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Shiba Inu vs Dogecoin- Is SHIB standing a little further ahead of DOGE?

Shiba Inu vs Dogecoin- Is SHIB standing a little further ahead of DOGE?

Shiba Inu vs Dogecoin- Is SHIB standing a little further ahead of DOGE?

In 2022, amidst the crypto winter, there’s a considerable debate surrounding two of the most popular Shiba Inu and Dogecoin. Both are based on internet meme dogs so their popularity skyrocketed, and even Elon Musk tweeted at some point that Dogecoin would be the currency on the Moon. Dogecoin is essentially the same technology as Shiba Inu. Being an ERC-20 token, SHIB uses a proof-of-work mechanism that gives it a similar transaction rate to Dogecoin for all intents and purposes. In this article, let’s explore who is going to win the next bull run- Shiba Inu vs Dogecoin.

Dogecoin is not an exact clone of Bitcoin. Dogecoin has a much larger circulation supply than Bitcoin, and there is no maximum supply for the dog-themed cryptocurrency. With over 129 billion DOGE in circulation, the collection is far more plentiful than Bitcoin’s 21 million maximum supply. In addition, 10,000 Dogecoin are minted every minute. Shiba Inu is a token on the Ethereum network. Fungible tokens like Shiba Inu are ERC-20 tokens, (as opposed to non-fungible tokens, or NFTs, which use the ERC-721 token standard). Since the token is powered by Ethereum, Shiba Inu can leverage smart contracts to create decentralized finance (DeFi) products.

The DeFi sector has picked up steam this year with tokens like Uniswap, yearn. finance, and Aave skyrocketing in both price and adoption. These cryptocurrencies use smart contracts on the Ethereum blockchain to create decentralized exchanges (DEX), lending protocols, and even interest-bearing accounts. The Shiba Inu has also entered the NFT space with Shiboshis, a collection of 10,000 NFTs themed after their pet Shiba Inu.

The decentralized program uses the Ethereum network that allows NFTs to be auctioned, substituting a third party for smart contracts for transactions. Shiba Inu’s technical structures indicate that SHIB prices are at a crucial level now. While it has seen a near 60% rally from its recent lows – it is still trading below an important resistance level of US$0.00001250. It has seen constant growth over the past month and a half and can be expected to breach this level too.

Also, to add to the bullish narrative for the second-largest meme coin by market capitalization, it is currently in an ascending triangle pattern. This price pattern is widely known as a very bullish pattern and indicates the possibility of a convincing breakout over US$0.00001250.

SHIB has a circulating supply of 500 trillion and a total cap set at 1 quadrillion. However, a large amount of the supply was burned by Ethereum co-founder Vitalik Buterin – it isn’t clear if this was the intention behind Shiba developers sending him the token. Still, it was largely seen as a thumbs down from the Ethereum founder.

The Shiba website proudly states that the remaining SHIB – that which Buterin did not burn – was entirely locked up in the Uniswap exchange, meaning that anyone looking to trade SHIB must do so on the open market. It may seem as though Shiba is more or less a copycat of Dogecoin, seeking to cash in on the latter’s recent success – and to an extent this is true. However, SHIB has a few aces up its sleeve that could see it eventually becoming the Doge Killer it has been touted as. Firstly, as we have already mentioned, SHIB is an ERC20 token.

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