Highfliers like Shiba Inu (SHIB) and Dogecoin (DOGE) have really drawn retail interest into the digital currency arena.
Although Bitcoin and Ethereum account for a sizable portion of this nominal increase in crypto market value over the past two years, its highfliers like Shiba Inu (SHIB) and Dogecoin (DOGE) have really drawn retail interest into the digital currency arena. Bitcoin has not only been a trendsetter, ushering in a wave of cryptocurrencies built on a decentralized peer-to-peer network but has also become the de facto standard for cryptocurrencies. Because it isn’t the only cryptocurrency available, it is essential to look into others and find out which ones besides Bitcoin are doing well. Dogecoin (DOGE), seen by some as the original “memecoin,” caused a stir in 2021 as its price skyrocketed. The coin, which uses an image of the Shiba Inu as its avatar, is accepted as a form of payment by some major companies. Shiba Inu is also on a path to reinvent itself from a mere meme coin. The Shiba Inu ecosystem has launched a decentralized exchange (DEX) and a non-fungible token (NFT) incubator in recent months in a bid to give the SHIB token much-needed utility.
Dogecoin is better than Bitcoin
Dogecoin is already beating Bitcoin in some ways. In others, the digital coin with the adorable dog mascot is miles and miles behind the largest and oldest cryptocurrency. Moreover, the technical platforms are quite similar since Doge is a distant descendant of the Bitcoin system — with some tweaks along the way. After coasting along with minor price gains over several years, Dogecoin entered the spotlight during the social media whirlwind of early 2021.
Dogecoin was one of the standout performers in the cryptocurrency market, peaking in May before gradually descending in the following months. However, there are still numerous reasons to be optimistic about Dogecoin’s prospects, with the developers keen to implement additional use-cases to boost the coin’s value proposition.
At the end of the day, these two cryptocurrencies have a lot of shared DNA and history but are very different when it comes to real-world utility. If anything, Dogecoin could challenge Litecoin or Ripple as an efficient money-transfer platform, but even that ambition seems to fall short when you consider Dogecoin’s incoming inflation and its lighter focus on data security.
The Rise of Shiba Inu
In a typical year, the top-performing publicly listed stock that isn’t a microcap is probably going to gain 2,000%, or perhaps a bit more. Last year, Shiba Inu delivered what may go down as the single greatest one-year gain we’ll ever see from an investable asset. The self-proclaimed ‘Dogecoin-killer’ has proven itself to be of much more importance, despite harsh criticism and negative investor analysis. The Shiba Inu coin produced massive profits in 2021 and astonished the crypto market with skyrocketing profits. The most obvious reason SHIB was unstoppable in 2021, was due to its increased visibility. As the token rose the ranks in popularity and market capitalization, so did its market liquidity and investor community. Shiba Inu celebrated its growing community in 2021 as it crossed 1 million. In fact, it became the most-searched cryptocurrency in 2021, overtaking Bitcoin and some other major cryptocurrencies. The launch of decentralized exchange ShibaSwap in July also helped its cause.
Currently, it seems that the demand for Bitcoin from retail investors has declined in the past several months, at least according to data from Google Trends. The number of queries on the world’s largest search engine typically shows the behavior of smaller investors, which tend to arrive at the scene amid the most substantial bull runs. This was the case back in late 2017 when BTC spiked to its then-ATH at roughly US$20,000.
Disclaimer: The information provided in this article is solely the author’s opinion
Via: Analytics Insightby