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Shiba Inu refers to itself as a “Dogecoin Killer.” It’s a different breed in many respects.
In the last month, leading US exchange Coinbase has announced listings for two cryptocurrencies that are centred on…dogs, rather than fighting inflationary monetary policy or building a censorship-free internet.
After Dogecoin (DOGE) popularised dog cryptocurrency, a slew of copycat projects followed suit, including Doge Cash, Akita Inu, and Dogelon Mars. Shiba Inu has been the most successful (SHIB). By borrowing the same meme-derived mascot, it has built a $9 billion market cap in just a few weeks after launching on Binance. (It has now been reduced to $3.5 billion.)
But although Shiba Inu’s creator has embraced the nickname “Dogecoin Killer,” SHIB and DOGE are fighting with different weapons.
What’s it good for?
Dogecoin is a fork of Luckycoin, which split from the Bitcoin fork Litecoin.
Its primary application is for online tipping since its low, low price and abundance make it feel like a penny in your pocket that you’re never going to use anyhow. Because of its limitless supply, 10,000 new DOGE are generated every minute. Isn’t it true that you can always acquire more?
But, with the aid of super-fans Elon Musk and Mark Cuban, Dogecoin went off, smashing its previous high of $0.01 on January 27 and never looking back. It reached a high of $0.68 this year and now has the seventh-largest market valuation of any cryptocurrency, according to Nomics.
SHIB, on the other hand, describes itself as “an experiment in decentralised spontaneous community building,” which sounds a little like the Dogecoin ethos of memes and LOLs. Its tokenomics, on the other hand, are rather different. It does have a supply limit, although it is a very high one of one quadrillion. This has been essentially reduced in half, since the project has given 50 percent to Ethereum co-founder Vitalik Buterin….who then gave a sizable portion to charity before ultimately burning (read: removing from circulation) most of it.
What’s in a name?
Note: DOGE is a coin and SHIB is a token.
Though the phrases are frequently used interchangeably, coins reside on their own blockchain, whereas tokens function on the infrastructure of another blockchain. This is significant because Shiba Inu is subject to Ethereum development choices, and demand for the token has the potential to clog network transactions and boost network transaction fees for all Ethereum-based tokens.
Shiba Inu founder Ryoshi opted to build on Ethereum “to ensure that his project was free to change and evolve with zero outside regulations impacting it.” according to its, ahem, WOOF Paper. Furthermore, Ethereum was “already secure and well-established,” allowing decentralised applications to be built on top of it.
The true goal, though, is to move to ShibaSwap, a decentralised exchange that will allow crypto traders to swap other Ethereum-based tokens directly—and even “faster and cheaper” following the Ethereum 2.0 update.
ShibaSwap’s core tokenomics have already been established, with three tokens: Shiba Inu, Leash Dogecoin Killer, and Bone: “Shibas will DIG for BONES or even BURY their tokens on ShibaSwap. The finest trainers even teach their Shibas to SWAP, allowing the pup to swap one coin for another.”
Regardless matter what distinguishes them, they both have a sense of humour.
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