There is a simple answer to this question, no. Doge and Shiba Inu are different in many ways, so here is a little breakdown to help you better understand those differences.
What is DOGECOIN (DOGE)?
Dogecoin (DOGE) is by definition a peer-to-peer (P2P), open-source cryptocurrency.
Based on analysis and comparison to Bitcoin, which is the first major cryptocurrency, it is viewed as an alternative coin (altcoin) and with the basis of being a sarcastic meme coin.
However, it is observed that the codebase of Dogecoin was actually a fork of Litecoin, in which most of the characteristic features such as hashing algorithms were inherited from the Litecoin codebase. However, it has the key difference between brand management and the quantity of its inflationary supply.
Doge was launched in December 2013 by Jackson Palmer and Billy Markus and has the image of a Japanese dog as its logo.
At the inception of Doge, the coin looked worthless due to its high quantity supply until sometime in 2017, during the cryptocurrency bull run, it was possible to see the rise in price for most of the altcoins of which the Dogecoin experienced its initial rise to prominence.
Dogecoin has a market capitalization of over $16.9 billion, and it is ranked number 12 in the total available coins on Coinmarketcap and ranked number 12 on Coingecko respectively.
What is SHIBA INU?
Shiba Inu is a token developed on the Ethereum network as an altcoin (a cryptocurrency that is other than Bitcoin) which features the Shiba Inu (also a Japanese dog), which is a Dogecoin look-alike logo.
Shiba Inu and Dogecoin are considered in the crypto space as meme coins, which are cryptocurrencies that are associated with some theme like the dog in the case of Shiba Inu and Dogecoin.
Shiba Inu’s price soared more than ten times its initial price in October 2021. It has a circulating supply of 550 Trillion SHIB coins and a total supply of 1 Quadrillion, giving it a peak market capitalization of $41 billion (on October 29, 2021) and became one of the top ten meme cryptocurrencies by this measure.
Shiba Inu was developed with the purpose of giving answers to a simple question: “Can a crypto project be run in a decentralized manner?”.
This led to the founder of Shiba Inu Ryoshi attributing the origin to an experiment to derive a decentralized spontaneous community building.
According to Ryoshi, the power of collective decentralization can build something stronger than a centralized team could ever create.
SHIBA INU, unlike DOGE, is compatible with the Ethereum ecosystem (since it was created on the Ethereum blockchain) which has allowed the community to create crypto apps like ShibaSwap.
There is also the creation of a Decentralized Exchange (DEX) that allows users to trade and stake tokens without an intermediary within the ecosystem.
It is said that in the future, the Shiba community plans to release an NFT tradable platform (marketplace) and DAO-based governance system for the Shiba ecosystem.
The Shiba Inu Coin has been in the limelight for a number of reasons, though its value has had its own impact on the entire crypto market as it got to an all-time high which placed it side to side with Dogecoin during the previous bull run.
In recent times major corporations and business organizations are now accepting Shiba Inu as a payment system for goods and services as is also experienced with Dogecoin.
Consequently, Shiba Inu is taking over a lot of the crypto market and proving itself an excellent choice for investors as compared to Doge.
So has Doge converted into Shiba Inu? No, not really, not ever.
Store your Doge or Shiba Inu in Klever Wallet or Trade these meme tokens on Klever Exchange.
