For a considerable time, individuals within the cryptocurrency community have regarded Shiba Inu (SHIB) and Dogecoin (DOGE) as virtually indistinguishable in terms of their capabilities. These tokens are recognized as meme-inspired digital currencies on prominent cryptocurrency aggregation platforms like CoinGecko and CoinMarketCap.
Shiba Inu Takes the Lead: Advantages Over Dogecoin
Nevertheless, Shibarium1, an anonymous member of the Shibarium development team and a Shibarium Discord administrator, emphasized a significant superiority of Shiba Inu compared to Dogecoin.
In the CertiK’s Ask Me Anything (AMA) session for Shiba Inu, a user on Discord posed a question to the developer, specifically inquiring about the prominent benefits that Shiba Inu possesses in contrast to similar tokens, particularly Doge.
Shibarium1 highlighted that the primary factor that propels Shiba Inu ahead of Dogecoin is the robust community backing SHIB. The anonymous developer expressed admiration for the unwavering support shown by members of the Shiba Inu community towards the project with its canine-themed concept.
Shibarium1 acknowledged that Shiba Inu had outperformed Doge in the previous bullish market cycle and expressed confidence in achieving the same feat in the future. However, the developer assured the community that the Shiba Inu development team aspired to more than simply surpassing Dogecoin’s market capitalization.
Expressing gratitude to the SHIBArmy for their continued support, Shibarium1 stated, “We have successfully surpassed DOGE before, and we will do it again in the future, but our aspirations will always reach beyond that.”
Moreover, the anonymous developer emphasized the burning mechanism of Shiba Inu as a significant advantage that sets it apart from Dogecoin. According to Shibarium1, Shiba Inu consistently reduces its total supply through burning, whereas Dogecoin has continued to mint additional tokens alongside its already extensive supply.
Significantly, data derived from the blockchain indicates that approximately 10,000 DOGE tokens are mined every minute as the Dogecoin network validates new blocks. As a result, this effectively equates to roughly 14 million DOGE tokens being introduced into circulation on a daily basis, leading to an estimated annual increase of around 5 billion DOGE tokens in supply.
Rivals in the Crypto Realm: Shiba Inu vs. Dogecoin
The Shiba Inu community considers Dogecoin to be its primary competitor. Since its launch in August 2020, Shiba Inu has garnered significant attention within the cryptocurrency community, with many dubbing it as a potential “DOGE Killer.” In October 2021, Shiba Inu surpassed Dogecoin, becoming the ninth-largest cryptocurrency with a market capitalization of $33 billion.
While initially drawing inspiration from Dogecoin, the creators of Shiba Inu have introduced various practical applications for the token. Shiba Inu has now found acceptance as a payment option in numerous global businesses, either directly or through intermediaries.
Shiba Inu has established its own decentralized exchange called ShibaSwap and has introduced non-fungible tokens (NFTs) known as SHIBOSHIS, along with a Metaverse project. Additionally, the Shiba Inu development team is actively working towards launching Shibarium, a Layer-2 scaling solution specifically designed for the SHIB ecosystem. Shiba Inu also takes pride in its vibrant community, boasting 3.7 million followers on Twitter and a strong base of 1.3 million token holders.
Currently, Dogecoin holds the ninth position among the largest cryptocurrencies, with a market capitalization of $9.95 billion. In contrast, Shiba Inu occupies the sixteenth spot in terms of market capitalization, with a valuation of $5.12 billion.