Did you know that the market size for cryptocurrency will get to $1087.7 million by 2026?
People often get two confused, but there are a lot of differences between Dogecoin and Shiba Inu. A lot of people don’t know about the differences between Dogecoin and Shiba Inu, which can lead to a lot of confusion.
But don’t worry. Keep reading because, in this Dogecoin vs Shiba Inu article, we’ll compare and contrast the two so that you can understand the differences between them.
1. Dogecoin Is a Cryptocurrency, While Shiba Inu Is Not
When Dogecoin was first created, it was meant to be a fun and friendly alternative to Bitcoin. However, over time it has become more serious and developed into a fully-fledged cryptocurrency. Shiba Inu, on the other hand, has never been intended as a currency but rather as a meme coin.
2. Dogecoin Has a Much Larger Supply Than Shiba Inu
There are currently over 129 billion Dogecoins in circulation, with a maximum supply of infinite DOGE. Shiba Inu, on the other hand, has a very limited supply of just 1 quadrillion SHIB – that’s one thousand times less than Dogecoin!
3. Dogecoin Is Mined Using Proof of Work, While Shiba Inu Uses Proof of Stake
Dogecoin utilizes the Proof of Work consensus algorithm, which means that miners are rewarded for verifying transactions on the network. On the other hand, Shiba Inu uses the Proof of Stake algorithm, which means that users can earn rewards simply by holding SHIB coins in their wallets.
4. Dogecoin Has a Much Faster Block Time Than Shiba Inu
The average block time for Dogecoin is just 1 minute, compared to Shiba Inu’s 10 minutes. This means that transactions on the Dogecoin network are confirmed much faster than those on the Shiba Inu network.
5. Dogecoin Is Supported by Major Exchanges and Wallets, While Shiba Inu Is Not
Dogecoin is listed on several major cryptocurrency exchanges, such as Binance, Kraken, and Huobi. It is also supported by several popular wallets, such as Ledger and Trezor. Shiba Inu, on the other hand, is not yet supported by any major exchanges or wallets.
6. Dogecoin Has a More Active Development Team Than Shiba Inu
The Dogecoin Foundation is a non-profit organization that oversees the development of the Dogecoin network. The team behind Shiba Inu does not yet have a formal structure or organization.
7. Dogecoin Has a More Established Community Than Shiba Inu
Dogecoin has been around for much longer than Shiba Inu, and as such, it has a more established and active community. There are several popular Dogecoin forums and social media groups, such as the r/Dogecoin subreddit and the Dogecoin Discord server. Shiba Inu does not yet have a large or well-established community.
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Dogecoin vs Shiba Inu: Which One Should You Choose?
In conclusion, while Dogecoin vs Shiba Inu may share some similarities, there are many differences between them. Be sure to do your research before you invest in any cryptocurrency!
Want to learn more? Check out our blog for more articles like this dogecoin guide.
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