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Although SHIBA lags behind DOGE in the market cap, predictions indicate that it could flip it in the future. This is evolving to become the dog fight of the century.
Named after dogs, these two cryptocurrencies belong to the group of coins known as meme coins. It refers to a type of currencies developed to mimic the existing mainstream cryptocurrencies.
- They are named after famous dog names
- Both are in the top 20 list of cryptocurrencies by market valuation
- They are meme coins
Dogecoin was launched in 2013 by both Billy Markus and Jackson Palmer. DOGE as it is commonly known is the 10th biggest coin in market valuation with a market cap of $30 billion. The rise of DOGE caught everyone by surprise when it rallied to hit $0.70 at some point.
This is because the majority of analysts had written it off after its launch. They termed it as a timely Ponzi scheme destined to fail.
DOGE is a peer-to-peer transaction coin with an unlimited supply cap. The only cap with DOGE is the 5 Billion supply per year.
Price of Dogecoin
After hitting the all-time high, its price has since retraced to the current level of $0.23. This has seen it lose over half its peak market valuation.
DOGE is failing to keep up with its peer coins that are recovering after the slump. These include both Bitcoin and Ethereum.
SHIB is less than 2-year-old and has already made it to the top 20 list. SHIB also has a bigger coin circulation with around 420 trillion coins in the market already. It is also trading at a lesser price of $0.00003 and currently, SHIBA is 18th ranking with a market cap of $18 billion.
Advantages of Shiba Over DOGE
The lower price of SHIB makes it more affordable to the majority of investors. Generally, almost everyone globally can afford to buy some coins.
This is one of the key factors attracting more buyers helping to grow the price through the increase in demand.
Although the price of DOGE is lower than the all-time high, it is way higher in comparison to SHIBA.
Both of these currencies facilitate peer-to-peer transactions. However, Shiba is advancing its use through innovative platforms such as ShibaSwap. This is enabling SHIBA to get into other decentralized services such as the Non-Fungible Tokens Market.
If successful, this will make it more attractive helping in boosting its value.
SHIBA has a bigger supply in circulation than DOGE. However, it is implementing some strategies to help it reduce the supply in the long term. Some of these include placing some coins in dead wallets and continuous burning.
Reducing supply will help boost its price if the demand is sustained.
SHIBA is having a higher growth momentum than DOGECOIN are many fronts. For a coin that is only two years in circulation, it has done well. What took DOGE 6 years to achieve has taken SHIBA less than two years.
If SHIB sustains this momentum, it could surpass its peer within the next 4 years.
This though is dependent on various factors such as;
- Government regulations
Cryptocurrency market Growth