Doge and Shiba are two dog-based meme cryptocurrencies that are very popular in the world today. This is because millennials believe that these tokens can make them rich soon.
Crypto projects, however, do not work that way. They are designed with a specific goal in mind. Some media reports indicate that so and so became millionaires by investing in these projects at an early stage.
So there lies the crux, invest early and get benefits, this is the same for any industry, be it pharmaceuticals, aviation, transportation, technology, others. You just need to find the right project that can give you desired results.
Now let’s come back to our topic on two dog-based meme tokens.
According to CoinMarketCap.com, there are over 178 meme crypto projects based on dogs with today a market capitalization of over $41.10 billion as of 19 December 2021.
Out of this, Dogecoin (DOGE) share is around $22.76 billion with over 135 billion tokens in circulation, whereas Shiba Inu (SHIB) has a $17.45 billion share with over 549 trillion tokens undersupply.
Dogecoin is a very old coin launched in 2013 as a meme coin to mock Bitcoin, ever since it has been treated as a shitcoin with no value.
Shiba Inu was launched in August 2020 as a Doge killer, when its market cap was just $117 million.
Traction
Though Dogecoin was not based on any use cases, it became popular after Elon Musk started tweeting about it and since January 2021, Doge prices have increased from $0.005 per token to $0.68 per token on 5th May 2021, which is now hovering at $0.17 per coin.
However, prices of Shiba started to increase in May 2021, when the developers announced that they have sent 500 trillion Shiba tokens to Ethereum founder, Vitalik Buterin. The price of the Shiba token on 1 April 2020 was $0.00000005 per token, which touched $0.00008 on 27 October 2021 with a market cap over $41 billion.
After this announcement, Vitalik announced that he has burned 400 trillion Shib tokens and 50 trillion he has donated to the India Crypto Fund set up to help during the COVID-19 crisis. During that period, India was witnessing a second-wave coronavirus which was first reported in China.
Since then, both dog-based tokens have been gaining traction. For a brief period, Shiba overtook Doge in market capitalization that touched $41.09 billion on 29 October 2021, against $37.97 billion of Doge.
Today, as per the Coinmarketcap.com ranking table, Doge is again ahead of Shiba with over $22.94 billion on 12 positions and Shiba with $17.37 billion on 13 positions.
Doge & Shiba have become very popular meme coins globally, both the meme tokens have over $1 billion each in daily trading volumes and really command their position in the meme tokens category.
Growth
Elon Musk has recently announced that his car company, Tesla will be accepting Doge for buying merchandise, which again pushed the prices of Doge by over 25% in a day.
The SHIB community too has announced that they will be entering the Metaverse space by burning tokens by February 2022, which can further increase the prices of Shiba tokens and have raised the hopes of over a million holders.
Both the tokens have very strong social media communities. Doge has over 438,409 holders as per BSCScan.com as of 19 December 2021, whereas, Shiba has over 1,072,467 holders, according to etherscan.io.
Doge has been listed for trading on over 200+ exchanges with various pairs, whereas Shiba is listed on over 80 plus exchanges with various pairs option to trade.
One important factor that Doge has made a lot of market capitalization is the listing of its token on Robinhood App, an American financial service that allows trading in stock along with cryptocurrency.
Due to this, Doge has gained lots of traction, as many of the investors have invested and added crypto to their portfolios.
The Shiba community has been running a campaign for many months and asking the Robinhood to list Shiba on their platform, but they have not been successful till now.
Experts believe that if Shiba is listed on Robinhood App, the price will excel and it can even touch $0.01 very soon.
Investing in dog based tokens
Investing in any crypto project is very risky, one has to Kleverly do the due diligence and deliberate on the high risk associated with this sector.
As the sector is new, users must not sway away by market reports or news reports that can cause huge financial losses.
These meme tokens in their whitepapers make it clear that you can lose all your money, so if you believe that this project has value and can sustain in a longer period, then take your decision very Kleverly.
You can store both the tokens on Klever Wallet.
Jagdish Kumar
Klever Writer
Follow me on twitter.com/TokenBharat
Disclaimer: This article is for educational purposes. This is not financial or investment advice. Always do your due diligence before investing in any crypto project.
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