While Dogecoin was initially considered as a parody of the first big meme coin, it is now very popular and has significantly increased in price. Likewise, its younger brother, the Shiba Inu token (SHIB), continues to grow despite criticism from experts.
Today, we will find out whether the two memecoins can succeed in the market and which of the two is a better investment. Let’s get started!
Dogecoin Vs. Shiba Inu Price Development
The Shiba Inu has demonstrated a significant price increase over the past few weeks. While it was trading for $0.00000838 two weeks ago, it rose to its all-time high of $0.00003473 in the following days, leaving a zero behind within two days.
After that, the token experienced a correction and has remained relatively stable since then. Shiba Inu currently costs $0.00002821.
While Shiba has brought big profits in the last few weeks, Dogecoin investors have no reason to smile. The DOGE token started last week with a price of $0.22, which has meanwhile increased to almost $0.27. The coin experienced a correction towards the end of the week and is currently trading at $0.2475.
What Is a Meme Coin?
A meme coin is a cryptocurrency associated with a specific intended initially as a joke rather than a serious product. Dogecoin is considered the prototype of these coins.
When the token entered the market in 2013, and billionaire Elon Musk drew the attention of his followers on Twitter to the Dogecoin, it was able to achieve a bit of fame in the community.
Since then, there have been new memecoins on the market again and again. The SHIB recently attracted a lot of attention with an enormous price increase after Musk tweeted a picture of his Shiba Inu Floki.
What Is the Difference Between Dogecoin and Shiba Inu?
Dogecoin generates 10,000 new coins per block. Each block takes about a minute, which results in a total available amount of 14,000,000 coins per day. These pumps of new coins make the price unstable and make price developments difficult to predict.
The Shiba Inu coin is entirely different. The token based on the Ethereum network does not generate any new coins. As the developers stated, 50% of the available SHIB were allocated to Etherum founder Vitalik Buterin, while the other 50% — to the Uniswap exchange platform.
Buterin, in turn, donated SHIB worth one billion dollars to a Covid-19 relief fund in India and burned the remaining 40% of coins.
The Dogecoin community has been pursuing two main goals since 2013 — staying relevant for a long time and being the cheapest coin in the top 10. At the same time, the Shiba Inu coin was largely unknown until the beginning of the year.
When Dogecoin hit the market, hardly anyone believed that it could establish itself as a cryptocurrency. But thanks to great support from the community, the coin is still in 10th place of the largest cryptocurrencies.
Investors who missed the chance to benefit from the incredible growth of Dogecoin now hope that Shiba Inu will give them this chance once again.
Memecoins Forecasts (2021-2028)
Even if most of the current Dogecoin forecasts are somewhat bearish, crypto experts predict a good price development for the next few years. The coin is expected to rise to $0.5 by 2023 and exceed the $1 mark in 2028, which would mean a return of 397.59%.
The Shiba Inu forecast predicts significantly stronger linear growth. The coin is expected to rise to $0.0000402857 by the end of this year, resulting in a return of 46.91%. In the following years, crypto experts expect SHIB to grow steadily until it could reach a price of $0.0001138492 by the end of 2028 — an increase of 315.15%.
Conclusion
It is difficult to say which of the coins will do better. However, if you are looking for a long-term investment, you should invest in Dogecoin. Due to the great support in the community and its large market cap, it is less risky.
On the other hand, Shiba Inu could guarantee significant gains in the short term, thanks to the limited number of coins. But it remains risky anyway, as one tweet from Elon Musk was enough to drive the token price up by 25%.
Which memecoin do you find the most promising one? Feel free to share your thoughts in the comments!
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