Two different Doge cryptocurrencies, Shiba Inu and Dogecoin, have been making waves within the crypto economy over the past few months. While Dogecoin has been around since 2013 and has seen massive gains during the past year, the relatively new ERC20 crypto Shiba Inu has also grown significantly in value.
Dogecoin and Shiba Inu both outperformed bitcoin’s market performance
The cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB) have made huge gains in 2021. In fact, both these digital assets have outperformed crypto in large numbers as far as percentage gains against the US dollar are concerned. For example, investing in bitcoin (B T c) shows a year ago that the investor would have made a good 290% profit against the USD. Dogecoin, on the other hand, at $0.37 per unit, as of today’s 12-month figures, would have made up the investor 14,787%.
The Shiba Inu token was implemented in August 2020 and is only 10 months old, newer than Dogecoin’s 2013 OG original. There is no price data prior to January 1, 2021, which suggests that the SHIB was trading at $0.0000001 according to Coingecko. After a few weeks the price stayed in this range, but the coin has since risen 90,100% to today’s $0.00000862 exchange rate. 30-day data shows DOGE is down 33%, but SHIB is up 425.6% during the month.
Weekly figures show that SHIB is up 13.8%, but DOGE has outperformed the coin with 27.10% during the past week. Dogecoin investors have Elon Musk to thank this year, and Shiba Inu investors on the other side of the token can thank Dogecoin in return. While Dogecoin was created by software engineers Billy Marcus and Jackson Palmer as a joke and just for fun, SHIB was created for the same reasons. However, no one knows the identity of the SHIB programmer, as the ERC20 token was launched by its unnamed founder “Ryoshi”.
Neither is canine crypto rare
Both coins bear shiba inu dog-like logos and both digital assets have vibrant communities. While there is a big DOGE ‘Senna’, there are many fans who call themselves ‘SHIB SENA’. Coingecko ranks the Shiba Inu (SHIB) at 30th by market capitalization with a market valuation of $4.5 billion. Dogecoin (DOGE) has a market capitalization of a whopping $49 billion today.
The fee to send SHIB is high as it costs 0.0019 . is ETH ($5.32) to send Dogecoin compared to 2.48 DOGE ($0.933) per transfer. Dogecoin is widely available on a lot more exchanges than the Shiba Inu, and has recently been added to Coinbase. People can find SHIB on exchanges like Okex, Huobi, ShibaSwap, Kucoin, Coinbene, Probit Global, Binance, Crypto.com, Coindcx, and Wazirx.
In addition, there are a lot more SHIB tokens in circulation than DOGE. Data shows that there are 497 trillion SHIB tokens in circulation today, while there is only 129 billion DOGE in circulation. During the last 24 hours, SHIB saw $800 million in global trading volume. Dogecoin volume with $6.2 billion in global DOGE swaps exceeded that metric by a long shot. These two coins may be similar as they both share the similarity of the Shiba Inu dog, but they also have distinct differences.
What do you think about Dogecoin and Shiba Inu? Let us know what you think about this topic in the comment section below.
image credit: Shutterstock, Pixabay, WikiCommons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell any products, services, or companies, or a recommendation or endorsement of any products, services or companies. bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the Company nor the author is responsible, directly or indirectly, for any damage or loss alleged to be caused by or in connection with the use or reliance on any materials, goods or services mentioned in this article.