Dogecoin vs Shiba Inu: Comparing the Performance of Top Meme Cryptocurrencies

The crypto community predicts meme coins' potential dominance during this bullish cycle as Bitcoin achieves new record-breaking highs. The market capitalizations of Dogecoin and Shiba Inu, the top two meme coins, have reduced to below $4 billion. Specifically, Dogecoin stands at slightly over $24 billion, while Shiba Inu is below $21 billion. In this blog post, we will see the Dogecoin and Shiba Inu price predictions and compare the performance of both (SHIB & DOGE) top meme coins to understand their standings and future potential for investment clearly. 

Dogecoin (DOGE) and Shiba Inu (SHIB) were both labeled as "meme coins" because they were named after the well-known "Doge" meme that portrayed a Shiba Inu dog. Initially, numerous investors didn't take them seriously, but both coins have resulted in significant gains.

SHIB was introduced with a total of one quadrillion tokens, half of which were transferred to Vitalik Buterin, and the remaining were promptly released into circulation. The project's founder's departure and significant price fluctuations in recent years have been explosive. Nevertheless, Shiba Inu continues to be a prominent player in the memecoin category, courtesy of its devoted and active community.

Dogecoin was created by 2 software engineers in 2013. Bill Marcus and Jackson Palmer were employed at IBM and Adobe Systems when they developed the cryptocurrency. With the backing of a substantial online community, including endorsements from Elon Musk, Snoop Dogg, and Mark Cuban. The unpredictable cryptocurrency has surged by over 4,000% in 2021. Several analysts predict that its price will hit $1 before the year ends.

An initial investment of $100 in Dogecoin (DOGE), when it was priced at approximately $0.0004, would now be valued at around $995,000. In comparison, a $100 investment in Shiba Inu (SHIB) when it was priced at $0.000000000056 would now be worth an impressive $46.43 million.

The Shiba Inu coin and Dogecoin have some similarities and a number of differences. Their price movements have followed the patterns of numerous other cryptocurrencies, occasionally undergoing significant fluctuations.

Dogecoin has benefited from the endorsement of well-known figures such as Snoop Dogg and Elon Musk. Their support played a significant role in driving Dogecoin to its highest value of $0.74 in May 2021. In contrast, the highest value ever recorded for Shiba Inu was in October of that year, reaching $0.00008616. Both cryptocurrencies have dropped over 90% from their highest points by July 2023.

Shiba Inu coin has a maximum supply of 1,000,000,000,000,000 SHIB coins. Therefore, although it does not have an infinite supply like DOGE, SHIB has the highest maximum supply among all cryptocurrencies. In May 2021, Ryoshi made headlines by transferring half of SHIB's total supply to Ethereum founder Vitalik Buterin. He contributed 10% of it to the India Covid Relief Fund, which was valued at over $1.2 billion in the same year, and destroyed the remaining 90%, effectively eliminating them from circulation permanently. As of today, there are over 140 billion DOGE coins in circulation and about 5 billion coins are added every year as part of its inflationary model. As of July 2023, the circulating supply of SHIB is 589.34 trillion.

Shiba Inu and DOGE differ significantly in terms of their blockchain. Shiba Inu operates as an ERC-20 token, enabling users to engage with the DeFi ecosystem, which is primarily designed for use with Ethereum. Conversely, DOGE has its own blockchain that is built on Litecoin's foundational technology and employs the Scrypt proof-of-work algorithm.

Following is the Shiba Inu and Dogecoin price prediction for the year 2024 based on technical analysis by the experts.

Investing in Dogecoin vs Shiba Inu for the upcoming bull run requires evaluating their market presence and fundamental strengths. Prominent endorsements have backed Dogecoin and have established a long-standing presence in the cryptocurrency market, indicating potential for speculative surges. Its visibility and historical resilience may appeal to investors seeking rapid gains during a bull market. 

The Shiba Inu coin has a strong ecosystem backing and has seen recent technological advancements. Its growing adoption on major payment platforms and its connection to Bitcoin's performance indicate a strong potential for growth. Investors may find Shiba Inu's momentum and infrastructure upgrades promising, making it a slightly more appealing option for those looking to take advantage of the dynamics of the next bull run.

1. Shiba Inu Vs. Dogecoin, which is better?

Historically, DOGE has had the upper hand when considering price. Nevertheless, if your priority is having access to DeFi applications like staking and lending, SHIB's Ethereum compatibility is the superior option for a range of blockchain activities.

2. Can Shiba Inu beat Dogecoin?

In October 2021, at the peak of SHIB's viral fame, Shiba Inu exceeded Dogecoin's market capitalization by nearly $8 billion. Currently, SHIB has surged to become one of the top 10 cryptocurrencies in terms of market capitalization. As of July 2023, Dogecoin is maintaining its position in the top 10 at #9, while SHIB has dropped to #19. Memecoin prices are highly unpredictable, but for SHIB to regain its lead over its competitor, major developments would need to occur on both ends in the near future.

3. Can the Shiba Inu coin achieve a price target of $1?

The SHIB community hopes for the coin to reach a value of $1 eventually, but due to its large circulating supply, the likelihood of this happening is significantly low. If a single Shiba Inu coin reached $1 today, its market cap would be close to $600 trillion.