The cryptocurrency market has been hot for a long time now. It’s been around for almost 10 years and remains one of the most popular industries. However, like any other industry, there have been ups and downs.
And recently, we’ve seen several memes taking over the market. It started with Dogecoin – an altcoin based on a popular internet meme about Shiba Inu dogs created in 2010 as a joke currency.
How profitable is Dogecoin? Should you invest in Shiba Inu? How about we compare these two and see how they stack against each other?
What is Dogecoin?
Dogecoin is a decentralized, peer-to-peer digital currency. Billy Markus and Jackson Palmer made it a joke on December 8th, 2013.
Dogecoin is based on the Litecoin source code with some minor changes. The coin has gained popularity because of its fun nature and the ability to use for tipping on forums such as Reddit or Twitter.
What is Shiba Inu?
Shiba Inu is a meme coin, which means it was created as a joke and has no real value. The Shiba Inu cryptocurrency was launched in 2020 by an anonymous group called Ryoshi which wanted to make fun of cryptocurrencies like Dogecoin by making one with no intrinsic value.
The Shiba Inu’s official website says: “Shiba Inus are an ancient Japanese breed of dog that dates back over 1,000 years.”
Shiba Inu Coin, or SHIB, is a cryptocurrency for fans of Shiba Inus, the dog breed that looks like a fox. It’s also called “Shibas,” hence the coin’s name. Think of it as an alternative to Dogecoin, another currency that started as a joke. In addition to the Shiba Inu coin, there are other great examples of trading pairs with Shiba Inu, such as SHIB/USDT.
Key differences between Dogecoin and Shiba Inu
Year Developed
The key difference between Dogecoin and Shiba Inu is that Dogecoin is older than Shiba Inu.
Dogecoin was developed in 2013, and Shiba Inu was developed in 2020, making it more than 5 years younger than Dogecoin.
Purpose
There are several critical differences between Dogecoin and Shiba Inu. One of the most apparent factors is their intended function. While Dogecoin was created as a joke, it has become quite popular in cryptocurrency. On the other hand, Shiba Inu has only become popular because of memes and jokes online – it’s not used as an actual currency like Dogecoin is.
Market Capitalization
Dogecoin’s current market cap per CoinMarketCap’s list of all cryptocurrencies by market capitalization is over $8 billion, while Shiba Inu has a $5 Billion for its market value.
Coin Issuance
The most glaring difference between Dogecoin and Shiba Inu is their coin issuance. Dogecoin has a circulating supply of 132 billion coins. This means that the number will continue to drop as time passes and more people buy or mine their Dogecoins.
On the other hand, Shiba Inu has no limit on its total supply and currently has a circulating supply of more than $549 Trillion SHIB.
Price Developments of Dogecoin & Shiba Inu
The price of one Dogecoin has continued to rise along with this increased interest. One Dogecoin was worth less than one cent of US currency when it started. Now it’s worth well over USD 0.01—2.5 times more valuable than it was at the beginning of last year.
As part of this trend, the value of one Shiba Inu (the dog on which the Doge meme is based) has also been rising steadily as people buy them for their digital currency in hopes that they will become millionaires.
Suppose you’re looking to make money off of cryptocurrency investing. In that case, you’d be better off buying bitcoin, Ethereum, or Litecoin—and holding onto it until the BTC or ETH price increases before selling. Nonetheless, Dogecoin and Shiba Inu are also worth keeping your eye on.
How Profitable Is Dogecoin?
The Dogecoin blockchain is mined using a proof-of-work algorithm. This means miners verify transactions on the network, which allows them to earn new dogecoins as a reward for their work.
To trade Dogecoin in exchange for other cryptocurrencies or fiat money, you need an exchange like Binance or Bittrex that supports this functionality. You can also use an online wallet such as Jaxx or Exodus if you don’t want to store your coins on an exchange where they may be vulnerable to hackers stealing them (although there have been no reports of any exchanges being hacked).
Dogecoin’s value comes from its use case: it’s designed primarily as a means of payment rather than simply holding onto it long term like Bitcoin does with its deflationary monetary policy (which makes it harder for people who buy today because tomorrow may bring higher prices).
Is Shiba Inu Worth Investing?
The answer is yes, and no; it depends on your situation. It’s important to remember that gains don’t come from anywhere; you have to put your money into something that will increase in value over time. Suppose you just put your money into something without any real expectation of appreciation. In that case, even if you’re lucky enough to gain back what you put into it when you sell it, the profit will be pennies compared to what you’d make if you had invested in something that has a chance of going up in value.
Which Is More Profitable?
It’s hard to tell which are the best coins to buy right now—the market is still young and volatile, and many variables (from exchange rates to individual coin value) make it difficult to judge one coin against another.
The Shiba inu coin is so adorable that it has become an Internet sensation—and now, it can be turned into a profit. However, if we’re only looking at profitability, Dogecoin is the winner.