Which meme coin is a better buy?
Dogecoin and Shiba Inu are the biggest meme coins in the world. The two have a combined market capitalization of $33.3 billion. This makes them bigger than well-known companies like Carmax, Chegg, Wayfair, Carvana, and SoFi among others. Dogecoin price has crashed by over 81% from its all-time high while Shiba Inu has fallen by over 70%. So, which is a better buy between DOGE and SHIB?
The case for Shiba Inu
There are several reasons why the Shiba Inu price is a better buy than Dogecoin. First, SHIB seems like it is more popular than Dogecoin. Data shows that SHIB is the second most popular cryptocurrency in social media platforms after Bitcoin. It is also one of the most held cryptocurrencies globally. Therefore, there is a likelihood that these users will help push it higher in the future.
Second, and most importantly, Shiba Inu has transitioned from being just a meme coin to a DeFi platform. In 2021, the developers launched ShibaSwap, an all-in-one platform for swapping coins and generating returns through staking and providing liquidity.
According to the platform, it now has more than $100 million in total value locked (VL). This amount is slightly below that of Cardano, which is a bigger platform with over $300 million. Also, people can mint and trade NFTs in the platform. Therefore, there is a likelihood that this DeFi platform will keep doing well.
Further, Shiba Inu developers have announced plans to launch metaverse tools in a bid to expand its engagement. These initiatives will likely push the Shiba Inu price sharply higher. Most importantly, Shiba Inu holders are more evenly spread.
The case for Dogecoin
On the other hand, there are several reasons why Dogecoin is a better investment than Shiba Inu. First, Dogecoin is viewed as a pioneer in the meme coin industry. As a result, many people believe that it has a better chance for global acceptance than Shiba Inu. They cite the success of Bitcoin to back their case. Consider what Mark Cuban said about DOGE:
“And then you got dogecoin, which is just fun. But the weird part about it [is that] it went from being a cryptocurrency joke to now becoming something that’s becoming a digital currency.”
Further, Dogecoin is promoted by Elon Musk, the richest person in the world. The fact that he holds the coin is seen as a way of validating its existence. However, Shiba Inu advocates see this as a negative catalyst for the coin since he can change his mind.
Therefore, in my view, I see Shiba Inu as being a better investment than Dogecoin because it has expanded its use case.