SHIB has experienced significant price volatility, and should be considered a high risk investment.
In recent months, the Shiba Inu coin has established itself as a meme coin in the bear market and can remain in the top 15 cryptocurrencies by market capitalization even in difficult times. Is Shiba Inu better than Dogecoin?
Shiba Inu prices have increased significantly in recent weeks. Because the rate was still US$0.000081 at the end of the year 2022/2023, the rise seen in Bitcoin or Ethereum in the first days of the year was still limited.
The Shiba Inu coin continued to rise after a week. On January 14, a strong short-term rally allowed the price to break through the $0.00001 barrier. Momentum remained strong for the next several days, with the price eventually rallying to a high of $0.0001269. The Shiba Inu price has stabilized after the massive rally at this level, currently trading at $0.00001211.
SHIB vs DOGE
SHIB and DOGE are both cryptocurrencies that have experienced significant price volatility and should be considered high risk investments. Below are some key differences:
Origin: SHIB is a token on the Ethereum Blockchain, and part of the Shiba Inu project, while DOGE was created as a joke in 2013.
Market Capitalization: DOGE has a much higher market capitalization than SHIB. This means that DOGE is considered a more established and widely adopted cryptocurrency.
Community: DOGE has a large and active community of fans and investors, while SHIB is relatively new and has a smaller community.
Use case: DOGE is often used as a form of payment and tipping on various platforms, while SHIB is mainly used as a speculative investment.
Development: DOGE is an open source project, with a strong and active community of developers working on it, while SHIB is developed by a small team of developers.
Total Supply: DOGE has a fixed maximum supply, while SHIB has no maximum supply limit.
Distribution: SHIB has a unique distribution mechanism in which the initial distribution of the token was done via a smart contract “50% for Ethereum holders, 20% for Bitcoin holders, 20% for Litecoin holders, and 10% for Binance Coin holders.”
Market Performance: DOGE has been around longer and has had some impressive rallies in the past, but SHIB’s price has risen exponentially since its launch in May 2021.
Legal Status: The use of DOGE is considered legal in most countries, but some have placed restrictions on its use or have banned it altogether. SHIB is also legal in most countries, but its legal status may vary depending on the country’s cryptocurrency regulations.
Is Shiba Inu Better than Dogecoin?
The Shiba Inu coin has been a contender since 2020. It has risen higher than Dogecoin during this time. This means that the risk is higher, but so are the potential gains. In 2023, the Shiba Inu coin has higher risk but potentially higher reward than Dogecoin.
If you want the highest possible risk in a cryptocurrency, the Shiba Inu (SHIB) coin might be a better investment.
By Audy Castaneda
