Shiba Inu and Dogecoin (SHIB and DOGE) are two of the largest cryptocurrencies in the world. If you have never heard about them, this is the right guide for you. Dogecoin received a lot of attention thanks to Elon Musk embracing it. Shiba Inu has also had some contact with Elon Musk, but not the one that they were expecting to have.
These two virtual currencies have something similar in common, they are basically meme coins. Thus, we are dealing with another type of virtual currencies right now. Are Shiba Inu and Dogecoin the same coin? How are they related? Do they have any value proposition or are they simply meme coins? We will discuss these topics and many others in the next sections.
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What is Shiba Inu (SHIB)?
Shiba Inu is a cryptocurrency that started as a meme token with a fully decentralized ecosystem. One of the main characteristics of this coin is related to the fact that 50% of the total supply was allocated to Vitalik Buterin, the co-founder of Ethereum.
When these coins were allocated to Buterin, he burned most of them. Nonetheless, some of the coins were then used for charitable purposes. This is how Shiba Inu was released to the market and how everyone was talking about SHIB tokens.
The logo of this virtual currency is a Shiba Inu dog that is very similar to the logo that has been used by Dogecoin throughout the years. This virtual currency also has a large supply and its price is below a dollar. At the moment, the total supply of SHIB coins is 1,000,000,000,000,000.
Due to this large supply, the virtual currency has a price of $0.00004334, which is close to its all-time high.
The official site of the Shiba Inu virtual currency shares information about the latest developments linked to this virtual currency. They have released a new and innovative reward system, two other virtual currencies called LEASH and BONE and they have launched ShibaSwap.
You can learn more about Shiba Inu in our full guide.
What is Dogecoin (DOGE)?
Let’s now focus on this cryptocurrency that has been operating in the market for several years now. This digital currency is among the most popular in the crypto ecosystem and it is now one of the top 10 largest in the world.
Dogecoin started as a hard fork of Litecoin (LTC) and it is now used as a meme coin. It is worth taking into consideration that the digital currency has always been used as a meme coin rather than as a serious project trying to offer new and innovative solutions.
Dogecoin also has a large supply. Indeed, it has an infinite supply with 131,848,086,197 coins in circulation right now. Its price has also been below $0.01 for many years but in recent times it has skyrocketed. One of the reasons behind its price increase was related to the fact that Elon Musk showed his open support for Dogecoin in 2021.
Nowadays, the virtual currency has a price of $0.26 but it surpassed $0.70 earlier this year. One of the milestones of the Dogecoin community is for this virtual currency to reach a price of $1 in the future.
Read our full guide about Dogecoin.
Shiba Inu vs Dogecoin
Let’s now focus on the main differences and similarities between these two virtual currencies. Shiba Inu has a larger supply than Dogecoin, this is why its token price is lower. Moreover, Shiba Inu and Dogecoin have a similar logo: a Shiba Inu doge. Obviously, each of these logos has been designed in a different way.
The cryptocurrency market has also realized that Shiba Inu is growing at a much faster rate than Dogecoin. This is because it has attracted the attention of the entire community. Additionally, many Shiba Inu investors are also Dogecoin holders.
While Shiba Inu works as an ERC-20 token, Dogecoin has its own blockchain network created as a hard fork of Litecoin. Nowadays, both virtual currencies are close to each other in terms of market valuation due to a fast expansion in the crypto market.
