Memecoins like Dogecoin (DOGE) & Shibu Inu (SHIB) bring fun value to the crypto ecosystem, but they may also be a serious method to generate rapid returns on investments for some. Investing in meme coins is akin to gambling in that it entails a high level of risk and, at times, a high level of reward.
They operate on the network effect, which entails a loyal audience marketing the product on all social media channels in order to attract more consumers and maintain the price momentum. Dogecoin (DOGE) is the front-runner among this group, with a market value of more than $33 billion and a position in the top ten cryptocurrencies. Shiba Inu (SHIB) is a worthy challenger to DOGE and is now ranked in the top 20.
DOGE has been on the crypto market since 2013 as a meme token, and after a seven-year period of relative obscurity, the cryptocurrency became popular all over the world in the wake of Tesla creator Elon Musk’s tweeting binge in early 2021.
DOGE is a Shiba Inu dog that is based on the extremely famous Internet joke “doge.” DOGE has a limitless number of tokens, compared to other cryptocurrencies that generally have a restricted supply, with a current circulating supply of over 131 billion.
Shiba Inu (SHIB), on the other hand, has just been around for a year and, according to its website, is the “Dogecoin Killer.” SHIB, like DOGE, is a meme-inspired cryptocurrency that grew in value and speed as a community of committed traders was attracted by the coin’s attractiveness mixed with tweets and headlines from celebrities like Elon Musk.
SHIB is still under active development and has a maximum supply of 1 quadrillion units. SHIB is one of the top 20 cryptocurrencies in the world, with a market value of more than $10 billion and a price of approximately $0.0000282 USD while at the reporting time Dogecoin (DOGE) is presently trading at a price around $0.25533 USD, which is +3.67% up for the day.