Shiba Inu (SHIB) versus Dogecoin (DOGE)
Source: @crypto-guides
There is a section in the "What is Shiba Inu coin (SHIB)? - Shiba Inu Guide" titled "Shiba Inu (SHIB) versus Dogecoin (DOGE)"; with this post I hope to contribute an item or two we don't usually hear about from both legacy media and even cryptocurrency-oriented media. For @crypto-guides -- Feel free to adjust as needed for Guide purposes.
Although Dogecoin has had its imitators over the years, their number has skyrocketed due to the success of DOGE in recent years. Among the imitators is Shiba Inu, an ERC-20 token which bills itself as "the Dogecoin killer."
How different is Shiba Inu from Dogecoin? What similarities do they share?
Tale of the Tape format will be used to see how Shiba Inu and Dogecoin do against each other in head-to-head comparisons.
Basic Information
| Shiba Inu | **Item | Dogecoin |
|---|---|---|
| August 2020 | Release Date | 6 December 2013 |
| Ethereum | Ancestry | Bitcoin (via Litecoin) |
| SHIB | Symbol(s) | DOGE, XDG, Ð |
| ERC-20 Token | Asset Type | Coin |
| "Ryoshi" | Developer(s) | Billy Markus (a.k.a. "Shibetoshi Nakamoto") and Jackson Palmer |
| Tipping, Payments | Main Use Cases | Tipping, Payments |
| No | Mineable | Yes |
| Proof of Work (PoW) | Consensus | Proof of Work (PoW) |
| None | Smart Contracts | None |
| Yes | Open Source | Yes |
| Yes | Ecosystem | No |
| Yes | Upgrades** | Yes |
Similarities
Both Shiba Inu and Dogecoin feature the famed Japanese breed canine.
Despite their ages and age difference, both Shiba Inu and Dogecoin are used primarily for tipping and for payments.
Shiba Inu and Dogecoin use Proof of Work as their consensus algorithm in order to add blocks to their respective blockchains. In the case of Shiba Inu, however, that may change after Ethereum 2.0 is released and switches from PoW to Proof of Stake (PoS).
Despite being an ERC-20 token, Shiba Inu doesn't have smart contract functionality. Since Dogecoin was released years before Ethereum, it lacks smart contract functionality as well.
Both Shiba Inu and Dogecoin are famous for the communities which support and promote them, so it makes sense that both cryptocurrencies are based on open source code.
Shiba Inu and Dogecoin are in the process of undergoing upgrades, and in the case of Dogecoin they are much needed.
Differences
Age for One, Experience for the Other
Shiba Inu has youth on its side, while exprience is on the side of Dogecoin. Closing in on 8 years, Dogecoin is the established veteran. Approaching its 1st anniverary from its release, Shiba Inu looks to be an up-and-coming challenger.
Ancestry
Since Shiba Inu is an ERC-20 token, by definition it's compatible with Ethereum. Dogecoin was released before Ethereum, and its ancestry is closer to that of Bitcoin.
"Developer" versus Developers
Taking a page out of Bitcoin, the developer is an entity known as "Ryoshi" (a single person or a group of people, no one knows). The developers of Dogecoin are real and known people, one of whom has a nickname as a modification of Satoshi Nakamoto.
Mineable
Shiba Inu isn't mineable, and it wasn't designed to be mined. On the other hand, Dogecoin is mined and hashed using the Scrypt algorithm. Additionally, Dogecoin can be merged-mined with other Scrypt-hashed altcoins such as its ancestor Litecoin. Merged-mining lets a low-hash cryptocurrency take advantage of the higher hash rate of its partner cryptocurrency so that more of the low-hash cryptocurrency can be mined. Shiba Inu, on the other hand, is an ERC-20 token, which can be stored in any wallet which accepts ETH.
Ecosystem
Shiba Inu was designed to permit the growth of an ecosystem of dApps. Dogecoin pre-dates dApp development, and for much of its history it hasn't been much of a concern. The ShibArmy (more details below) is handling dApp development for Shiba Inu. Dogecoin-- with an assist from Elon Musk-- is undergoing upgrades to be able to make dApps as well as to make the network more efficient and to keep the network secure.
Scorecard for Baisc Information
| Shiba Inu | Dogecoin | Ties |
|---|---|---|
| 1 | 1 | 5+5 |
- Shiba Inu has the edge over Dogecoin in Ecosystem;
- Dogecoin has the edge over Shiba Inu in Mineable;
- Both Shiba Inu and Dogecoin push in 5 items (Main Use Cases, Consensus, Smart Contracts, Open Source, and Upgrades);
- The remaining items are immutable characteristics, so they can't be scored.
ADVANTAGE: Push
Market-Related Information
| Shiba Inu | **Item | Dogecoin |
|---|---|---|
| 1 Quadrillion SHIB | Max Supply | 5B extra DOGE each year until reaching 200B DOGE |
| 497.73T SHIB | Circulating Supply | 130,653,034,157 DOGE |
| USD 3.11B | Market Cap | USD 27,640,050,440 |
| 66 | Exchanges Where Traded | 194 |
| Binance, Lbank, EXX | Top Exchanges | Bit-Z, Binance, Upbit |
| USD 0.001937 (October 2020) | All-Time High (Date) | USD 0.737600 (May 2021) |
| ShibaSwap | DEX | DogeDEX |
| SHIB, LEASH, BONE | DEX Tokens | DOGE |
| BURY | Staking | Stake |
| 586,824 | Unique Addresses** | 4,205,602 |
Similarities
Shiba Inu and Dogecoin can be found at Binance.
Both Shiba Inu and Dogecoin have a decentralized exchange (DEX).
Also, both Shiba Inu and Dogecoin permit the staking of their respective cryptocurrencies.
The two cryptocurrencies reached All-Time Highs within the last 12 months.
Differences
Max Supply
Technically, Shiba Inu has a maximum supply of 1 quadrillion SHIB:
- 1Q = 1,000 Trillion;
- 1Q = 1,000T = 1 million Billion
- 1Q = 1,000T = 1,000,000B
However, Ryoshi gave to Vitalik Buterin (creator of Ethereum) half of that supply. At the time, that was considered questionable due to the poential price manipulations which would take place. Later events (discussed later) explain why the circulating supply is where it is.
Meanwhile, Dogecoin had exceeded its max supply 100 billion DOGE in the middle of 2015, so each year since an additional 5 billion DOGE gets added to the circulating supply until it reaches 200 billion DOGE.
Circulating Supply
Currently there are nearly 498T SHIB in circulation, compared to roughly 130.64 billion DOGE.
Market Cap
However, Shiba Inu has a market cap of USD 3.11 billion. This is dwarfed by the USD 27.64 billion market cap of Dogecoin. While both figures are amazing for what are considered memecoins, it's even more astounding for Dogecoin given where the price of DOGE had at the start of 2020H2.
Exchanges Where Traded
While Shiba Inu is listed at "only" 66 exchanges compared to the 194 for Dogecoin, Shiba Inu had only been released less than a year ago in October 2020. Dogecoin hit the big leagues in January 2021 when it broke USD 0.01, and by the time it reached its ATH in May 2021 it had become a Top 10 Market Cap cryptocurrency. Before January 2021, how many exchanges listed DOGE?
Top Exchanges
As noted earlier, both Shiba Inu and Dogecoin are listd at Binance. Among the top exchanges where SHIB is listed ate Lbank and EXX. Among te top exchanges where DOGE is listed are Bit-Z and Upbit.
All-Time High
Shiba Inu reached its ATH of SHIB 0.001937 in October 2020, while Dogecoin reached its ATH of DOGE 0.737600 in May 2021.Left unsaid is that Shiba Inu reached its ATH less than one year after it was released. It took Dogecoin over 7 years to reach its ATH; however, it's expected to reach a new ATH later in 2021 or in early 2022.
DEX Tokens
Like Hive cryptocurrency, Shiba Inu uses 3 tokens:
- SHIB, the liquid crypocurrency;
- LEASH, the savings token which rewards HODLers;
- BONE, the governance token used by members of the ShibArmy.
Dogecoin, on the other hand, just has DOGE.
Staking
SHIB isn't staked, it's BURY'd. Staked DOGE is just staked DOGE. Both cryptocurrencies are made illiquid for the purpose of earning greater gains.
Unique Addresses
While Shiba Inu has 586,824 uniuque addresses, Dogecoin has nearly 7.17 times as many with 4,205,602.
Scorecard for Market Information
| Shiba Inu | Dogecoin | Ties |
|---|---|---|
| 3 | 4 | 3 |
- Shiba Inu has the edge over Dogecoin in Max Supply, Circulating Supply, and DEX Tokens;
- Dogecoin has he edge over Shiba Inu in Market Cap, Exchanges Where Traded, All-Time High, and Unique Addresses;
- Both Shiba Inu and Dogecoin push in 3 items (Top Exchanges, DEX, and Staking).
ADVANTAGE: Dogecoin
Other Information
| Shiba Inu | Item | Dogecoin |
|---|---|---|
| "the Dogecoin killer" | Tagline/Claim | "fun and friendly internet currency" |
| The community known as ShibArmy | Drivers of Price | Celebrities, Influencers |
| Vitalik Buterin | Famous Billionaire(s) | Elon Musk, Mark Cuban |
| India COVID-19 Relief Fund followed by the VB Burn | Largest Transaction | SpaceX 2022 Moon Mission |
| No | In Andrei Jikh's Portfolio | No |
| Maybe | Loved by Twitter | Absolutely |
Similarities
Neither Shiba Inu nor Dogecoin is part of Andrei Jikh's portfolio.
Both Shiba Inu and Dogecoin have highly motivated communities. This is where the similarities end.
Differences
Tagline/Claim
Shiba Inu claims to be "the Dogecoin killer" while Dogecoin just wants to have fun and be a "fun and friendly internet currency." One tag line sounds threatening while another sounds inviting. No edge to either Shiba Inu or Dogecoin.
From the beginning, Dogecoin was meant as a way for cryptocurrency enthusiasts to have fun and to bring comic relief to the head-pounding volatility cryptocurrencies are known for. Capitalizing on the success of Dogecoin, Shiba Inu positions itself as the meme crypto to dethrone Dogecoin. While not on the same magnitude as The Flippening, this is the main goal of "the Dogecoin killer," among other goals it has.
Drivers of Price
Accorrding to the Woofpaper for Shiba Inu,
We were not founded from an existing community, let alone a preassembled team. The brilliant minds behind Shib had never collaborated before. They were a fresh team of developers, designers, moderators, marketers, and shillers....
This group, known as the ShibArmy, came together to achieve a common goal. Given the inclusion of quotations by Miyamoto Musashi-- Japanese author of The Book of Five Rings and the most famous masterless samurai of his age-- it can be seen how focused this community is in its pursuit of supremacy over Dogecoin. Whatever ATH is achieved by Shiba Inu, it will be due to hard work from the ShibArmy.
Meanwhile, the Dogecoin community has no focus (unless having fun and not taking the world of cryptocurrncy seriously can be considered a point of focus). However, it has gained a following of celebrities and social media influencers. Some of these happen to be USD billionaires such as Elon Musk and Mark Cuban. Both men make heavy use of Twitter to share their thoughts on cryptos in general and Dogecoin in particular (Musk more so than Cuban), so their tweets have an outsized impact on how the price of DOGE moves.
Famous Billionaires
Shiba Inu has in its corner Vitalik Buterin (a.k.a. "VB"), one of the co-foundrs of Ethereum blockchain. After Shiba Inu was released, Ryoshi awarded VB half of the max supply of Shiba Inu-- around 500T SHIB. This move was panned by many people in the crypto world due to the potential manipulation of the price of SHIB in the markets. In his woofpaper Ryoshi declared VB to be a friend of Shiba Inu. This sequence of events validated that declaration:
- Ryoshi gave to VB half the max supply of SHIB;
- VB donated nearly 100T SHIB-- 10% of the max supply-- to the COVID-19 Relief Fund for India.
- With the SHIB price being what it was, VB burned 400T SHIB-- 40% of the max supply. While this manipulation caused the SHIB price to increase, that increase greatly benefited the people of India in their time of great need. For this act of self-interest in the service of charity, Ryoshi stated
Thank you to the woofmeister for enabling true decentralization. Now we truly begin.
As for Dogecoin, most people in crypto and even many people outside crypto know about Elon Musk, Mark Cuban, and their involvement with Dogecoin.
Largest Transaction
Without a doubt, the Shiba Inu donated by VB to India's COVID-19 Relief Fund was the largest transaction made using SHIB.
For Dogecoin, the largest transaction using DOGE is the 2022 SpaceX mission to the moon. About DOGE 129 million was used by Geometric Energy Corp. to share a ride aboard a SpaceX Falcon 9 rocket. At 2:30pm on 12 May 2021 DOGE was at USD 0.48, so Dogecoin was used to pay USD 62 million for this mission.
Loved by Twitter
It's safe to say that anything related to Dogecoin is loved by Twitter, and that includes memecoins trying to capitalize on the success of Dogecoin. Shiba Inu falls into this category.
However, as far as Twitter is concered, there is Dogecoin, and then there is everyting else. While Shiba Inu has its share of social media influencers, they aren't the caliber of those connected with Dogecoin. Twitter absolutely loves Dogecoin.
Scorecard for Other Information
| Shiba Inu | Dogecoin | Ties |
|---|---|---|
| 1 | 3 | 2 |
- Shiba Inu has the edge over Dogecoin in Largest Transaction;
- Dogecoin has the edge over Shiba Inu in Drivers of Price, Famous Billionaire(s), and Loved by Twitter;
- Both Shiba Inu and Dogecoin push in 2 items (Tagline/Claim and In Andrei Jikh’s Portfolio).
ADVANTAGE: Dogecoin
Final Score
| Item | Shiba Inu | Dogecoin | Ties |
|---|---|---|---|
| Basic Information | 1 | 1 | 10 |
| Market Information | 3 | 4 | 3 |
| Other Information | 1 | 3 | 2 |
| **TOTAL SCORE | 5 | 8 | 15** |
If Ethereum can overtake Bitcoin as the King of Cryptocurrency, Shiba Inu can overtake Dogecoin in the subset of memecoins. Until that day arrives-- or it's some other memecoin that comes out of nowhere-- Dogecoin is the King of Memecoins.
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