Dogecoin and Shiba Inu have been in an ugly crypto dog fight since quite some time.
Investing has certainly become a different kind of beast in the last few years. Meme coins, cryptos, and NFTs have made the crypto space quite exciting, meanwhile producing millionaires in a matter of months. Of course, there have been casualties, but it has not stopped others from trying their own lucks in the crypto space. Currently, the other popular cryptos besides bitcoin are Shiba Inu and Dogecoin. These two coins have been hitting the headlines almost every day for the past couple of months. It’s like DOGE and SHIB are in a crypto dog fight that has taken the crypto space by storm. SHIB and DOGE are based on significantly different technologies, though neither is particularly special or unique. Having said this, this fight between Dogecoin vs. Shiba Inu has made people realize that DOGE will eventually be a more profitable investment than SHIB.
Let us explore 10 reasons why they might be right and why will DOGE retain its title as the best meme coin.
DOGE is great for crypto beginners: Dogecoin’s enormous volatility during the past year might make investors flinch, but investing in something that can skyrocket or dive within a matter of minutes requires a strong mindset. DOGE is a good investment for beginners because holding DOGE for an extended period can give investors a view into what crypto investing is about. Volatility and profits are a part of the course, but investors must be willing to weather the storms.
SHIB’s fundamentals do not align with its rapid growth: Although Shiba Inu has earned record-breaking returns lately, those have more to do with the hype of the crypto rather than its integrated fundamentals. The primary reason for SHIB’s price increase is its large fanbase. The more people invest, the higher the risk climbs. Eventually, those investors will sell their tokens to cash out their earnings, and the price of the crypto will fall.
- 10 PROMISING CRYPTOCURRENCIES TO BUY FOR BETTER GAINS IN 2022
- CRYPTOCURRENCY SCAMS: 5 WAYS TO SPOT, AVOID AND PROTECT
- WILL CARDANO’S VALUE SPUR BY 10 FOLD IN 2022? WE EXPLORE
SHIB is for short-term investment in this risky market: Short-term investments like Shiba Inu have the potential to make a lot of money within a short period, but once they crash, they generally crash hard. SHIB might be an exciting new cryptocurrency, but it might be dangerous. A much safer way is to buy healthy investments and hold them for the long term.
DOGE is becoming faster for now: Dogecoin has a brilliant feature called the Scrypt algorithm, which is a major point of divergence from Bitcoin’s SHA256 and facilitates much faster block creation, making it significantly faster than BTC. Meanwhile, SHIB is an ERC-2 token that functions on Ethereum’s proof-of-work mechanism. It is theoretically similar to DOGE but, in practice, reflects the operational timings of the parent network.
Musk does not own SHIB: Elon Musk is a strong supporter and advocate for DOGE. He even went as far as labeling himself as the ‘Dogefather.’ In recent tweets, Musk has exactly explained why he has put his faith in the crypto and that everyday people in Tesla and SpaceX inspired him with the idea of the true people’s coin.
Dogecoin is a more credible store of value: Dogecoin was created back in 2017, as a fork model of Litecoin, which is itself a fork model of BTC. Dogecoin’s mechanism is rooted in its intended usage as a highly accessible P2P method of exchange and to eventually prevent long-term holding diminishing circulation and minimize transaction fees. The developers behind Shiba Inu have taken a much different and less sophisticated way when it comes to the token’s supply mechanism.
DOGE’s market positioning is unique: DOGE’s mining model, inflationary status, and ties to Litecoin are unique. Also, given the concerns around the environmental impact of crypto mining, experts are predicting that Dogecoin will shift to a proof-of-stake validation model, in which coin holders validate transactions.
Shiba Inu lacks real-world utility: To be honest, a vast majority of cryptocurrencies do not have any real-world utility. But SHIB’s real-world involvement is particularly very low. Even though it is one of the top 15 cryptocurrencies based on the global market cap, only 365 merchants worldwide are accepting this token as a form of legal currency.
Social media’s influence on Shiba Inu: A vast majority of social media boards have found out that social media such as Twitter or Reddit have numerous posts encouraging a pump of the token. Though it is doubtful that investors will long-term investment planning will believe in such posts, but the sheer number of posts mentioning ‘SHIB’ or “Shiba Inu’ and ‘pump’ has raised quite a few brows.
DOGE is becoming more mainstream: Like any other currency, Dogecoin gains its value from its wide acceptance as a medium of exchange. While several small businesses are now accepting Dogecoin as a form of payment, their economic impact is effectively zero.
