Dogecoin and Shiba Inu are considered the most hype coins, excluding BTC and ETH cryptocurrencies. Each of them has an active and somewhat aggressive community and its own history of creation. Let’s take a closer look at these coins.
Dogecoin is an open source cryptocurrency. Named after the famous Internet meme DOGE, which is an image of Shiba Inu. This is a hunting dog. The cryptocurrency is a fork of another currency, Luckycoin, which is a fork of Litecoin.
The emission of coins is unlimited, the block dwell time is one minute, the algorithm for extracting coins is AuxPoW (auxiliary proof-of-work). The difficulty of mining is adjusted with each block found. As for the speed of processing transactions, it is 6 minutes, the commission is 1 coin, the transfer amount does not matter.
Who created the coin?
It was launched after, at the end of November 2013, Australian citizen Jackson Palmer, who works at Adobe Systems, decided to troll cryptocurrencies. On Twitter, he indicated that he was going to invest in the new currency, and expressed confidence that it will take off.
Palmer bought the Dogecoin.com domain, built a website, and posted an image of a coin with his favorite Doge meme on it. After a while, programmer Billy Marcus contacted Palmer. He offered him his services, and together they decided to turn Dogecoin into a cryptocurrency on the Bitcoin blockchain.
Genesis block was released on December 6, 2013, and on December 8 took place Dogecoin official announcement. A few hours after the appearance of the coin, a mining pool was created and the first block was formed. In 2015, Palmer left the project.
After the cryptocurrency was launched, its followers became involved in charity, creating the Dogecoin Foundation: Now the coin has an active community, is available on many exchanges and is supported by many wallets.
The cryptocurrency gained fame thanks to Elon Musk. At the beginning, the value of the asset reached $ 0.087. Elon Musk announced that DOGE is truly the people’s currency. In June 2021, Ethereum founder Vitalik Buterin announced that he also liked the coin and offered to cooperate.
This popularity has certainly affected the value of the cryptocurrency. Since the beginning of this year, the value of Dogecoin has risen by more than 7,150 percent. In May 2021, the coin rate was $ 0.73.
At the moment, the cryptocurrency rate is $ 0.247, and the market capitalization is $ 32,525,412,828. As such, the currency does not have a clear roadmap. The team points out that in 2022 it is planned to reduce the block creation time to 30 seconds, in 2023 they will reduce the block formation time to 15 seconds, and already in 2024 they will increase the block size to 10 MB, with a commission adjustment. The DOGE cryptocurrency has a competitor – Shiba Inu (SHIB).
This cryptocurrency appeared on the market in August last year. She was established by a certain anonym under the pseudonym Ryoshi. A distinctive feature of the coin is that it positions itself as a DOGE killer. Her logo is also a dog breed siba-inu.
The company has a so-called woof paper – a parody of white paper, but with a woof. It tells about the “mission” of the cryptocurrency. The community of this cryptocurrency calls itself the Shiba Inu army. Shiba operates on the Ethereum blockchain. The cryptocurrency is traded on many exchanges, including ShibaSwap, Binance, OKEx, FTX, Kucoin, CoinBene, Probit Global, CoinDCX, WazirX, Crypto.com and Huobi. At the moment, the cryptocurrency rate is $ 0.00002610, and the market capitalization is $ 12,873,416,087.
An interesting fact is that the coin includes three tokens. This is Shiba Inu himself, this is the Leash Dogecoin Killer (LEASH), designed as a stake token pegged to the Dogecoin price. Therefore, he was called “DogeCoin Killer”. The total circulation of issued tokens is only 100 thousand. The token offers special rewards for those who provide liquidity. And then there is the digital bone (BONE): a new management token that can be earned directly in ShibaSwap using other tokens.
Dogecoin VS Shiba Inu
There is a constant competition between Shiba Inu and Dogecoin for the attention of users of the crypto world. According to CoinGecko, of the top 5 meme coins, SHIB was the best in the last week, rising 400% from a low of $ 0.00000700 on October 4 to a multi-month high of $ 0.0003529 on October 6.
The high value of the asset was due to the fact that the ecosystem underlying the token has expanded to include the ShibaSwap exchange. It offers lower exchange fees than Uniswap and several ways for token holders to generate income through providing liquidity or placing bets.
SHIB is also one of the few meme tokens to be listed on several major cryptocurrency exchanges, including Coinbase and Binance. And it provides ample liquidity and trading volume for traders interested in SHIB. The Shiba Inu community is also showing growing interest in the upcoming launch of the Shiboshi NFT protocol.
At the same time, DOGE remains the leader of the group with the largest reach and market capitalization of $ 32 billion. Traders are counting on the fact that the value of the asset will rise in the near future.
As such, both meme currencies have powerful supporters and an active community. In many ways, their success is based on hype, including due to the attention of celebrities. Cryptocurrencies are included in the listing of leading exchanges, are used for settlements, and what will happen to them next is unknown. Perhaps their value will rise, and maybe even collapse. In the meantime, DOGE and Shiba remain the most famous meme coins in the crypto world.
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Author: Vadim Gruzdev, analyst at Freedman Сlub Crypto News
#Dogecoin #Shiba #Inu