After Dogecoin made cryptocurrencies on dogs cool, there has been an upsurge of other such cryptocurrencies- like Shiba Inu. Though there are other altcoins too- like Doge Cash, Dogelon Mars, and Akita Inu, Shiba Inu is the only one to spar at a competitive level with DOGE. After it debuted on Binance, the market cap for the cryptocurrency was $9 billion, which soon mellowed down to $3.5 billion.
Interestingly, although the creator of Shiba Inu has decided to accept the name, Dogecoin killer, both the cryptocurrencies are fighting with different weapons.
Dogecoin’s Specialty
For the uninitiated, Dogecoin is simply a fork of Luckycoin, which in itself diverged from Litecoin- the spinoff of Bitcoin. The main utility of DOGE is in online tipping where the low price and the abundance of it make it similar to yet another penny that might never see the light of the day. The most exciting part? DOGE has an infinite supply, and close to 10,000 new tokens are created every single minute.
But ever since Elon Musk decided to appreciate Dogecoin, the cryptocurrency took off rapidly- and crossed its ceiling of $0.01 on the 27th of January- after which it never looked back. It reached its all-time high of $0.68 in the last couple of months, and even at its present rate of $0.29, it still has the seventh-largest market cap of any cryptocurrency.
On the other hand, Shiba Inu is usually described as an experiment that deals with spontaneous community building in a decentralized institution. And while it does sound a bit like Dogecoin, it is quite different. The supply cap for Shiba Inu had been an exorbitant 1 quadrillion, of which almost half of them were gifted to Vitalik Buterin- the founder of Ethereum. The founder then donated a large section of that supply to charity before burning the rest.
