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Two Most Popular Meme Coins: Dogecoin Vs Shiba Inu

  • Dogecoin currently ranks at number 10 in terms of market cap.
  • The total number of Shiba Inu tokens is restricted to 1 quadrillion.

Although both Shiba Inu and Dogecoin are still well behind their respective highs, they have both been trending upwards over the last week.

Recent occurrences have kept both the popular meme currencies in the spotlight. Shiba Inu and Dogecoin are pitted against one another as competitors because of their relative fame in the cryptocurrency industry. In 2020, Shiba Inu was established, while Dogecoin was created in 2013, making it older among the duo.

Battle of the Top Meme Coins

It is common knowledge that Elon Musk had a role in Dogecoin’s meteoric rise to prominence in the cryptocurrency market. As Dogecoin relies on Musk to maintain its status, Shiba Inu must do the same to ensure its continued relevance in the cryptocurrency market.

There aren’t many distinguishing features between Dogecoin and Shiba Inu meme currencies. Dogecoin may be thought of as a Bitcoin fork in the fourth generation. It is generated using the same proof-of-work (PoW) mining method as Bitcoin. Conversely, Shiba Inu Coin is an Ethereum-based currency that uses proof-of-stake (PoS) technology as opposed to proof-of-work (PoW). Although Dogecoin is a cryptocurrency with its own blockchain, Shiba Inu is a digital asset issued on the Ethereum blockchain network.

Moreover, Dogecoin currently ranks at number 10 in terms of market cap as per CMC while Shiba Inu ranks at 13th position on the same list.

Dogecoin’s bigger and more active user base is supported by a vibrant community forum and various online organizations. Dogecoin has an unusual distribution model. You can never run out of Dogecoins. Because of this, unlike Bitcoin, which is capped at 21 million coins, there is no limit to the number of Dogecoins that may be created. Nonetheless, the total number of Shiba Inu tokens is restricted at 1 quadrillion, which is still a lot of tokens when compared to other cryptocurrencies. But still capped at the end of the day.

Both Dogecoin and Shiba may be traced back to the same source: hype. Both have fully operating infrastructures, but none have really expanded blockchain technology’s capabilities.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.