaling solution upgraded the network, which means Shiba Inu developers can now further develop the ecosystem and create a suite of new tools.
As part of this update, the Shiba Inu exchange platforms are going to be upgraded, while two new Shiba Inu stablecoins will also hit the market. This is a huge step forward for Shiba Inu and will truly elevate the asset from memecoin to a serious crypto contender.
To a newcomer to the world of crypto, Dogecoin and Shiba Inu can seem like one and the same. They’re both memecoins, after all, and they’re even both inspired by the exact same meme. However, that is where the similarities end. There are significant differences between the two assets, both in their design and development and in the features and functions they offer users. If you’re planning to invest in a memecoin, understanding these differences is absolutely essential.