Dogecoin is among the most popular cryptocurrency which produced many millionaires in 2020. The splendid rally raised many eye-brows and eventually it raised above all odds from being the primitive meme to an investment tool.
Yet in recent times, it appears that dogecoin is not only the one ‘Dog Meme’ token, yet many have landed and shaken the DOGE dominance. One such popular token is Shiba Inu, which is often termed as ‘Ethereum Killer’.
Is Shiba Different From Dogecoin?
No doubt, both are ‘Dog Meme’ tokens, yet they completely differ in their fundamentals. Dogecoin is a product of the Bitcoin blockchain whereas Shiba Inu is an ERC-20 token built on Ethereum.
Dogecoin, despite being the by-product of Bitcoin, has a diversified supply of coins, as there is no hard limit. Currently, there are more than 129 billion DOGE in supply which is quite less than that of SHIB, which has a total supply of 1 quadrillion supply.
Moreover, the market capitalization of Dogecoin is much higher compared to that of Shiba. DOGE stands strong within the top 10 with a market cap of more than $52 billion whereas SHIB market cap is around $6 billion. Therefore, Shiba Inu needs to work more hard to get close to its competitor DOGE.
Will Shiba Price Will Have A Similar Dogecoin Price Rally
Many promoting Shiba often tend to say, if you have missed XRP rally or DOGE rally, be a part of the SHIB rally. Yet many still wonder whether Shiba will surge further or else get rugged pulled in coming days.
The creators of SHIB have already burned a portion of total supply. And moreover has gifted 50% of the supply to Ethereum Co-founder Vitalik Buterin as a token of gratitude. This is one of the main concerns for many as recently, Vitalik liquidated just 10% of his holdings and SHIB price deteriorated.
Dogecoin on the contrary has already rallied more than 1500% in 2021 after trading with lower prices till the end of 2020. Many believed it as just a meme, yet it became a part-time investment option for many.
Currently both the crypto assets are witnessing a steep fall and attempting hard to recover. While SHIB price is very negligible, it is very hard to say whether the rally will be influenced by DOGE. Yet many analysts believe the future of the investments on SHIB are currently very misty. As one cannot say where the price may stand in the next 3 to 4 months.