Shiba Inu Competes with Dogecoin Again to Emerge as Top Memecoin

2 May 2022

in SHIBA

Reading Time: 3 mins read

Shiba Inu and Dogecoin have been in an eternal war to emerge as the best

Shiba Inu and Dogecoin are part of some of the cutest cryptocurrencies in the market. But these two cryptocurrencies have been able to take the centre stage in the market, not because of their cuteness, but because of their engagement in one of the most gruesome crypto-dominated competitions. Dogecoin and Shiba Inu have been each other’s biggest rivals since their launch. Even though DOGE was the pioneer of the ‘dog’ cryptocurrencies, Shiba Inu has stood its ground and delivered astounding amounts of profits to its investors. SHIB has soared solely due to its fierceness in giving a tough competition to Dogecoin, whereas, the latter possess the support of tech giants like Elon, Mark Cuban, and others. Recently, after Musk’s Twitter acquisition, there have been rumours that he might add DOGE to the Twitter Blue subscriptions, which aims to provide enhanced experiences to the platform’s users. And since Musk’s recent acquisition, the fight between Shiba Inu and Dogecoin has been a lot worse. Dogecoin spiked incessantly, whereas SHIB’s metaverse initiatives are making investors quite hopeful of its future, but which crypto will emerge as the top memecoin is still obscure!

Shiba Inu and Dogecoin’s recent market movements

There are experts who believe that Dogecoin and Shiba Inu’s recent price spike indicates a major crash in the future. Previously, the deadly Covid pandemic and then the Russian-Ukraine war have had adverse negative effects on the market. Crypto investors are under the perception that the current market sell-off will also have certain impacts on the crypto market. Besides this, the two cryptos have managed to wake up from their slumber spell with various initiatives forwarded by the developers. Shiba Inu is preparing to launch the Shibarium layer-2 solution to attract more investors. But the launch has been delayed, which is again making investors quite anxious about its relevance. Also, the developers introduced the concept of Shibburn, in order to enhance the coin’s demand by reducing its market supply. These initiatives are estimated to accelerate the rise in cryptocurrency prices in 2022.

Coming to Dogecoin’s recent market movements, the crypto’s popularity was heightened excessively by Elon Musk’s influence. Besides SHIB, Dogecoin is facing stiff competition from other dog-based cryptocurrencies like Floki Inu and others. The crypto recorded a rise of more than 12,000% in 2021. But by 2022, DOGE fell from its grace and suffered a loss of more than 80% from its all-time highs. But recently, after Musk’s recent Twitter acquisition, Dogecoin’s market value has soared again, giving positive hopes to DOGE investors.

So, which is a better investment option?

According to crypto experts and analysts, neither is a good option for investment. But for those who are quite fond of the market volatility and are ready to explore it, can definitely invest in either of the two cryptocurrencies. Both DOGE and SHIB are in a volatile stage and hence it is quite difficult to decide which is a better option. But currently, both of them are spiking and giving massive amounts of hope to their investors.