While Bitcoin (Bitcoin to INR) remains on top of the cryptocurrency market, there are several other coins that have gained just as much popularity, if not more. Shiba Inu and Dogecoin, the two most popular meme cryptocurrencies, have frequently exchanged positions in the rankings over the course of the past year. It only took a little more than a year for Shiba Inu to climb into the top 20 cryptocurrencies in the cryptocurrency world, where it now commands a market capitalization of more than $12 billion. The Dogecoin cryptocurrency, on the other hand, took nearly six times longer to achieve the same milestone. Shiba Inu has reached these goals in just 14 months after its debut in August 2020, which is an incredible achievement. The public interest in Shiba Inu appears to have been triggered most recently and most significantly by Elon Musk, the crypto enthusiast and Tesla CEO, whose tweets appear to be a frequent source of inspiration for rallying Shiba Inu and Dogecoin (buy dogecoin in india) prices in recent months.
Brief history of the two meme coins
Dogecoin was created as a joke by Billy Markus and Jackson Palmer in 2013, but it swiftly gained popularity as a result of the efforts of Elon Musk, who served as its primary driver. All of the difference was made by his tweets, which were paired with Dogecoin’s deployment on its own blockchain with more than 1000 coins per node. Shiba Inu (SHIB), on the other hand, was founded in August 2020 by an enigmatic developer named Ryoshi, who described himself as a person of little significance and called himself “completely replaceable”. Shiba Inu, in contrast to Dogecoin, does not have its own blockchain and is instead deployed as an ERC20 token on the Ethereum network. This has in turn boosted the value of ether, ethereum’s cryptocurrency while Shiba Inu has benefited from the sophisticated smart-contract development capabilities inherent in the Ethereum network, which has allowed it to grow its market capitalization.
Shiba Inu’s price stayed stable for many months until February 2021, when it mooched on rising Dogecoin, assisted by none other than Elon Musk’s tweets, and rocketed to previously unheard-of heights. When Musk said in May 2021 that he was considering getting a Shiba Inu puppy, the price of Shiba Inu surged by more than 300 percent.
Shiba Inu demonstrated its vulnerability in response to Musk’s Tweets when a quick sell-off happened, leading the coin’s market capitalization to plummet in less than an hour. However, Shiba Inu’s ardent followers have rallied to the cause and increased the amount of cash flowing into the company, allowing it to reclaim its position among the top 15 stocks in the world right now.
Previously, Dogecoin was considered to be the definitive meme cryptocurrency, but since the Californian cryptocurrency exchange Coinbase raised the demand for and reputation of the Shiba Inu by listing the coin in early September 2021, the world of dogecoin and its community has been thrown into disarray and chaos. In October 2021, the furious struggle between the two meme tokens reached a peak when Shiba Inu, officially dubbed the “dogecoin killer,” overtook Dogecoin as the crypto world’s leading meme coin, officially establishing itself as the “dogecoin killer.”
The Shiba-Doge position flip took place in late October 2021, amid rumors that the Shiba Inu will be featured on the Robinhood investing programme, which is available in the United States. This conjecture about the currency being featured on the app resulted in a significant number of retail investors purchasing the coin, resulting in a constant flow of funds into Shiba Inu’s account. Additionally, the revelation that one investor who purchased $8,000 worth of SHIB in August 2020 has already made $5.4 billion has reaffirmed the conviction that SHIB has the potential to turn a small amount of cash into a large sum of money.
Both coins have distinct features and appeal to people, whether it’s their casual and playful approach to crypto, as seen with Dogecoin, or their enormous and dedicated following, as shown with Shiba Inu’s “Shib Army.” As a result, it’s critical to understand that the crypto world is mostly driven by trader sentiment, and you should always keep an eye out for impending updates and news regarding the coin in which you’re investing.