• Fri. Mar 29th, 2024

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Is DOGE Still Alive? Or is it Killed by Shiba Inu Coin?

The latest trending story in the crypto world is the Shiba Inu coin. It was created by someone who went by the name Ryoshi and nicknamed it ‘Dogecoin killer.’ Since then, as much attraction the Dogecoin got, so did its apparent “killer.” But now, many experts and investors have started claiming that Shiba Inu is the next big thing and that Dogecoin is now dead. But the truth can never be much further away than this. So, let’s take a look at history from where it all started. 

DOGE vs SHIBA: The Rivalry

Dogecoin in itself is a meme cryptocurrency and was created as a joke on Bitcoin. But it suddenly gained attraction and now has a market capitalization of approximately 30 billion USD! As unbelievable as this may sound, it is nonetheless the truth. Many short-term investors did jump on the bandwagon to make some quick cash. In the meantime, many investors also started investing in Shiba Inu, which is traded under the crypto name SHIB. 

Dogecoin primarily gained prominence after Elon Musk tweeted about the coin and its integration to accept payments for his companies. This suddenly piqued investors’ investment and Dogecoin traded at an all-time high of $3 and more. Following the tweet, Elon Musk’s appearance in the Saturday Night Live show also created a lot of buzz around the coin, and millions of investors flocked. The interest in Dogecoin also brought attention to Shiba Inu, which was claiming to be its direct competitor. It started trading at its all-time high. 

Following that, SHIB was added to the Binance network, which again boosted the company’s image. The only difference between Dogecoin and Shiba Inu is that the latter trades on an Ethereum network. At the same time, the former uses its blockchain. But the similarity between the two is that they both have a picture of the Japanese dog breed Shiba Inu as its mascot. The Shiba Inu has separate popularity in the international meme world. 

But, the cryptocurrency world is very volatile and, many a time, influenced by social factors. The rise of both Doge Coins and Shiba Inu is due to social aspects more than psychological or economic factors. It can be perilous since most crypto investors jump on the bandwagon blindly to align with current trends. If the current investors do not know the coin, they have joined the party too late and will probably lose money. 

The sentiment around meme cryptocurrencies is completely temporary with no utmost benefit. It does not hold any monetary value and cannot be used for any life-changing innovation. Even these companies’ investors, developers, and owners have stated that the cryptocurrency is just for fun and holds no real value. 

SHIB, since its high, has seen an astronomical decline to $0.0039 and is declining every moment. At the same time, Dogecoin holds one of the most oversized market caps in meme cryptocurrencies. On the other hand, Doge also trades at the minimum value of 20 cents, which is much higher than SHIB. It all means that it’s the right time you start looking for new cryptocurrencies like XRP. But is XRP a good investment in 2021? It is better if we leave it for the market to decide.

The Final Takeaway

In all honesty, SHIB should be considered one of the thousand cryptocurrencies that were hastily made following the rise of cryptocurrency. Also, in no way can it reach the popularity or the market capital Dogecoin holds today. None of these coins is sustainable, neither do they contribute to the market in any way. It was purely and is only a social phenomenon and nothing else. So, all the fuss about “is doge still alive” and is Shiba Inu the apparent “Dogecoin killer” can kill the buzz around as the former is a joke in itself. But, all said, the crypto world is entirely uncertain and full of surprises. So, if you see tomorrow morning that SHIB has overtaken Doge, don’t be surprised. You never heard it here!

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