Dogecoin [DOGE] and Shiba Inu [SHIB] are at the vanguard of the meme cryptocurrency movement. Despite the fact that each of these assets is based on a meme, they have vastly distinct qualities. Cryptocurrencies are regarded as a group. Yet every single cryptocurrency inhibits unique properties. Robinhood seems to have missed out on this and the Shib Army isn’t pleased.
Following a long wait, the Shiba Inu community finally celebrated the listing of SHIB on the trading platform, Robinhood. The entire market was ecstatic. Amidst these celebrations, Robinhood went on to fill in the ‘About’ section of the altcoin. Robinhood wrote,
“Shiba Inu (SHIB) is an Ethereum-based token that was launched as an alternative to Dogecoin (DOGE) in August 2020 by an anonymous person or group under the name Ryoshi. There is a circulating supply of 546 trillion SHIB.”
Several in the Shib Army began to urge Robinhood to take this down.
How is Dogecoin different from Shiba Inu?
Everybody in the market has to acknowledge the fact that Dogecoin operates on its very own blockchain while Shiba Inu was built on the Ethereum blockchain. This is reason enough to explain how both these projects are distinct from each other. Yet a member of the Dogecoin community, who goes by Mishaboar explained how SHIB was not at par with DOGE.
The Twitter user pointed out that Dogecoin was an open-source project that entered the market nearly a decade ago. The devs of the network do not entail large amounts of the reserve. Shib, however, is a much recent project that is reportedly “made for short-term speculation.”
Further taking a dig at the burn mechanism of SHIB, Mishaboar added,
“Burning supply and other tricks are just there to make people believe there is a way to artificially inflate the price by affecting the supply. This kind of purpose is exhausted once a token has passed the first months of crazy appreciation; at similar levels of market cap, especially as high as SHIB has gotten, the speculative potential of a crypto vs another is generally quite close.”
Veering back into the main concern, the Doge community member highlighted how Robinhood’s mishap would give away the wrong impression. Mishaboar pointed out that bunching the two would quite often lead to individuals believing that both the projects have the same level of transparency and decentralization. However, SHIB entailed much more risk, the user added.
Additionally, it should be noted that Shiba Inu is a fairly new project and has still managed to garner a prominent presence throughout the globe. As this tiff between the two meme coins persists, Robinhood is once again put under pressure.