Dogecoin Vs. Shiba Inu: Which Meme Coin Is Performing In 2024?

Two of the most popular meme coins in the Bitcoin industry are Shiba Inu (SHIB) and Dogecoin (DOGE). Both coins have become rather famous because they are linked to the Shiba Inu, a dog breed that has been ubiquitous in online memes for quite some time. 

The Ethereum-based altcoin Shiba Inu gained popularity rapidly after its launch in August 2020 and had a market valuation of $9.83 billion by July 2024. Dogecoin, the first meme coin, was created in 2013 and has a market value of $18.85 billion. 

While cryptocurrencies enjoy substantial user bases, notable personalities like Elon Musk have openly supported Dogecoin. Both coins have proven resilient despite the market challenges, which has led to varied attitudes toward them.

This blog post will compare and contrast Shiba Inu with Dogecoin, looking at their market performance, price forecasts, and future growth prospects. Readers will walk away from this examination with a thorough grasp of the advantages and disadvantages of these two well-known meme currencies.

What is Shiba Inu?

Known as “the Dogecoin killer,” Shib Inu was developed as a rival coin to mock rival Dogecoin. It was introduced as an ERC-20 token in August 2020 by Ryoshi, an anonymous creative collective or individual. SHIB was not as well-known as it is now, but as time passed, fans of the ShibArmy and influencers pushed the coin, making it the second-largest meme coin in market capitalization. The ecosystem’s functioning is intriguing since the SHIB project presently has three tokens for various uses.

The project’s initial currency, Shiba Inu (SHIB), had a 1 quadrillion supply at launch. For liquidity, Ryoshi gave 50% to Uniswap and gave the remaining portion to Vitalik Buterin, co-founder of Ethereum. Buterin sent over 50 trillion SHIB coins, or $1 billion, to an Indian COVID-19 relief fund in May 2021. Soon after, he “burned” 40% of SHIB’s entire supply by moving the tokens to a specified dead wallet and permanently removing them.

In contrast to the billions of Shiba Inu tokens, Leash (LEASH), the second token in the Shiba Inu ecosystem, represents the other extreme of the spectrum with a minimum total supply of 107,646 tokens.

Bone (BONE) has a total of 250,000,000 tokens, placing it in an intermediate place regarding circulating supply. It is purposefully crafted as a governance token, allowing the SHIBArmy to vote on upcoming proposals.

Things to Know about Shiba Inu

• Deflationary Supply Model: The Shiba Inu coin incorporates a built-in deflationary supply mechanism, where a portion of each transaction is regularly burned. This process gradually decreases the total supply of tokens, potentially enhancing their scarcity and value over time.
• Decentralized Community Focus: Shiba Inu was a decentralized project emphasizing community-driven development and governance. This approach empowers holders to influence the direction and growth of the ecosystem.
• Comprehensive Ecosystem: Beyond the SHIB coin, the Shiba Inu ecosystem features several components, including Shibarium, a layer-2 blockchain designed to enhance scalability; ShibaSwap, a decentralized exchange (DEX) for secure trading; Shiboshis, a collection of unique NFTs; and the Shib Metaverse, which extends the project’s reach into virtual spaces.
• ShibaSwap Platform: ShibaSwap is a decentralized finance (DeFi) platform that facilitates secure cryptocurrency trading. Using SHIB and LEASH tokens for transactions on ShibaSwap is recommended, allowing users to engage in liquidity provision and staking.
• Creative Incubator: The Shiba Inu Incubator aims to expand creative opportunities beyond traditional art forms, encouraging innovation in various domains such as digital art, photography, and multimedia projects.
• Shiboshis NFT Collection: Shiboshis consists of 10,000 unique non-fungible tokens (NFTs) generated by the Shiba Inu community on the Ethereum blockchain. Each Shiboshi features distinct traits, making them collectible and appealing to NFT enthusiasts.

What is Dogecoin?

Dogecoin (DOGE) is a cryptocurrency that started in December 2013 as a joke about the growing market for digital currencies. The famous “Doge” meme with a Shiba Inu dog, which became a cultural phenomenon online, gave it its idea. Even though it started as a joke, Dogecoin has grown into a significant player in the cryptocurrency world, with a market value of $18.85 billion as of July 2024.

Dogecoin is unique because it has an increasing supply model, meaning anyone can mine as many coins as they want. This is different from Bitcoin, where the quantity is limited. This makes DOGE easier to use for everyday transactions. Right now, one Dogecoin is worth about $0.12.

Many people are interested in the coin, partly because famous people like Elon Musk support it and often talk about it on social media. This backing has made it more famous and caused its price to change significantly.

Dogecoin is often used to tip people who make content online and donate to good causes, which shows how community-driven it is. Also, it has a strong community with many projects and programs working to make it more valuable and popular.

Things to Know about DOGE

• Quick Block Time: The Dogecoin blockchain has a fast block time of only one minute, significantly faster than Bitcoin’s 10-minute block time. This allows for speedy and efficient transactions on the DOGE network.
• Loyal Community: Dogecoin has a passionate and dedicated community called the “Dogearmy.” This community actively supports and promotes the coin on various social media platforms, contributing to its popularity and longevity.
• Unlimited Supply: Unlike some cryptocurrencies like Bitcoin, which have a maximum supply limit, Dogecoin has an unlimited supply. Miners earn 10,000 DOGE per minute for creating new blocks, generating approximately 14,400,400 new DOGE tokens daily. These newly minted tokens can be sold on the market or stored by miners.
• Dogecoin Foundation: The Dogecoin Foundation, a U.S.-based non-profit organization established in 2014, oversees the development and advancement of the ecosystem. The foundation aims to support Dogecoin through development, safeguard its trademark rights, and maintain a plan for its future growth.

Dogecoin vs. Shiba Inu: Key Differences

Here’s a comparison between Shiba Inu and Dogecoin.

Key Differences

• While Shiba Inu is created as an ERC-20 token on the Ethereum blockchain using Proof-of-Stake consensus, Dogecoin runs on a blockchain-based on a proof-of-work algorithm.
• While SHIB has created a BONE governance token that enables token holders to participate in voting and decision-making within the ecosystem, DOGE does not currently have an equivalent governance token.
• While SHIB’s tokenomics architecture incentivizes token holders and offers usefulness within the Shiba Inu ecosystem, DOGE’s tokenomics primarily focuses on community involvement and meme culture.
• While SHIB was formed via a deflationary mechanism with a restricted amount of 1 quadrillion tokens that were later distributed and destroyed, DOGE has no set maximum limit on its production.
• Dogecoin is a peer-to-peer decentralized currency that facilitates user payments, whereas Shiba Inu is constructing a DeFi ecosystem through its layer 2 blockchain, decentralized exchange, metaverse, and other features. 

SHIBA vs. DOGE- Which Coin Should You Buy?

Communities’ opinions and market news significantly impact the pricing of Dogecoin and Shiba Inus. Looking back, Elon Musk’s tweets about DOGE and his Shiba Inu dog, “Floki,” have consistently contributed significantly to the speculation surrounding the pricing of both coins. particularly the Twitter Bird to Doge canine icon shift event in April and was accompanied by several debates and investor backing.

Among the top ten cryptocurrencies in the world, DOGE would only need to increase 10 times to reach $1. Conversely, SHIB’s market capitalization stands at $9.8 billion, and for its price to match, it would need to rise by over a quadrillion dollars, which seems improbable to happen in such a short amount of time.

To increase token scarcity and decrease SHIB supply, the Shib community actively burns tokens. Along with creating further applications for the SHIB ecosystem, they are also getting closer to launching the Shibarium-layer 2 blockchain. Conversely, the Dogecoin Foundation is always coming up with new improvements and strategizing new ways to improve the Dogecoin network and encourage community involvement.

Dogecoin and Shiba Inu have distinctive qualities; whether or not to invest in them depends solely on the investor’s interest and risk tolerance. When purchasing cryptocurrency assets, one should always diversify their holdings and conduct independent research.

How To Buy Shiba Inu and Dogecoin?

To Buy Shiba Inu (SHIB) And Dogecoin (DOGE)

• Choose a Cryptocurrency Exchange: Select a reputable crypto exchange that supports Shiba Inu, such as Coinbase, Binance, or Kraken. 
• Create an Account: Sign up for an account and complete the necessary identity verification steps.
• Add a Payment Method: Link a payment method to your account. Most exchanges allow you to use bank transfers, debit/credit cards, or even PayPal (availability may vary by region).
• Deposit Funds: Deposit funds into your exchange account using your chosen payment method. Ensure you have enough to cover the purchase and any associated fees.
• Search for Shiba Inu or Dogecoin: Navigate to the trading section of the exchange and search for Dogecoin or Shiba Inu using their ticker symbol.
• Place an Order: Enter the amount of SHIB or DOGE you want to buy or the amount you wish to spend. Review the transaction details, including fees, and confirm your purchase.
• Store Your SHIB or DOGE: After the purchase, you can store your DOGE or SHIB in the exchange wallet or transfer it to a personal crypto wallet for added security.