Ever since the tweet of Elon Musk about Dogecoin going to the moon, dog themed digital currencies have exploded in value. Most of these cryptos do not have any underlying products and there is no competitive advantage of dogecoin over the other more popular digital currencies like Ethereum, Bitcoin, Litecoin, etc. But do not invest in these meme inspired coins like Dogecoin or Shibu Inu without knowing which is better. So here is a comparison of Dogecoin vs Shiba Inu coin. So let us have a look at the comparison and Dogecoin and Shibu Inu coin news.
Let’s Know The Coins
Before we delve deep into the Dogecoin vs Shiba Inu, let us know a bit about these coins.
Dogecoin (DOGE) is an open source, peer-to-peer digital currency. It is an altcoin and is a highly sarcastic meme coin. While this crypto was formulated as a joke, the blockchain of Dogecoin still has a merit. Its underlying technology is obtained from Bitcoin. The notable feature of Dogecoins includes the use of the scrypt algorithm, which enables its low and unlimited supply.
Shiba Inu Coin
Shiba Inu is a new digital currency that was launched in 2020. It is also a meme coin, and soon after its arrival, it has taken the market of Dogecoin. It is built on the Ethereum network and is now being termed as “Dogecoin Killer”. The Shiba Inu coin mining is slowly gaining popularity as well.
Dogecoin vs Shiba Inu: A Detailed Comparison
Dogecoin and Shiba Inu, both meme coins continue to be on the headlines despite a sharp increase in the cryptocurrency interests. In Doge vs Shiba Inu coin, Dogecoin was formulated in 2013, whereas Shiba Inu coin is a fairly new coin that was formulated in 2020. In the Dogecoin vs Shiba Inu we will compare on the following parameters:
The development of Dogecoin was done using the same technology with which Bitcoin has been developed. Shiba Inu has been developed by Ethereum.
The Use Case
Dogecoin began as a meme coin and it established itself as an important means to do payments online even for the smallest transaction which popular coins like Ether and Bitcoin failed to do due to their high fees in transition that was increased because of their popularity.
On the other hand, the crypto world requires another meme coin for experiment and Shiba Inu is filling that gap.
The Risk Factor
Both Shiba Inu and Dogecoin can be highly fluctuating at times. So both are at equal risk. Adding to that, the most important risk is investing in that cryptocurrency. This is a risk for a new cryptocurrency like Shiba Inu, future is unknown and above that, they do not have any regulatory body like the RBI or any statutory structure that will monitor their operations.
Exchanges That Allow Buying These Cryptos
According to experts, cryptocurrency exchanges like Coinbase, Binance, Kraken allow the purchase of Dogecoin. To buy Dogecoins, the investors will require to download a digital currency wallet. Other than that the investors can also mine Dogecoin. But for that, they will require a powerful computer and a good graphics card.
Other than that investors can also trade Shibu Inu coins on WazirX which is a crypto exchange platform in India owned by Binance. Shiba Inu coin price in INR WazirX is INR 0.000599.
Now, what should the investors do? After this comparison on Dogecoin vs Shiba Inu, the risk factor still prevails. So it is advisable for the investors to look at the case studies and history of both these coins before jumping to any conclusions.
FAQ On Dogecoin vs Shiba Inu
Shiba Inu is termed as the ‘Dogecoin’ killer, and this new digital currency was created in August 2020 by an anonymous person known as “Ryoshi”. But Shiba Inu and Dogecoin both are meme coins.
The volatile rate of both these meme coins is equal. So before concluding anything it is always advisable to do a market research on both these coins.
The answer to this is not any straight yes or no. The above is a comparison of Dogecoin vs Shiba Inu.