Shiba Inu Vs. Dogecoin: Who Will Do Better In 2023?

Shiba Inu (SHIB), known for its iconic dog-themed branding, and Dogecoin (DOGE), the beloved “meme currency,” have captured the imaginations of crypto enthusiasts with their massive fan followings. Both projects boast impressive market caps, securing spots among the top 15 cryptocurrencies. Despite their similarities, they are considered rivals with notable differences.

The DOGE vs. SHIB battle has been ongoing since SHIB’s debut in August 2020, with their respective communities fiercely pitting them against each other, while the wider market keenly observes. As we look to 2023, let’s delve into a few key fronts that can shed light on which project may hold the upper hand.

Shiba Inu vs. Dogecoin 2023

Price

Both Shiba Inu and Dogecoin are racing to reach $1, but DOGE has a shorter path to this goal. DOGE only needs to grow by 986% to hit $1, while SHIB would need an enormous growth of 9132320%. Additionally, DOGE enjoys the support of tech billionaire Elon Musk, who has praised the original memecoin and hinted at possible DOGE payments on Twitter.

In conclusion, while SHIB may have more utility, DOGE has the advantage of being around longer and being closer to reaching $1. Moreover, DOGE has a strong presence in the memecoin arena, while SHIB is attempting to distance itself from the “memecoin” label. It is possible that SHIB may excel in terms of utility in 2023, but DOGE may outperform in terms of value.

Currently, Shiba Inu (SHIB) is trading at $0.00001094, while Dogecoin (DOGE) is trading at $0.09208.

Utility

Regarding utility, Dogecoin has gained traction as a mode of payment, with several companies such as Twitch, AirBaltic, AMC, Tesla, and GameStop accepting it since its price surge in 2021. On the other hand, Shiba Inu (SHIB) is still in the early stages of exploring real-world use cases beyond payments.

SHIB offers its users a diverse range of outlets, including ShibaSwap, a decentralized exchange (DEX) that allows for token swapping, access to liquidity pools, NFT trading, token staking, and governance participation. Additionally, SHIB is actively working on launching Shibarium, its own layer-2 network’s mainnet.

Furthermore, SHIB has plans to enter the metaverse, expected to launch by the end of 2023, and has several games in development, including Shiba Eternity, Shiba Run, and Shiba March, each offering unique use cases compared to Dogecoin.

Considering these factors, Shiba Inu has more use cases and utility beyond just payments, which could attract more investments and contribute to its growth potential compared to Dogecoin.

Supply

Shiba Inu (SHIB) has a finite supply of one quadrillion tokens, but half of the initial supply has been burned, resulting in approximately 500 trillion tokens in circulation. In contrast, Dogecoin does not have a limited supply, and there are currently around 139 billion DOGE tokens in circulation.

Furthermore, in terms of daily active addresses (DAA), Shiba Inu has seen an average of 5,000 to 6,000 transactions per day on its network since the start of 2023. On the other hand, Dogecoin has consistently averaged well above 50,000 DAAs, indicating that it has attracted a significantly larger number of investors compared to Shiba Inu. This suggests that Dogecoin has a more active and established network than Shiba Inu regarding transaction volume and user engagement.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.