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Dogecoin vs Shiba Inu: Which Meme Coin is a Better Buy?



Dogecoin and Shiba Inu are the largest meme coins in the world. The two have a combined market cap of $33.3 billion. This makes them larger than well-known companies such as Carmax, Chegg, Wayfair, Carvana and SoFi, among others. Dogecoin price has plunged over 81% from its all-time high, while Shiba Inu is down over 70%. So what's a better buy? DOGE or SHIB?


What speaks for Shiba Inu

There are several reasons why Shiba Inu's price is a better buy than Dogecoin. First, SHIB seems to be more popular than Dogecoin. The data shows that SHIB is the second most popular cryptocurrency on social media platforms after Bitcoin. It is also one of the most commonly held cryptocurrencies in the world. Therefore, there are chances that these users will help to increase it further in the future.


Second, and most importantly, Shiba Inu has evolved from a mere meme coin to a DeFi platform. In 2021, developers launched ShibaSwap, an all-in-one platform for swapping coins and generating returns through staking and providing liquidity.


According to the platform, it now has a total value of more than 100 million USD (VL). This amount is slightly below that of Cardano, a larger platform with over $300 million. Also, people can mint and trade NFTs on the platform. Therefore, there are chances that this DeFi platform will continue to perform well.


Additionally, Shiba Inu developers have announced plans to introduce Metaverse tools to expand their engagement. These initiatives are likely to drive the Shiba Inu price sharply higher. Most importantly, Shiba Inu holders are more evenly distributed.


What speaks for Dogecoin

On the other hand, there are several reasons why Dogecoin is a better investment than Shiba Inu. First, Dogecoin is considered a pioneer in the meme coin industry. As a result, many people believe it has a better chance of gaining global acceptance than Shiba Inu. They cite Bitcoin's success to support their case. Consider what Mark Cuban said about DOGE :


“ And then you have Dogecoin, which is just fun. But the weird thing about it is that it has evolved from a cryptocurrency joke to something that is becoming a digital currency. "


Also, Dogecoin is promoted by Elon Musk, the richest person in the world. The fact that he is holding the coin is seen as a way of confirming its existence. However, Shiba Inu proponents see this as a negative catalyst for the coin, as Musk can change his mind at any time.


Therefore, in my view, Shiba Inu is a better investment than Dogecoin since it has expanded its use case.

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