Shiba Inu Vs. Dogecoin - Can Memecoins Make You A Millionaire?
If you scroll through the CoinMarketCap list of top cryptocurrencies, you might disagree with me as Dogecoin is the 10th largest cryptocurrency in the world, followed by Shiba Inu.
So, why do these memecoins have no fundamental value despite having such a huge market cap? How do these memecoins differ? Should you invest in Shiba Inu or Dogecoin?
Shiba Inu (SHIB)
Shiba Inu was created in 2020 by an anonymous person or a group of individuals named Ryoshi. SHIB is the native ERC-20 token of the Shiba Inu ecosystem. This Ethereum-based memecoin project was developed to experiment with decentralized community building.
Initially, the Shiba Inu token had no utility. However, the Shiba Inu community launched the ShibaSwap decentralized exchange (DEX) in July 2021, adding value to the SHIB token. In the ShibaSwap ecosystem, SHIB is used as an incentive for using the ShibaSwap DEX.
In addition to SHIB, the ShibaSwap ecosystem has two other ERC-20 tokens - LEASH and BONE. LEASH is a rebase token tied to Dogecoin’s price, while BONE acts as the governance token in the Shiba Inu community. You can use these tokens to provide liquidity (Dig), stake tokens (Bury), and swap crypto tokens (Fetch), and more on the ShibaSwap exchange.
Dogecoin was launched in 2013 by software engineers Billy Markus and Jackson Palmer. This meme coin was created to take a dig at the crypto volatility and the speculation.
Dogecoin is built on top of the Litecoin codebase, which in turn is created using Bitcoin code. DOGE is the name and the ticker of Dogecoin’s native cryptocurrency.
Tokenomics - Supply, Market Cap, and Distribution
Shiba Inu (SHIB) has a total supply of one quadrillion tokens- out of which only 50% of the SHIB tokens were added in circulation via the ETH/SHIB liquidity pool on Uniswap, and the remaining 50% were sent to Vitalik Buterin’s cold wallet as a marketing stunt. As of now, each Shiba Inu token is worth $0.00005762 and has a market cap of over $31 billion, according to CoinMarketCap.