Shiba Inu et Dogecoin have both rode the wave of cryptocurrency popularity having a dog for mascot. These popular memes have skyrocketed over the past year and have taken their place among the biggest cryptocurrencies.
Shiba Inu beat their big rival in annual earnings. He climbed froman incredible 45,000,000%. Dogecoin climbed “only” by 2,900%. Most Shiba Inu lags behind when it comes to market value. It is the 13th largest cryptocurrency in the world, while Dogecoin is the 12th largest. Dogecoin also beats Shiba Inu in terms value of individual tokens. It is worth around 15 cents while Shiba Inu trades for a fraction of a cent. Considering the popularity of shiba inu and strong community support, Could it exceed the price of Dogecoin this year? Could it exceed the market value of Dogecoin?
A community building experience
First of all, a small history of Shiba Inu. A founder known only as “Ryoshi” has launched Shiba Inu in August 2020. The white paper of Shiba Inu describes cryptocurrency as a “decentralized and spontaneous community building experience”. And the community – known as Shib Army – is indeed the determining factor in the success of Shiba Inu.
So what is Shiba Inu exactly ? It’s a token built on the blockchain Ethereum. Shiba Inu is not a blockchain per se and cannot host smart contracts. Therefore, users cannot turn to Shiba Inu for decentralized applications allowing them to purchase insurance or manage their investments, for example. Instead, investors can acheter Shiba Inu and staking their holdings for passive income – or using their tokens as a form of payment with some merchants.
Unlike Shiba Inu, Dogecoin is a currency and a blockchain. But like Shiba Inu, the actual uses for Dogecoin are limited to staking and payment. So it seems fair to compare the two and ask if Shiba Inu has what it takes to get ahead of his rival.
The key to our response is related to the token supply. Dogecoin has an unlimited supply overall. This limits the gains. Currently, approximately 132 billion tokens are in circulation. This is far less than the 549 trillion Shiba Inu coins in circulation.
Market value and price per piece
Now let’s do some math. Today, the price of Shiba Inu is around 0.00002949. If it doubles to 0.00005898, we are still at a much lower price than the current price of Dogecoin. But this carries Shiba Inu at a value over $ 32 billion. Right now, this puts Shiba Inu ahead of Dogecoin in terms of market value. And that would make it the ninth largest cryptocurrency by market value following Ripple. From a mathematical standpoint, it’s possible that Shiba Inu might beat Dogecoin in terms of market value.
As for the actual price per coin, it seems almost impossible that Shiba Inu might beat Dogecoin. Considering Shiba Inu’s coin supply, a price of 15 cents would give the cryptocurrency a market value of $ 82 trillion. In comparison, the entire cryptocurrency market is worth around $ 3 trillion.
Regarding general percentage gains, it may be easier for Shiba Inu to beat Dogecoin than the reverse. This is simply because it is easier to double or triple low value assets than assets with a higher starting price.
Thereby, Shiba Inu might beat Dogecoin when it comes to percentage gains or market value. Does this mean you need to invest in this popular cryptoactor? Non. There are a few reasons why avoid the Shiba Inu like Dogecoin. And the good news is this: The choices are many. There are plenty of other cryptocurrency opportunities that look a lot more promising for 2022.
