Shiba Inu (SHIB) and Dogecoin (DOGE) are the most popular memecoins, with massive fan followings. Both projects are among the top 15 by market cap. Although both projects share a lot of similarities, they are considered rivals with distinct differences.
The DOGE vs. SHIB battle has been ongoing since SHIB’s debut in August 2020. Both have been pitted against each other by their respective fans and communities, with the larger market bearing witness. With that being said, let us take a look at a few fronts that will help us better understand which project has an upper hand in 2023.
Dogecoin vs Shiba Inu: Who wins in 2023?
Utility is one of the most important indicators of a project. Dogecoin’s biggest utility is, it is being used as a mode of payment. Several companies have begun to accept DOGE as payment since DOGE’s price increase in 2021 and accompanying growth in popularity. These companies include Twitch, AirBaltic, AMC, Tesla, and GameStop, to name a few.
On the other hand, Shiba Inu (SHIB) is only beginning to explore its real-world use cases. Besides being used as payment, SHIB has a host of other outlets for its users. SHIB has a decentralized exchange (DEX) called ShibaSwap, which allows users to swap tokens, access liquidity pools, buy and sell NFTs, stake their tokens, and participate in governance. Moreover, SHIB is working on launching the mainnet for its layer-2 network, Shibarium.
Over time, it is anticipated that the same will attract more investments. The project’s growth potential is also influenced by the metaverse, which is anticipated to launch by the end of 2023, as well as a variety of games including Shiba Eternity, Shiba Run, and Shiba March. Each of these initiatives offers a different use case in comparison to Dogecoin. Therefore, Shiba Inu seems to have more use cases and utility, as compared to Dogecoin.
Shiba Inu (SHIB) has a limited supply of one quadrillion tokens. However, half of the initial supply has been burned. This leaves about 500 trillion tokens in circulation. While Shiba Inu has a limited supply, Dogecoin does not. There are currently about 139 billion DOGE tokens in circulation.
Since the beginning of 2023, the daily active addresses (DAA) on the Shiba Inu network have seen an average of 5,000 to 6,000 transactions every day. Dogecoin, however, has consistently averaged well above 50,000, indicating that its network has drawn substantially more investors than Shiba Inu.
Now both Shiba Inu and Dogecoin are in a race to reach $1. However, DOGE has a shorter run to reach this goal. While DOGE needs to grow by 986% to reach $1, SHIb would need to grow by a whopping 9132320%. Moreover, DOGE has the support of tech billionaire Elon Musk, who has never shied away from praising the original memecoin. Moreover, he has hinted that Twitter might incorporate DOGE payments soon.
In conclusion, although SHIB has more utility, DOGE has the advantage of being around longer and being closer to reaching $1. Moreover, DOGE has an upper hand in the memecoin arena. However, it should be noted that SHIB is trying to rid itself of the “memecoin” tag. Hence, it is possible that SHIB may come out on top in 2023 in the utility game, but DOGE may fare better in terms of value.
At press time, Shiba Inu (SHIB) was trading at $0.00001095, while Dogecoin (DOGE) was trading at $0.092073.