Both Shiba Inu and Dogecoin are riding the wave of popularity of cryptocurrency dog as a mascot. These popular memes have skyrocketed over the past year and have taken their place among the largest cryptocurrencies.
Shiba Inu won her big rival in terms of annual earnings. He climbed from45,000,000% incredible. Dogecoin climbed “only” 2,900%. But Shiba Inu lags behind in terms of market value. It is the 13th largest cryptocurrency in the world, and Dogecoin is the 12th largest. Dogecoin also beats Shiba Inu in terms of the value of individual tokens. It’s worth about 15 cents and Shiba Inu trades for a fraction of a cent. Due to the demand for Shiba Inu and strong public support, could it surpass the price of Dogecoin this year? Could it be more than Dogecoin market value?
Community building experience
First, a little history of Shiba Inu. Shiba Inu’s founder “Ryoshi” launched in August 2020. Shiba Inu’s white paper calls cryptocurrency a “decentralized and spontaneous community building experiment”. And the community – known as the Shib Army – is the decisive factor in Shiba Inu’s success.
So what exactly is Shiba Inu? It is a token built on the Ethereum blockchain. Shiba Inu is not a blockchain per se and cannot host smart contracts. So users cannot go to Shiba Inu for decentralized applications that allow them to buy insurance or manage their investments, for example. Instead, Shiba Inu investors can buy and pledge their holdings on passive income – or use their tokens as payment by selected merchants.
Unlike Shiba Inu, Dogecoin is a currency and blockchain. But like Shiba Inu, the actual uses of Dogecoin are limited to betting and payment. So it seems fair to compare the two and wonder if Shiba Inu has what it takes to get ahead of its rival.
The key to our answer is the supply of signals. Dogecoin has a full unlimited supply. This limits earnings. Currently, about 132 billion tokens are in circulation. That is far less than the 549 trillion Shiba Inu coins in circulation.
Market value and price per coin
Now let’s do some math. Shiba Inu price is about 0.00002949. If it doubles to 0.00005898, we are still priced well below the current Dogecoin price. But that gives Shiba Inu a market value of over $ 32 billion. Currently, this puts Shiba Inu ahead of Dogecoin in terms of market value. And that would make it the ninth largest cryptocurrency by market value after Ripple. Mathematically, Shiba Inu has the potential to beat Dogecoin in terms of market value.
As for the actual price per coin, it seems almost impossible that Shiba Inu can beat Dogecoin. Taking into account the supply of Shiba Inu coins, a price of 15 cents would give the cryptocurrency a market value of $ 82 trillion. By comparison, the total cryptocurrency market is worth about $ 3 trillion.
For general percentage gains, it may be easier for Shiba Inu to beat Dogecoin than the other way around. This is simply because it is easier to double or triple low value assets than higher starting price assets.
So, Shiba Inu may beat Dogecoin when it comes to gain percentages or market value. Does that mean you should invest in this popular cryptocurrency? It’s not. There are a number of reasons that Shiba Inu should be avoided like Dogecoin. And the good news is: The options are many. There are plenty of other cryptocurrency opportunities that look much more promising for 2022.