The debate “Dogecoin vs. Shiba Inu” is very popular among cryptocurrency users. Dogecoin has become well-known and has received support from well-known figures such as Elon Musk. 

However, Shiba Inu, known as the “Dogecoin Killer,” is new to the market but has already gained a following because of its distinctive tokenomics and the creation of ShibaSwap, a decentralized exchange. 

The amount of SHIB tokens burned in a single day has increased recently by 25.9% to 24.36 million, while the burn rate over a longer period of time has increased by 269.9% to 798.3 million tokens burned.

What Is Shiba Inu ? | The Dogecoin Killer

Shiba Inu, is a cryptocurrency with a dog meme theme, has surfaced on the Ethereum blockchain as a strong competitor to Dogecoin, hence gaining the nickname “Dogecoin killer”. While Shiba Inu started as a joke coin, it has evolved into a unique entity, combining a payment token, DeFi platform, NFT marketplace, and meme coin.

However, more than 40% of these tokens have already been eliminated from circulation, thereby reducing the total supply. The protocol was developed by an anonymous individual known as “Ryoshi”, who remains actively involved in its ongoing development. The low cost of SHIB is intentional, designed to promote spending over accumulation.Imagine Doctor Doge, saying a goodbye to both of these rivalries in one go! WOAH!

ShibaSwap: More Than Just a Meme Token

ShibaSwap also facilitates simple token-to-token swaps. Users can connect their wallets to ShibaSwap and exchange their existing coins for another coin. Additionally, users can purchase Shiboshis, a collection of 10,000 NFTs, which can be used in the upcoming Shiboshi game for strategic gameplay.

As the “Dogecoin killer”, Shiba Inu has certainly made its mark in the crypto world.

With Elon Musk’s Dogecoin price prediction causing ripples in the market, it will be interesting to see how Shiba Inu fares in this dog-eat-dog world of cryptocurrencies.

Elon Musk’s Influence On Dogecoin| Elon Musk Dogecoin Price Prediction 

Elon Musk, Tesla’s CEO, has been known to influence Dogecoin’s price with his remarks. His tweets and statements have often led to price fluctuations. For instance, when Musk hinted at Tesla accepting Dogecoin, its price rose by 15%. Similarly, a Q&A response from Musk led to a 15% increase in Dogecoin’s price.

However, even if Elon Musk Dogecoin price prediction can impact Dogecoin’s short-term price, its long-term prediction depends on various factors including market trends and broader adoption. Predictions suggest that dogecoin could be somewhat in between $0.70 to $1 by the end of 2024 with the current price being $0.15.

Please note, these are just predictions and actual prices can vary.

Conclusion-

While Dogecoin has an unlimited supply, Shiba Inu has implemented measures like token burning to reduce its supply over time. Bitcoin halving has also historically led to increased volatility in the crypto market. This could indirectly affect other cryptocurrencies like Dogecoin. The “Dogecoin vs Shiba Inu” debate continues as both coins evolve and make their mark in the crypto space and keeping an eye on them is going to be a fun task for the whole team of ReadingCrypto & enthusiastic crypto lovers like you. 

Happy weekend! 

Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.