Shiba Inu coin: should I buy SHIB or DOGE?
- Should you buy SHIB coin or DOGE?
- We explain what Shiba Inu coin is
- Find out the best platforms to trade SHIB coin online
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This article compares the different value propositions presented by Shiba Inu coin (SHIB) and Dogecoin (DOGE). We explain the key differences between the two cryptocurrencies, their investment prospects for the future, and explain which one you should buy based on your financial needs and investment goals.
To kick things off, we have listed the best places to buy Shiba Inu coin and Dogecoin below.
Where to buy Shiba Inu coin
If you want to invest in Shiba Inu coin or Dogecoin, we recommend signing up to a reliable cryptocurrency broker. These are low-fee, online services that are regulated by the financial authorities. By using one, you can quickly and easily buy cryptocurrencies like SHIBA and DOGE. You can find our two favourite cryptocurrency brokers below:
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Register with eToro instantly Cryptoasset investing is unregulated in some EU countries. No consumer protection. Your capital is at risk.
What is Shiba Inu coin?
Shiba Inu coin, also known as Shiba Token and SHIB, is a cryptocurrency project that was launched in August 2020 by an anonymous person known as “Ryoshi”. It describes itself as an ‘experiment in decentralized spontaneous community building.’ It has been nicknamed the ‘Dogecoin killer’; let’s see why.
It is an ERC-20 token (runs on Ethereum) and the developers believe that it can outpace the growth of Dogecoin in a short period of time (relatively speaking). SHIB has quickly become a globally popular cryptocurrency rising in price by several thousand per cent and securing a major listing on Coinbase Pro.
In addition, it is the first token to be listed and incentivised on the ShibaSwap platform, the official exchange of the project. ShibaSwap will provide ‘Puppy Pools’ where SHIB coin holders can bury (stake) their tokens or dig (farm) for BONES – a new token which is yet to be released.
Digging deeper into the project, let’s look at some of the tokenomics:
- Initial supply of 1 quadrillion SHIB, of which:
- 50% has been locked into the supply on Uniswap with control fully relinquished
- 50% burnt to Ethereum founder, Vitalik Buterin (effectively sent to his wallet)
This means that everyone has to buy coins on the open market, which is intended to allow a level playing field for SHIB to flourish and retain liquidity.
- Total supply now stands at 500 trillion, of which:
- Around 394 trillion coins in circulation
SHIB cypto is tradeable with USD and USDT, unless you are a resident of New York, in which case the coin will not be currently available to you.
Shiba Inu coin vs Dogecoin
So, SHIB vs DOGE: the battle of the canine-themed meme coins.
Dogecoin has already attracted a loyal community of followers thanks to Tesla CEO Elon Musk’s regular tweets, and it is perhaps the more mainstream coin with less inherent risk. However, with SHIB securing a listing on Coinbase Pro, it is indicative of its shift into the mainstream.
The simple reality is that both of these coins are incredibly similar investments, and if you choose to buy either of them, you are investing based on market sentiment rather than fundamentals.
Right now, Dogecoin carries slightly less risk merely because it is a more established cryptocurrency with a larger community. However, in terms of potential growth, Shiba Inu coin is the cheaper asset with more room to manouvre.
If you see both investments for what they are – a speculative bet – maybe it is better to spread your stake across both of them rather than putting all of your eggs in one basket.
Whichever meme coin you choose to invest in, make sure you understand how to conduct technical analysis and read technical indicators because this will inform your decisions to buy more, hold, or sell your coins.
Shiba Inu price prediction
It remains to be seen exactly how much value SHIB can create for tokenholders, so we are keen to avoid stating a definitive SHIB price prediction. However, we expect the coin’s listing on Coinbase Pro to generate accelerated growth, at least in the short term.
Social media reacts to $SHIB listing
Check out our cryptocurrency news page for the latest information on SHIB and much more.