While most of the crypto sector is struggling, Shiba Inu has broken through the roof. The crypto soared more than 100% in the last seven days. Out of which, almost 70% of the growth came in the previous 24 hours.
Contrarily, big names like Ethereum and Bitcoin are trading below par. For example, BTC recently dropped below the 60K dollars mark and is currently trading around 59,900 dollars. On the other hand, Ethereum also lost major value to reach the 4,100 dollars mark.
However, Shiba Inu’s direct competitor, Dogecoin, is showing gradual growth. The meme coin is up by almost 30%, trading near 0.3073 dollars. The growth is fascinating since Robinhood recently reported a huge cut in its Q3 revenue.
Dogecoin played a major role in Robinhood’s revenue boost, which is down by 78% now. Shiba Inu has always presented itself as the direct competitor of Dogecoin, called the Dogecoin killer by its supporters.
Under the current circumstances, both cryptocurrencies are actively competing, showcasing immense potential. Thus, the question as to which of them will cross the 100 billion market cap surfaces. Unfortunately, the cryptocurrencies are well below the feat currently, but it will not take them long to see their recent growth.
Currently, both Dogecoin and Shiba Inu boast 39 billion dollars in market cap, according to CoinMarketCap. However, the recent growth spurt has helped Shiba soar through the market roof.
Both cryptos have shown the ability to cross the 100 billion market cap, but which one is better? First, let’s lay some background checks.
Billy Markus and Jackson Palmer started Dogecoin in 2013 as a joke. It embodied the then-popular Doge meme. Despite being a meme coin, Doge possessed some utility too. The developers forked it from Litecoin like Bitcoin, minus the supply cap part. Elon Musk has promoted the coin previously, even mentioning it in the SNL appearance.
Shiba Inu emerged in 2020, backed by an anonymous individual called Ryoshi. It’s an ERC-20 token running on Ethereum and is named after the Japanese dog breed. China was the primary beneficiary of promoting the token, helping it reach new heights. It has also been stated that the Shiba Inu owner gifted the crypto to Vitalik Buterin, the Ethereum founder.
Dogecoin does not have a supply cap, meaning it will be supplied indefinitely. In comparison, Bitcoin has a supply of 21 million, making it scarce. Contrarily, Shiba Inu comes with a limited supply, but the amount is not scarce either. Therefore, the developers have decided to release one quadrillion Shiba Inu tokens in the market.
When it comes to market cap, both tokens are fighting it out evenly. However, Dogecoin holds an edge in the department. The crypto touched 88 billion dollars in market capitalization in May 2021. Contrarily, Shiba Inu’s current market cap of approximately 39 billion dollars is its highest.
On the verification font, both coins showcase viable security. While Moolah has audited Dogecoin, Shiba Inu was audited by CertiK. Additionally, both Doge and Shiba use the proof-of-work consensus mechanism, with the latter planning to move to the proof-of-stake model.
Although this is still an announcement, if Shiba completes the transition before Doge, it will experience a significant boost. However, the coin lacks the market experience and reliability to beat Doge, even with the transition. It is currently trading around 0.00006736 dollars, while Doge is valued at 0.3064 dollars.
Shiba boasts use-cases like NFT support, smart contract capabilities, and liquidity mining. However, Dogecoin only offers one use-case – a medium of exchange. While the latter lacks a severe comparison, many argue that one inherent use case is better than multiple generalized ones.
Nonetheless, despite the apparent price and experience difference between the two, Shiba Inu can realistically overtake Dogecoin in the next five years. This is because the coin possesses immense support and is on the right path.
With all that said, both tokens come with numerous potentials and risks. Therefore, deeming one better than the other based on the given information is not possible. However, Doge has a lead on Shiba when it comes to market cap. The community has seen Doge around the 100 billion dollar market cap mark, so seeing it cross the cap will not be surprising first.
However, Shiba is more than likely to overcome Doge in the long run with its better and growing functionalities. Although, apart from this investors must go through the Shiba Inu coin price prediction before planning to invest in the coin. As it’s better to track the price fluctuations of currency first and then to fund hard-earned money.
