Shiba Inu vs Dogecoin: Which Is a Better Investment?
Shiba Inu vs Dogecoin, which is better? Read on
Shiba Inu and Dogecoin were both launched as meme coins and particularly for fun. Dogecoin particularly was launched as a fun token and to give mass access to the cryptocurrency. Bitcoin due to its high price was inaccessible to most crypto enthusiasts therefore, Dogecoin was launched to fill this void.
With the passing of time and with more people investing in cryptocurrencies the two meme coins became tokens of high importance. Both the tokens have been backed by big personalities including Elon Musk who has been a supporter of Dogecoin from the very beginning.
Before we discuss which is better among the two, let us find out what are the uses and use cases of these cryptos.
Shiba Inu vs Dogecoin: Use Cases
Shiba Inu on its launch was purely a meme token as was launched to take on Dogecoin which was gaining some ground among crypto enthusiasts. However, with a fully talented team, the developers of Shiba Inu have been working to get rid of the ‘MemeCoin’ tag. As we know that with the advancement of blockchain technology for a crypto to be relevant it will need to have deep use cases. Shiba Inu is one of those blockchains having good use cases and it is expanding continuously. Here are a few uses and use cases of Shiba Inu:
Shibverse – Shib has aggressively moved towards building a Metaverse as most of the cryptocurrencies in that space have lower Market Caps than Shiba Inu. The Metaverse will enable users to conduct commerce using $SHIB. This looks promising but it is the early days of execution now. The company has begun execution by auctioning Metaverse Land
Shibaswap (DeFi platform)
Shibswap: Shiba Inu ecosystem comprises three different coins, Shib, Bone, and Leash. These three tokens come together to create Shibswap.
Shibarium: Shiba Inu is set to introduce its own blockchain-like transaction system Shibarium. Recently a test run of Shibarium was done which led to a massive spike in the price of Shib tokens. Once Shibarium becomes public, Shiba Inu will no longer depend on the Ethereum platform to complete its transaction. This will reduce the gas fees that ETH charges other tokens to run and operate on their platforms.
Uses and Adoption of Shiba Inu
- Payments – Partnerships (Gucci, Tag Heuer, AMC, Sao Polo FC tec)
- Shiba Eternity: Gaming
- Rewards (Leash)
- Bone (Governance Token)
- Doggy Dao: Shiba Inu makers have recently launched the first phase of Doggy DAO.
Dogecoin was the very first meme coin to have taken the crypto market by storm. Dogecoin gained popularity after many celebrities came forward to back it. Some of the famous celebrities backing Dogecoin are:
- Elon Musk
- Mark Cuban
- Snoop Dogg
- Gene Simmons
However, among all the celebrities, Tesla CEO Elon Musk has been the major catalyst in boosting the price of Dogecoin. But with the increase in competition, there has been a retreat in Dogecoin price. Here are a few uses and use cases of Dogecoin:
Dogecoin Foundation, which aims to support the development of the meme coin has recently announced the dogecoin “trail map” that features eight projects, including the launch of LibDogecoin and GigaWallet. LibDogecoin is a clean C Library of Dogecoin building blocks while GigaWallet is an enterprise-ready Dogecoin service.
Apart from these projects, Tesla’s CEO made an announcement that buyers can use Dogecoin to buy some merchandise. Apart from Bitcoin, Dogecoin became the only crypto to be accepted by Tesla.
Shiba Inu vs Dogecoin: Which Is Better Investment?
- Dogecoin has a long record of delivering returns
- Doge has outperformed SHIB this year by a wide margin
- Doge is supported by Elon Musk, a huge factor given Musk’s Twitter acquisition
- Shib has more use cases than Doge and the development team continues to work on more
- Shib has a stronger community than Doge
Considering all these factors, at a practical level, Doge is a superior investment. However, from a potential perspective, Shib holds a lot of promise. It makes practical sense to own both with a bias toward Dogecoin