It’s a dog-eat-dog world when it comes to the crypto market. There are of course more titanic clashes (Bitcoin vs Ethereum), that’s for sure. But none exemplify the killer instinct necessary to survive in today’s market quite so well as our two competitors. Yap, they bark, they bite but most importantly they meme and with a little Elon assistance, they’ll help you dream. It’s Dogecoin vs Shiba Inu 2022! We are going by seniority so Dogecoins first. Get’em boys!
Dogecoin was created in December 2013 by Billy Markus and Jackson Palmer. It was created as a joke making fun of the opportunistic early days of crypto and less than legal past. And that was that, it was a joke and nobody took it seriously so why am I talking about it? Well, a hypothetical person, who lived under a rock, it’s because it blow up, big time. First, it was the videos and memes and then he, the Doge-father himself descendent and gave his grace. In a blink, dodge price skyrocketed to number 8th in the market cap and the rest is history (real recent history). But, if among you there are still some naysayers than I got some points to show you the light:
It’s still one of the most profitable coins to mine because of its simple encryption and merge-mining with Litecoin. So, every time you mine Litecoin you’ll get some dodge coin back and vice versa. Plus, it has a much lower energy consumption than other big altcoins and bitcoin so it’s eco-friendly.
Lower transaction fees. Also, like Litecoin it has one of the lowest transaction fees among the top 10 cryptos. Again this is to its simpler encryption method which it shares with Litecoin.
Now on the price side, things are pretty solid for meme coin. It was mostly based around big whale investment until the happening. That meant there was a small number of investors with a large percentage of market they share. And then, Elon came and showed them who is the biggest whale of them all.
So, because of the predictable whale behavior and the shareholder experience (started in 2013), it’s a much safer asset. To add to that there are a few very smart people who are behind it. Namely, Vitalik Buterin (Ethereum creator) and Elon Musk (Meme God). Now, they are looking into ways to improve the technology behind Dodge coin and transition it from POW to POS. Now the question is can Shiba compete? Let’s see.
Shiba Inu was created in August 2020 as a collaboration between an individual named Ryoshi and a nameless businessman. We know very little about Ryoshi, except one little detail. The detail I question is his connection with Vitalik Buterin who is rumored to be the nameless businessman. Busy man. Now, Shiba Inu was designed to be the Dogecoin killers, so let’s see what’s it made of:
Shiba is a token on the Ethereum blockchain and not a full coin like a Doge. This helps with the speed, but it is still not as fast as Litecoin or Dogecoin. It uses Gas like Ethereum so the speed is heavily dependent on the gas prices on the Ethereum network.
With the coming Ethereum 2.0 changes, as an Ethereum token, it will get a lot of new technological improvements. Another small minus is its larger energy consumption compared to Dogecoin (so less eco-friendly boo). Therefore, a mixed bag on the technical side.
The price is very volatile even for meme coin standards. It shows some promise with its large media presence and a rabidly loyal fanbase from day 1. But that might add edition noise when looking at a price making it a riskier venture.
It’s blowing up now and even with Buterine’s assumed quite large support it doesn’t look like the dodge killer is quite there yet. Speaking of the future let’s look at the key past effect that changed the face of memes coins forever. Mr. Musk, you are up next.
The Elon Effect
Don’t know if you are aware of this, but Mr. Musk is the richest person in the world (take that Bezos). Also, Elon owns a Shiba Inu puppy, named Floki. Elon also owns Twitter where he posted a photo of his doggy, blowing up the prices of our two contenders.
But let’s be clear, Elon has only one dog in this fight. His crypto portfolios include Dogecoin, unlike Shiba, and has repeatedly encouraged people to invest because of its eco-friendly features. But, the final nail in Shiba Inu’s love affair with Elon was the launch announcement of DOGE-1. What’s DOGE-1, well it’s a Space X satellite scheduled to launch in the beginning of 2022 and financed partly in Dogecoin. A love affair for the ages.
Now, do you want to get rich? Well, you can maybe not achieve the Elon-rich level, but nonetheless. All you need to do is make a deposit preferably in Dogecoin or Litecoin and hit the reels and get a big win. And don’t forget to have fun along the way.