DOGE and SHIB are battling it out for the title of best memecoin.
Before investing large sums of money in memecoins, it is critical to evaluate hash rate as a proxy for network security.
Due to the huge activity surrounding the memecoin, SHIB is burning a significant quantity of ETH.
When compared to DOGE, SHIB appears to have a more evenly distributed token distribution.
Due to the history of dog coin rallies leading to broader market selloffs, prudence is advised.
While BTC may have a short-term drop as a result of overall market froth, permanent funding rates have decreased, and long-term fundamentals appear to be positive.
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What’s New in Crypto:
BTC: $58,826, a decrease of 2.25 percent.
ETH: $3,994, a -4.32 percent decrease.
ETH/BTC:.0678, a loss of.88 percent in BTC.
D: 44.82 percent (+1.16%); D: 44.82 percent +1.16%; D: 44.82 percent +1.16%; D: 44
Highlights of DOGE
Dogecoin (DOGE) is a proof-of-work technology created by Billy Markus and Jackson Palmer in 2013 after a fork from Litecoin (LTC). The project was originally designed as a joke and is based on a Dog meme.
“I just made it up as I went along, with no expectations or plans.” In a reddit post, Billy Markus stated, “It took around 3 hours to make.”
DOGE currently has a market valuation of around $32 billion. Mark Cuban and Elon Musk, both billionaires, have expressed interest in the project. The Dallas Mavericks, a Mark Cuban-owned NBA team, stated in March that they would begin taking DOGE as a form of payment.
DOGE presently lacks smart contract features and has no ecosystem built around it, hence there are only a few use cases in its current state. Elon Musk has already stated that he is working with DOGE engineers to assist solve this, but no new information has been released since then.
According to CNBC, DOGE accounted for 62 percent of the $30 billion corporation Robinhood’s (HOOD) crypto trading income in Q2 2021.
Highlights from the SHIB
Shiba Inu (SHIB) is a self-described “DOGECOIN KILLER” who began as a joke based on the Shiba Inu dog meme. Because it’s an ERC-20 token, it’s now protected using the proof-of-work protocol, but if Ethereum merges, it’ll switch to proof-of-stake. It was established in 2020 by a person or people using the alias “Ryoshi.”
The designers brought a lot of attention to SHIB by giving Vitalik Buterin, the co-founder of Ethereum, 410 trillion of the 1 quadrillion supply of the cryptocurrency for free. According to Yahoo, Vitalik transmitted 90% of the remaining amount to a dead address, thereby removing the coins from circulation forever, and the remainder to a charity. The 410 trillion SHIB would be worth almost $30 billion today.
SHIB offers a lot more use cases than DOGE because it is built on top of Ethereum and has smart contract capabilities. Shibaswap is a website that has around $400 million in total value locked (TVL) and allows users to interact with NFTs, a decentralised exchange, liquidity mining, and other features.
As a result, there is no doubt that SHIB has more applications than DOGE at current time.
Despite being a major admirer of DOGE and memes in general, Elon Musk stated on Twitter on Sunday that he has no SHIB.
SHIB has now overtaken DOGE as the ‘top dog’ and the 9th largest coin by market capitalization, with the 3rd most traded volume among digital assets over the last 24 hours.
SHIB is likewise experiencing extremely low rates of perpetual funding. This means that traders pay exorbitant fees to longs in order to keep short positions open. This frequently allows for massive short squeezes and may indicate that a blow off top before the final crash has yet to occur.
