He’s been called the “Dogecoin Killer” by the Shiba Inu community for a long time. Will he be able to deserve such a laudatory term, as well as the heightened fan expectations? Let’s see what we can do.
It was just a matter of time after DOGE started the “dog” currency craze that clones appeared. Doge Cash, Dogelon Mars, Akita Inu, and more newly-minted “meme tokens” soon appeared on the market. However, among all of them, Shiba Inu became the most well-known and drew the attention of crypto enthusiasts.
It gained a capitalization of $9 billion within a few weeks after its introduction on Binance, one of the major crypto exchanges, and has subsequently dropped to 3.5 billion. Even though the token has been called “the DOGE killer” by admirers, they remain on opposing sides of the barriers.
Face-to-face with memes
Dogecoin is a fork of Luckycoin, originally a fork of Litecoin, which then became a Bitcoin spin-off. Isn’t it a little perplexing?
In reality, for most community members, DOGE has become that currency in their pocket that they carefully retain but rarely spend. To put it another way, it’s a crypto talisman. Because of its infinite emission, at least 10,000 new DOGE tokens may be generated per minute; it’s unclear what the point of keeping them is.
The token was able to break the $0.73 limit because of the efforts of Elon Musk and Mark Cuban, the token’s significant advocates. A milestone that Dogecoin supporters never imagined they’d see. However, everyone has become accustomed to seeing this currency in the top 10 on CoinMarketCap. DOGE is now placed 6th in the TOP-10, with a price of $0.293 on Binance.
SHIB, on the other hand, began as a decentralized spontaneous community creation experiment, which makes it similar to DOGE. Their tokenomics, on the other hand, are vastly different. SHIB has a one quadrillion token offer limit, which is quite cosmic. However, because the team already donated half of Vitalik Buterin, it may now be securely divided in half. He, in turn, was overjoyed by the creators’ generosity, but he ultimately chose to burn some of the tokens and donate the remainder to charity.
It’s also worth mentioning that DOGE is a currency, whereas SHIB is a token. Yes, the boundary between these phrases is nearly blurred even today, but coins still live inside their blockchain, whereas tokens rely on a network of “colleagues.”
Ryoshi, the founder of SHIB, stated in the WOOF Paper that he chose to establish an Ethereum-based token so that the project could adapt freely and that nothing would obstruct its progress. Furthermore, Ethereum has shown to be a reliable platform for establishing decentralized applications.
Shiba Inu’s primary objective is to enhance the application’s functionality within the ShibaSwap DEX, allowing traders and fans to swap SHIB for tokens from other Ethereum-based projects directly. With the advent of the worldwide upgrade of the Ethereum 2.0 blockchain, which the crypto community is eagerly anticipating, this concept will gain the most traction.
Regardless of the distinctions between DOGE and SHIB, or the friendly “enmity” between the two “armies” of cryptocurrencies, no one can dispute that their designers have a billion-dollar sense of humor.