There is a war between Memes as Shiba Inu had in latest reached a position amongst top 20, where Dogecoin is happy with its place in top 10. Memecoins are having different value for different people as one of adding entertainment value to crypto ecosystem and on the other hand for rest of the lot of individuals as serious manner of making quicker returns on investments. Moreover investments in memecoins are in a way carried away with gambling (Higher Risks and Higher Returns). Working is based on the principle of network effect- a fan base which is loyal and have invested prior, market them through every social platform for getting added buyers for keeping up the price. Dogecoin (DOGE)is at the top amongst this set and still holds the position amongst the top 10 cryptocurrency with around $33billion in market capitalisation. Where Shiba Inu (SHIB) is now standing as an opponent to DOGE, being at the top 20 list.
Comparison Of Fundamentals
Talking about the wake of 2013 as meme token, DOGE was there since then, but was not so known in the market from 7 years. Cryptocame into being only with coming of Tesla founder Elon Musk’s tweeting with the start of the year 2021.
DOGE is famous as Internet meme (Doge) which involves Shiba Inu dog on its logo. In comparison with other altcoins which are having limited supply, Doge is having unlimited supply of tokens alongwith having the present supply above 131 billion.
While Shiba Inu (SHIB) had come into existence less than an year ago and as per to the website, SHIB is also recognised as “Dogecoin Killer”. But as DOGE, SHIB is meme- influenced crypto coin which had in a short span of time gained so much of a fame and speed similar to group of dedicated traders were accompanied together cause of the appeal of coin which were aided with headlines and tweets of the famous personalities, one as Elon Musk.
SHIB was having a supply of maximum 1 quadrillion and was yet in active growth stage. In addition to this, it was having present market capitalisation of above $10 billion and value of $0.000027, SHIB ranking from the group of top 20 cryptocurrencies around the globe.
Performances of both DOGE and SHIB
Since the beginning of 2021, DOGE had initiated a price tag of $0.005 per coin on the lesser side and had marked a all time hike of $0.74 in May, providing its devoted investors, a return of 1000x return. At present, the trading is at $0.25 per coin for DOGE. Whereas, SHIB, with the start of this year has valued the coin with less than $0.00000002 per coin and have marked a price hike record of $0.000038 by May, thereby shifting close to its opponent DOGE.
Having Loyal Fanbases
As the value of the coins is being influenced by the top shot business tycoons and dropping themselves in this market makes them keep their coins at the top of the crypto charts. So both the coins are having loyal fanbases and maintaining position in the top coins of the crypto charts.
The makers of DOGE estimated that the coin would be fun and light hearted cryptocurrency which would cross the basic Bitcoin audience and since then it has become one of the famous and largely accepted crypto n the world and all this is cause of its meme-influenced nature. DOGE is having a team of working developers, who are finding ways to improve its working in near future. Where,in US, companies have involved DOGE as a payment method as influenced by their fan base.
For investing round the globe, SHIB has influenced people at large, thereby making its fame in the crypto market, but had also stolen the meme thunder from its contemporary from the past. The SHIB website tends to invite dog-influenced artists for developing the ‘Artistic Shiba Movement’ in NFT market and afterwards releasing the original Shiba Inu dogs by way of campaigning, thereby making additional effort in positioning itself in the ecosystem.
Both the coins might not provide disappropriate returns, which are often required to motivate the investors. Therefore, future is a bit unsafe of both DOGE and SHIB due to various ecosystems regular growth.
Trade with Caution
Any sort of inside value is not attached with any of the memecoins and the growth is cause of the network effect of a stronger fan base or a community as well. Such assets can’t be considered as capable of working successfully for long term holding and growth of one’s wealth over a period of time. Influencers tend to figure them out in an easy way and so they could be kept away from, in cases where stable portfolio is required.
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