DOGE has over four million X followers and 2.5 million Reddit followers as of this writing, giving it one of the largest and most engaged communities in crypto. DOGE ranks seventh by market capitalisation at $53.44 billion as of this writing. It originally had a supply cap of 100 billion, but removed it to discourage hoarding, now issuing five billion tokens annually, which leads to an unlimited supply. DOGE currently has approximately 147 billion tokens in circulation, so it may lack the price upside potential of cryptocurrencies with lower floats.
DOGE also lacks utility, though a strong community drives enough demand for a price of $0.36 (at the time of writing). LEASH launched as a rebase or elastic token, with it’s supply adjusted to track the price of DOGE at a rate of 1/1,000. TREAT is envisioned as a future reward token for the Shiba Inu ecosystem, intended to complement SHIB, BONE, and LEASH and further diversify the reward mechanisms within the ecosystem. The introduction of TREAT suggests a continued commitment to incentivizing community engagement and fostering a multi-token ecosystem that offers diverse opportunities for participation and reward accrual. The specifics of TREAT’s implementation and its integration within the broader Shiba Inu ecosystem will be crucial to its success and its impact on the overall project.
Meme coins are amongst the most volatile crypto assets, and DOGE and SHIB have seen dramatic price swings. SHIB is supported throughout the Ethereum network, and holders can purchase NFTs and access an ever-growing number of dapps. Shiba Inu’s proprietary L2 blockchain, Shibarium, uses BONE instead of SHIB for staking, so SHIB isn’t the native token of any blockchain. Explore the differences between Dogecoin (DOGE) and Shiba Inu (SHIB), two of the most popular meme coins in the crypto space. Because Shiba Inu is an Ethereum-based ERC-20 token, it was created on and hosted by the Ethereum blockchain instead of its own blockchain. Ryoshi stated in the paper that they chose to build the Shiba Inu ecosystem on Ethereum because it was already secure and well-established, and it allowed the project to stay decentralized.
Moreover, the introduction of BONE as a governance token within the ShibaSwap ecosystem further empowers the SHIBArmy, granting token holders the ability to vote on proposals and participate in the decentralized governance of the platform. This emphasis on community governance aligns with the broader ethos of decentralization within the cryptocurrency space and reinforces the SHIBArmy’s sense of ownership and responsibility towards the Shiba Inu project. In terms of technological infrastructure and ecosystem development, Shiba Inu has made significant strides in building a more comprehensive and utility-driven ecosystem compared to Dogecoin. ShibaSwap, Shiba Inu’s dedicated DEX, provides functionalities such as swapping, staking, and liquidity providing, offering tangible DeFi utility for SHIB and related tokens.
Always consider a token’s tokenomics, price history, development team, and roadmap before considering a purchase. Shiba Inu has a large following, but it is difficult to say whether the coin has the potential to continue developing and attracting users. LEASH tokens have since been “unleashed,” and now serve mainly as a store of value for investors. While you can invest in cryptocurrencies, they differ a great deal from traditional investments, like stocks.
The development of Shibarium, a Layer-2 scaling solution, further underscores Shiba Inu’s commitment to technological advancement and scalability. Dogecoin, in contrast, has remained primarily focused on its core functionality as a peer-to-peer digital currency with limited ecosystem development. While Dogecoin has benefited from occasional protocol upgrades and community-driven development efforts, it lacks a dedicated DeFi ecosystem comparable to ShibaSwap or a Layer-2 scaling solution like Shibarium. Dogecoin’s technological infrastructure remains relatively basic, prioritizing simplicity and accessibility over complex functionalities.
What sets SHIB apart is its huge supply – one quadrillion tokens were created at its launch. While this might seem like an overwhelming number, it was done intentionally to keep the price per token extremely low, encouraging smaller investors to buy large amounts. Whereas investor emotions and the fear of missing out (FOMO) have limited potential with regard to stock prices, the cryptocurrency space has been a different beast entirely. If a digital currency can generate enough sustainable buzz in the short term, hodlers can enjoy historic gains. There have been quite a few four-, five-, and six-digit percentage gains in the crypto arena in under a three-year time frame.
We invite speakers from various genres and platform to speak with our new Shiba artists, build camaraderie and foster lasting relationships over a few weeks. These artists will lead the artistic Shiba movement as we explore how to bring our unique position into the NFT market. Over 75 entrants applied and we are excited to update the community on our cohort, portfolio day and our first official NFT ventures . The project is also getting itself involved in the NFT space, and will offer the ability to create, sell, but, and trade NFTs on the ShibaSwap platform. BONE is also intended to be a governance token that will allow community members to put forward proposals and vote on those proposals.
“Shiba Inu represents a new wave of cryptocurrencies that thrive on community engagement and social media presence,” says Dr. Emily Chang, a financial analyst specializing in digital currencies. Shibu Inu coin isn’t new, and saw its first surge alongside dogecoin (DOGE) in 2021 as the Wallstreetbets subreddit breathed new life into meme coins, especially ones with dogs as icons. Elon Musk regularly tweeted memes and support of dogecoin and investors looked for other canine coins to invest in, with the shiba inu token (SHIB) happily benefiting from the interest. Doge Killer (LEASH), initially conceived as a rebase token pegged to the price of Dogecoin, has undergone a transformation in its utility and purpose within the Shiba Inu ecosystem. With a dramatically limited supply of only 107,646 tokens, LEASH has become a premium token offering exclusive access and benefits to its holders. The rebase mechanism was removed, and LEASH was repositioned as a store of value and a key to unlocking unique features within the Shiba Inu ecosystem.
Some 50% of the supply of shiba inu was locked in Uniswap SHIB/ETH liquidity pool – a decentralized exchange where users deposit pairs of assets into liquidity pools that other investors can trade against. The SHIBArmy community remains the driving force behind Shiba Inu’s growth and adoption. Its unwavering support, active participation, and collective enthusiasm have been instrumental in propelling SHIB’s market capitalization, fostering ecosystem development, and shaping the project’s narrative. The SHIBArmy’s decentralized and grassroots nature presents both strengths and challenges. While community-driven growth can be incredibly powerful, ensuring coordinated development, effective governance, and responsible community behavior requires ongoing effort and communication. The success of Shiba Inu’s DeFi ecosystem ultimately hinges on the continued engagement and contribution of the SHIBArmy and its ability to attract a broader user base beyond meme coin enthusiasts.
