Reviews of the Dogecoin (DOGE) meme cryptocurrency and the Shiba Inu (SHIBA) token: are they popular?
The Dogecoin project (dog – dog, coin – coin) became the first type of cryptocurrency known as joke coins (meme coins). Initially, these coins were not conceived as real digital assets. However, they can make a profit. The second such crypto coin Shiba Inu was launched in August last year, it is noteworthy that it positions itself as a DOGE killer. Let’s consider the features of these two popular meme cryptocurrencies.
Dogecoin (DOGE): Cryptocurrency Overview
Dogecoin is a centralized open source project. It was originally conceived as a way to conduct online payment of tips.
The price of coins is very low, because there are no restrictions on their release. The number of coins in circulation has already reached more than 100 billion.
Dogecoin: the history of its appearance
The first joke coin appeared in 2013. It was conceived as a parody of altcoin (the so-called cryptocurrencies other than bitcoin). The coin got its name thanks to the logo on which the dog was depicted.
The authors of the coin were Bill Marcus, a programmer from IBM, and Jackson Palmer, a marketer at Adobe. But they did not engage in further development of the project. Unexpectedly, the currency became popular after it was supported by Elon Musk. He promised to place a physical coin token on the moon in the future. After that, the cost of the Dogcoin began to grow (although its use is very limited), and was named “Elon Musk’s favorite cryptocurrency”.
Features of the DOGE crypto coin
The developers admit that they spent only a few hours creating the coin and did not expect serious development of this project. The coin does not have any unique features that testified to its clear advantage over other types of crypts.
For a long time, the coin was worth a penny. But in 2021, its rate began to rise sharply. Dogecoin Course Schedule:
Dogecoin’s long-term prospects are questionable. It has no advantages compared not only with bitcoin or Ethereum, but also with other less popular types of crypts. According to forecasts, sooner or later the interest in dogecoins will fall.
Shiba Inu (SHIBA): Token Overview
The project was launched in 2020 on the Uniswap crypto exchange platform. The meme of the currency is a dog of the Shiba Inu breed (the same breed is a dogikoin meme). The cost of the token was deliberately made very low so that almost anyone could buy several million coins.
The coin is traded on Finance and other popular cryptocurrency exchanges. The project is actively developing. Developers are constantly announcing new plans, including the launch of a token for stacking, the creation of a decentralized exchange, and collecting donations to support dogs.
Shiba Inu: the story of the appearance
The success of dogecoins has led to the emergence of other similar projects, of which Shiba Inu is considered the most successful. Its developers (who preferred not to disclose the authorship) even declared the coin a dogecoin killer.
The project was released on the basis of the Ethereum ecosystem. The developers sent half of the tokens to Vitalik Buterin, who immediately “burned” them (withdrew them from circulation), donating them to the Covid Victims Aid fund.
The creators of the token initially declared the principle of a fair distribution of coins among all users of the community. Therefore, they do not have their own tokens left, they can only buy and sell them on the cryptocurrency market.
SHIBa Course Schedule:
It is most convenient to store tokens in cryptocurrency wallets that support ERC20, the official protocol of the Ethereum network.
Why meme cryptocurrencies Dogecoin and Shiba Inu are popular
The success of dogcoin was not predicted by its creators. The growth in the value of the coin began after its support by Elon Musk. After that, the hype began in the crypto community. Many developers began to try to repeat the success of Dogecoin.
The popularity of coins was promoted by their affordability. Now attempts are being made to create new types of crypts with memes of other animals. Whether they will be successful, time will tell.
Dogecoin and Shiba Inu: What is the difference
The main difference is that dogcoin is a cryptocurrency (i.e. it operates on the basis of its own blockchain), and Siba-inu is a token. This means that Shiba Inu does not have its own blockchain, it is tied to the Ethereum blockchain.
Although Shiba tokens are formally declared as “Dogecoin killers”, there are more common features than differences between these types of crypts. Which is not surprising. The popularity of dogecoins is associated with the support of the coin by Elon Musk, and the success of Seba-In is primarily due to the success of Dogecoin.
Dogecoin and Shiba Inu: Is it worth buying
Dogcoins and Shiba Inu have a lot in common. Their problems are also similar. Many experts and analysts of the cryptocurrency market do not believe in the success of meme cryptocurrencies in the long term. It is not recommended to buy both crypts in large quantities and invest more funds in them than you can afford to lose.
Published: 9 November, 2021