In the past few months, two different canine cryptocurrencies, Shiba Inu and Dogecoin, have made waves in the crypto economy. While Dogecoin has been on the market since 2013 and has seen massive gains last year, the relatively new ERC20 crypto Shiba Inu has also increased significantly in value.
Both Dogecoin and Shiba Inu have dwarfed Bitcoin’s market performance
The cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB) achieved enormous growth in 2021. In fact, these two digital assets have dwarfed a large number of cryptos in terms of percentage gains against the US dollar. For example, investing in Bitcoin (BTC) a year ago shows that the investor would have gained a nice 290% against the USD. Dogecoin, on the other hand, would have brought investors 14.787% at $ 0.37 per unit based on today’s 12-month data.
Shiba-Inu tokens were called in August 2020 and are only 10 months old, newbies compared to the OG origins of Dogecoin from 2013. There is no price data before January 1, 2021, after which, according to Coingecko, SHIB for 0, 00000001 USD was traded. The price stayed in that range a few weeks later, but since then the token has risen 90.100% to today’s exchange rate of $ 0.00000862. 30-day statistics show DOGE is down 33% while SHIB is up 425.6% over the month.
Weekly statistics show that SHIB is up 13.8%, but DOGE has overtaken the token by 27.10% in the past week. Dogecoin investors have Elon Musk to thank for this year, and on the other side of Shiba Inu’s token, investors in turn can thank Dogecoin. While Dogecoin was created by software engineers Billy Markus and Jackson Palmer as a joke and for fun, SHIB was also created for the same reasons. Nobody knows the identity of the SHIB programmer, however, as the ERC20 token was brought to life by its anonymous founder named “Ryoshi”.
Neither canine crypto is in short supply
Both coins have logos that resemble a Shiba Inu dog, and both digital assets have vibrant communities. There is a large DOGE “army”, but a number of fans who refer to themselves as the “SHIB army”. Coingecko ranks Shiba Inu (SHIB) market cap 30th with a market valuation of $ 4.5 billion. The Dogecoin (DOGE) market capitalization is much higher today at $ 49 billion.
The fees for sending SHIB are higher as it costs 0.0019 ETH (5.32 USD) per transfer, compared to 2.48 DOGE (0.933 USD) to send Dogecoins. Dogecoin is widely available on many more exchanges than Shiba Inu and was recently added to Coinbase. People can find SHIB on exchanges like Okex, Huobi, ShibaSwap, Kucoin, Coinbene, Probit Global, Binance, Crypto.com, Coindcx, and Wazirx.
In addition, there are many more SHIB tokens in circulation than DOGE. Data shows that today there are 497 trillion SHIB tokens while only 129 billion DOGE are in circulation. In the past 24 hours, SHIB recorded a global trade volume of $ 800 million. Dogecoin volume far exceeded this metric with $ 6.2 billion in global DOGE swaps. These two coins may be similar in that they both bear the resemblance of a Shiba Inu dog, but they also have distinct differences.
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