Dogecoin vs Shiba Inu: Which Crypto will Reach US$1 After Musk’s Twitter Takeover?

Dogecoin vs Shiba Inu: Which Crypto will Reach US$1 After Musk’s Twitter Takeover?
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Dogecoin and Shiba Inu are based on internet meme dogs so their popularity skyrocketed

Dogecoin and Shiba Inu are beloved cryptocurrencies of the world's richest man Elon Musk. These memecoins are very competitive regarding market reach and blockchain developments. During the past weeks, Shiba Inu has been rocking the crypto space with its NFT and metaverse technology. In detail, Shiba Inu partners with Haute couture brand John Richmond. As a result, The Legends Live Forever campaign by John Richmond is set to launch 10,000 NFTs in their physical versions. On the other hand, Dogecoin (DOGE) is one of the oldest meme coins in the market. DOGE was created in 2013 to critique the high number of new cryptocurrencies entering the market. However, it developed a strong community that has seen it survive over the years as one of the largest cryptos by market capitalization. In Dogecoin vs Shiba Inu, which crypto will reach US$1 after Musk's Twitter Takeover?

Ever since Elon Musk's Twitter takeover, the democratic camp fears that Musk will use Twitter's platform to pursue his personal agenda, and republicans are excited that Donald Trump will be reinstated, the crypto flock cautiously awaits what will happen next.

Dogecoin's value with Elon Musk's backing

The OG meme coin, DOGE, has seen its price skyrocket over the last 48 hours as Elon's proposed takeover of Twitter appears to be concluding. Dogecoin has always held a soft spot in the Tesla CEO's heart and he has frequently made mention of using the cryptocurrency as a payment method for his companies, notably the electric vehicle manufacturer.

Earlier in the year, Tesla announced that it would begin accepting Dogecoin payments for its supercharger network as well as already accepting the currency for some merchandise purchases. Assuming Elon Musk goes through with this Twitter takeover, there is a great deal of scope for DOGE to be used through Twitter's platforms as well.

Musk has frequently referred to his intentions of maximising the monetisation of the social media platform. Due to Musk's existing predilections, he would likely use Dogecoin as a means of exchange for Twitter's services.

Why is this bullish news for meme coins like Dogecoin and Shiba Inu?

If Elon Musk were to implement a payment scheme for another one of his companies, i.e. Twitter, the utility for Dogecoin would drastically increase. It would create a true and undisputed value for DOGE as every Twitter user would at some point come into contact with the cryptocurrency or have to use it or spend it.

This would further set a precedent throughout the crypto industry and to global businesses as to the enterprise functionalities of cryptocurrencies. The second-ranking meme coin by market capitalisation, Shiba Inu, has already greatly benefitted from Elon's corporate affairs and would likely seek out its own business functions in due course.

The SHIB token has already driven a great deal of value for itself by installing another two tokens into its ecosystem: LEASH and BONE, both of which are best bought through ShibaSwap.

As with all things crypto, being the first mover in the industry is a huge benefit. There could be a chance that SHIB would struggle to claim a similar market share at an enterprise level to that of DOGE. While this is an extremely speculative assertion at this time, if Dogecoin were to be used to aid in the monetisation of Elon Musk's Twitter, then other companies might simply follow suit and use Dogecoin, not Shiba Inu.

Who is going to win the next bull run- Dogecoin vs Shiba Inu?

In 2022, amidst the crypto winter, there's a considerable debate surrounding two of the most popular Shiba Inu and Dogecoin. Both are based on internet meme dogs so their popularity skyrocketed, and even Elon Musk tweeted at some point that Dogecoin would be the currency on the Moon. Dogecoin is essentially the same technology as Shiba Inu. Being an ERC-20 token, SHIB uses a proof-of-work mechanism that gives it a similar transaction rate to Dogecoin for all intents and purposes. In Dogecoin vs Shiba Inu, any memecoin could reach US$1 soon.

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