Shiba-Inu-vs-Dogecoin-Which-Coin-Will-Rule-the-Next-Bull

Shiba Inu vs Dogecoin: which coin will rule the Next Bull Run and how one stands further Ahead

During the crypto winter of 2022, there was a lot of discussion about two of the most well-known coins, Shiba Inu and Dogecoin. Because they both are based on internet meme dogs, their popularity skyrocketed, and Elon Musk even joked that Dogecoin would be the currency on the moon. Shiba Inu and Dogecoin both use essentially the same technology. Being an ERC-20 token, SHIB uses a proof-of-work algorithm that provides it with a transaction rate comparable to Dogecoin. Let's compare the Shiba Inu to Dogecoin to see who will win the upcoming bull run.

Dogecoin does not replicate Bitcoin exactly. Compared to Bitcoin, Dogecoin has a far higher amount in circulation, and its total supply is uncapped. The total quantity of DOGE is approximately 129 billion, which is significantly more than the 21 million maximum supply of Bitcoin. Furthermore, 10,000 Dogecoins are created each minute. A token on the Ethereum network is called Shiba Inu. Non-fungible tokens, or NFTs, employ the ERC-721 token standard, while fungible tokens, like Shiba Inu, use the ERC-20 token standard. Shiba Inu may use smart contracts to develop decentralized finance (DeFi) products because the token is powered by Ethereum.

With tokens like Uniswap, Yearn. Finance and Aave soaring in price and usage, and the DeFi market has gained traction this year. These coins build decentralized exchanges (DEX), lending protocols, and even interest-bearing accounts using smart contracts on the Ethereum blockchain. Shiboshis, a collection of 10,000 NFTs styled after their pet Shiba Inu, is another entry by the Shiba Inu into the NFT market.

The decentralized program employs the Ethereum network, which enables the auctioning of NFTs and replaces a third party for transactions with smart contracts. Shiba Inu's technical structures suggest that the current level of SHIB prices is essential. Despite having recovered about 60% from recent lows, it is currently trading below a crucial resistance level of US$0.00001250. It has shown consistent growth over the past 15 days and is anticipated to surpass this level as well.

The second-largest meme coin by market capitalization is currently in a rising triangle formation, which supports the bullish thesis. This price pattern, which is well known as being extremely bullish, suggests the potential for a strong breakout over US$0.00001250.

The 500 trillion SHIB circulating supply has a 1 quadrillion SHIB overall cap. It is unclear if this was the purpose for Shiba devs handing Vitalik Buterin the token when a significant portion of the supply was burned by him. However, it was generally regarded as a no from the creator of Ethereum.

The Shiba website boasts that the remaining SHIB, which Buterin did not burn, was completely locked up in the Uniswap exchange, necessitating open market trading for anyone wishing to transact in SHIB. Shiba may appear to be a clone of Dogecoin, trying to capitalize on the latter's recent success, and to some extent this is accurate. SHIB, however, has a few cards in its favor that could lead to it finally becoming the so-called "Doge Killer."