It’s no secret that meme coins have been a hit in 2021. We have seen the success of several such tokens that has taken the entire crypto community by surprise. But of all those, the most popular ones have been based on Dogecoin. Most of the hit tokens in 2021 are new, but Doge is old and was first released as a joke to mock cryptocurrencies in 2013. But now, it has evolved into so much more. We can even say it became the very thing it sought to destroy. Well, then there is Shiba Inu that claims to be the Dogecoin killer but is clearly motivated by the same ideas. The idea of the token is clearly inspired by Doge, but it has many other things going on too. So, now the question is, in the battle of Dogecoin vs Shiba Inu, which one should you buy?
Doge is a meme coin, but it is so much more. First and foremost, Dogecoin was made back in 2013, which puts it up there with the oldest cryptocurrencies. Even though it came into the limelight in the last 1 year, the idea of Dogecoin has built a huge community around it. Then comes the support of Elon Musk and Tesla, which has more or less put the meme coin on a pedestal. Functionality-wise, Musk believes that Dogecoin can be a great way to do transactions. He is also actively supporting the development of the token.
Reports and speculations suggest that Tesla might start accepting Dogecoins, and it is already being accepted at a lot of other places. The adoption of Doge is actually a lot more than SHIB, and it is present on most platforms. For example, Robinhood has Doge but not Shib. Another good thing about Dogecoin is that the Doge foundation has been established again, which makes sure that investors aren’t tricked by the knock-off tokens that are launched every day.
Dogecoin’s biggest weakness of unlimited supply has also become its strength. The network generates a fixed amount of tokens every year, and this means that the supply will increase forever. But since the new tokens are a number and now a percentage of the old supply, the effect it will have (inflation) will keep decreasing over time.
Shiba Inu can be considered a lot more technically advanced as compared to Dogecoin. This is because SHIB is an ERC-20 token, unlike Doge, which is based on Bitcoin. Therefore, we can expect the token to add the functionality of smart contracts in the future. This will make it very powerful and give it a lot more usability and functionality when compared to a meme coin.
Shib also has a burning mechanism that is bringing down the total supply of the coin constantly. It started with over 1 quadrillion tokens, but now it’s much less. The idea is that the supply mechanism of Shiba Inu is comparatively better than Doge. In fact, 40% of the supply was burned by Vitallik Buterin himself when he was donated by the founders. Then, there is the NFT integration that makes Shiba Inu unique. It is the only meme coin that has a proper NFT community.
While I say that Doge has a strong community, it won’t be right to say that it’s much ahead of SHIB. In fact, both the meme coins have their own fans, and this gives them the much-required network effect. At present, SHIB is not listed on many popular platforms, which means that in the future, we can expect even more growth from the token. All this gives Shiba Inu a slight edge over Dogecoin.
Dogecoin vs Shiba Inu: What to buy?
First and foremost, I am not an investment advisor, and whatever you choose to buy will be your own responsibility. Coming back to the topic, while I think that SHIB offers a lot more as compared to Dogecoin in terms of functionality, it will be important to see how the adoption pans out in the future. While the community of Shiba Inu is strong, Doge has much more fans.
Secondly, the support of Elon Musk gives Dogecoin a definitive edge over Shiba Inu or any other meme coin. Therefore, while SHIB has given amazing returns in the past year, I still have to side with Doge as to what to buy in the Dogecoin vs. Shiba Inu debate. I think that Shiba Inu might do better in the short term, but with development going on with Dogecoin, and Elon Musk’s support will help it take over in the future.
An important advice
I have seen a lot of friends and colleagues go all-in on meme coins expect to make life money. Doing this is possible, but one needs to be incredibly lucky by entering and exiting the market at the right time by doing so. Holding meme coins is not wrong, but the allocation should not be more than 0.5%-1%. And if you are one of those who haven’t invested in it but are feeling FOMO, then invest a small amount just to make sure you don’t have any regrets.
What are your thoughts on the Dogecoin vs Shiba Inu debate? Which coin would you prefer to buy if given $100 to spend? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.