Hype Behind Dogecoin and Shiba Inu
Why meme-based coins are so popular and what the differences are between Dogecoin and Shiba Inu. Is it worth buying Dogecoin?
Shiba Inu and Dogecoin continue to struggle. Many conversations have been triggered due to the mounting hype on each coin. While some people may compare Shiba Inu and Dogecoin based on their literal representation, others consider that behind the husk they still have a reasonable amount of fiat currency pegged to them. Even with the dog similarities, there are other unexplained differences between the two coins.
Interestingly, Dogecoin was introduced to interrupt the progressive performance of Bitcoin as far back as 2013. This was meant to make light of lots of people paying real money to own digital assets with little or no relevance. But unfortunately, the so-called “mock currency” created to interrupt a process ended up backfiring. It was a slap on the faces of the founders, even when they watched the same Bitcoin surge to become one of the world’s biggest cryptocurrencies.
Today, another coin has been created to do the same job Dogecoin did years back; that is Shiba Inu. According to the founders of the coin, they refer to their creation as a “Dogecoin killer.” The Shiba Inu works with the Ethereum blockchain, including three variants programmed to perform other functions. From the look of things, it’s getting more complicated for Dogecoin, and there are stormy days ahead of it.
Market Capitalization of Both Coins
The market capitalization of any coin is calculated by the total value of the coin in existence. The thing is, as the total number of coins keeps increasing, the market capitalization keeps increasing too. To find out the market capitalization of any coin, multiply the total number of coins by the current trading price. Today, Dogecoin’s market capitalization is calculated at $27 billion, considering 132.3 billion in the market, at the price of $0.20 per coin.
On the side of Shiba Inu, it is not doing bad on its own; it has continued to surge since its extraordinary hype back in 2021. With over 549 trillion units of Shiba Inu in the market and priced at $0.000020 (as at the time of writing this article), the coin has a total market value of over $24 billion. Even when admitting that both coins are among the cryptocurrencies with the biggest market cap, none of them can be compared with Bitcoin, which comes with a market cap of over a trillion dollars.
One has got a reason to believe that the enormous hype brought about the listing of Shiba Inu and Dogecoin on major exchanges like Bitfinex, Coinbase, Binance, and Kraken, respectively. Industry analysts believe that creators of Dogecoin have a plan to be releasing more than 5 billion new Dogecoins each year, but the interesting part is that there won’t be a cap on the total numbers. Releasing an unlimited amount of Dogecoin into the market should cause a total mess on the coin itself if economic theories are anything to go by. But surprisingly, it looks like no matter how many Dogecoin releases out there, the market keeps absolving it and even asking for more.
As for Shiba Inu, it looks like the founders go more emphatic in saying that they make a hoax out of Dogecoin, so with that, they have released over one quadrillion units of Shiba Inu coin. 40% of this coin is said to make its way into the market, as for the rest; it was given to the founder of Ethereum, Vitalik Buterin.
What’s the Difference?
The major difference between Dogecoin and Shiba Inu seems to be just the medium promoted by the creators. There are also reasons to believe that Elon Musk has a role to play in boosting both coins. Their differences lie in their mode of marketing (which also looks similar anyway). But it looks like Shiba Inu makes use of the practical approach, applying a real-time increase to promote the coin.
While on the side of Dogecoin, they prefer using the aggressive hyping technique, which most of the time looks like deception because it barely reflects on the trend. Some of these aggressive promotion methods by Dogecoin can be better seen when Elon Musk posts a tweet about the Dogecoin price, and automatically, it bounces up. It is unlike Shiba Inu with its more or less natural fluctuations.