Last month, leading US cryptocurrency exchange Coinbase chose to list a pair of cryptocurrencies based on ‘dogs’ rather than tackling inflationary monetary policy or trying to create an uncensored internet.
Last month, leading US cryptocurrency exchange Coinbase chose to list a pair of cryptocurrencies based on ‘dogs’ rather than tackling inflationary monetary policy or trying to create an uncensored internet .
After Dogecoin (DOGE) popularized dog-themed cryptocurrencies, a number of other projects emerged, including Doge Cash, Akita Inu, and Dogelon Mars. The most successful among them was the Shiba Inu (SHIB). Just weeks after it was listed on Binance, it managed to achieve a market cap of up to $9 billion by adopting the same meme-derived mascot.
But although the creator of the Shiba Inu has adopted the nickname “Dogecoin Killer” , SHIB and DOGE are fighting with different weapons.
What does it do?
Dogeco of a Bitcoin spinoff which Litecon ‘is a Luckyco from the bifurcated fork. Its main use is online tipping. Because its low price and abundance feel equivalent to that penny in your pocket that you will never use. The infinite supply limit means 10,000 new DOGEs will be created every minute.
But then, with the help of prominent supporters of the coin, Elon Musk and Mark Cuban, Dogecoin surpassed its long-term ceiling of $0.01 on January 27 and never looked back. DOGE has climbed as high as $0.68 this year and is the sixth largest market cap cryptocurrency even at its current price of $0.24 .
In contrast, SHIB says Dogecoin is a “decentralized spontaneous community-building experiment . ” Also, the tokenomies of the two projects are quite different. While 1 quadrillion is very high, there is a supply limit. This amount has also been effectively reduced as 50% of the project has been sent to Ethereum co-founder Vitalik Buterin.
Well what’s the problem?
DOGE is a coin while SHIB is a token. Although these terms are often used interchangeably, tokens reside on their own blockchain, while tokens run on the infrastructure of another blockchain. This is important because Shiba Inu is subject to Ethereum development decisions and demand for the token can clog network transactions and increase network transaction fees for Ethereum-based tokens across the network.
Ryoshi, founder of Shiba Inu, says he chose to build on Ethereum “to ensure that his project evolves and evolves with zero external regulation affecting it” . Ethereum was “already established and secure,” allowing decentralized projects on top of that.
Although they are different from each other, at least it can be said that they both have a sense of humor.