A Quick Introduction to Dogecoin and Shiba Inu Coin
We will discuss two of the most popular meme coins, which attract more people day by day. In our blog, we had already given short information about meme coins. To summarize, meme coins are non-interchangeable tokens developed in the Ethereum blockchain network by rising decentralized finance interest. Meme coin came into existence in August 2020 as a joke to the frantic volatility of DeFi token trading, which was very popular.
We are in a cryptocurrency world where Shiba Inu and Dogecoin compete with each other. Then, what is the similarity and difference between Shiba Inu and Dogecoin? To find out the answer, let's talk about the basic features of Shiba Inu and Dogecoin.
A Quick Introduction to Shiba Inu Coin
Shiba is a coin created on the Ethereum network. It is an ERC-20 token that can use smart contracts to create decentralized financial products. Shiba's max supply is one quadrillion. .
Shiba joined the crypto world in August 2020. Shiba is introduced as a meme coin that competes against Doge. This digital currency was created by an anonymous person named Ryoshi and is a Japanese term for the Shiba Inu dog breed. The initial price of Shiba was $0.000000001 and reached a record rising to $0.000050 on May 10, 2021. There were certainly other factors that triggered the gigantic rise. For example, Elon Musk tweeted about buying a Shiba puppy, and quickly Shiba prices rocketed over 300%. Ethereum's creator Vitalik Buterin donated more than 50 trillion Shiba to the India COVID-Crypto Relief Fund in May 2021.
A Quick Introduction to Dogecoin
From a tech perspective, Dogecoin has a lot of similarities with Bitcoin, which is the biggest cryptocurrency. Such as the code used for the creation of Bitcoin, also used for Dogecoin. As a result, both digital assets share the same technology. The important difference between Bitcoin and Dogecoin is the max supply. The maximum supply for Bitcoin is 21 million Bitcoins, while Dogecoin does not have a maximum supply.
Dogecoin is an open-source digital currency launched by Jackson Palmer and Billy Markus in December 2013. It was originally released as a joke product. Dogecoin experienced further growth after Elon Musk became interested in the Dogecoin project in 2019. And on May 8, 2021, it reached its peak, $0.74. After the peak, the lowest level is about $0.15.
Dogecoin and Shiba have a common origin. Their original purpose was 'joking'. But Doge stepped into the crypto world earlier. Almost 7 years earlier than Shiba. Dogecoin is a peer-to-peer digital currency that is similar to Bitcoin. However, Shiba Inu has a fresher system. As a coin, created in 2020. Shina Inu uses ERC-20 protocol. Shiba Inu is also referred to as a decentralized community-building experiment.
There is no maximum supply of Dogecoin. The number of circulating Doge is not limited. But Shiba has 1 quadrillion max supply.
Another aspect that distinguishes Shiba Inu from Dogecoin is the ecosystem built by the team. In July 2021 ShibaSwap portal launched. ShibaSwap is Shiba Inu's decentralized exchange, allowing users to trade among Shiba Inu and other cryptocurrency tokens, aiming to make transactions easy.
Dogecoin and Shiba are meme coins, Elon Musk, a prominent influencer, can influence both, but their technological infrastructure, usage, historical story, and projects are totally different. In our article, we tried to introduce these popular coins shortly.
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