• The article discusses the comparison between Shiba Inu (SHIB) and Dogecoin (DOGE) as they enter the crypto market.
• CNBC argues that SHIB is likely to outperform DOGE this year due to its various advantages such as its Shibarium layer-2 solution, ability to be used in buying and selling NFTs, staking tokens, participating in governance, etc.
• Dogecoin is still leading the crypto market with its well-known celebrity support and early mover advantage.
Battle for The Top Spot: SHIB vs DOGE
The global crypto market is witnessing a memecoin season with the launch of new cryptocurrencies such as PEPE, Wojak, and Chad. Among them, Dogecoin (DOGE) takes the top position by market capitalization while Shiba Inu (SHIB) follows closely behind. This way both of these tokens are competing for the top spot in 2023. This article will discuss whether SHIB will be able to outdo DOGE this year or not.
Usage of Tokens
Dogecoin has been accepted by many businesses as a payment method including Tesla, AirBaltic, AMC and Twitch whereas SHIB has also been used in different situations such as buying and selling NFTs, participating in governance and staking tokens along with launching their own decentralized exchange called ShibSwap which allows users to swap tokens and access liquidity polls. Moreover, SHIb’s lead developer stated that they would also see their layer-2 solution called Shibarium into light within two to four months time period followed by entering into metaverse by end of 2023 with an array of games like Shib Eternity. This indicates that SHIb may have a potential edge over Dogecoin if it can successfully execute all these strategies this year.
Advantages Of Dogecoin
Dogecoin has maintained its high ranking because of its well-known celebrity support from Twitter CEO Elon Musk along with having an early mover advantage over other memecoins in the cryptocurrency sector. Despite having only 1/4th holders compared to dogecoin holders at present time lastly reported 1 million shib holders which is quite impressive at initial stage itself . Both memecoins are rushing towards $1 mark but it looks like doge coin might reach there earlier due to its more widespread acceptance than shib . At present trading price of doge coin is around $0 .08354 with 5 .59% decline in last 24 hours which indicates how volatile crypto markets can be sometimes .
Shiba Inu (SHIB) has gained significant momentum since its launch on May 8th , 2021 when compared to other memecoins such as PEPE , Wojak , Chad etc . However , when comparing usage of tokens , undoubtedly doge coin comes first because most businesses have started accepting it as payment method now but shib also offers plenty features like buying /selling NFTs , staking tokens , decentralized exchange etc which makes it attractive investment option too . With variety of initiatives planned ahead by their development team , shib may take upper hand over doge coin this year if successful execution happens .
It remains to be seen whether Shiba Inu will eventually overtake DogeCoin or not but one thing for sure is that competition between two memecoins will continue throughout 2023 bringing better features & usability experience for investors & traders alike who are involved in crypto markets right now !