Over the past week, Dogecoin (DOGE) and Shiba Inu (SHIB) have battled it out on the fringes of the top 10 cryptocurrencies. SHIB first overtook DOGE on Wednesday, before a Dogecoin bounce pulled DOGE back in front. At the time of writing, SHIB is ahead of Dogecoin by market cap.
As hodlers call each other out, attacking or defending Elon Musk depending on their cryptocurrency, the tribalism became familiar. Bitcoin maximalists and Ethereum users also frequently come to blows online.
The similarities between the two go further, and it’s not just because Dogecoin and Shiba are the most dominant memecoins. Here’s why.
Dogecoin vs Shiba Inu Coin
For those less aware of the intricate details of Dogecoin and Shiba Inu Coin, the memecoin clashes may seem arbitrary. After all, both coins are even based on the same meme, with SHIB initially marketing itself as the Dogecoin killer.
However, the two memecoins have come a long way since. As they mature, a growing focus is on their utility, which comes out in rather different ways.
Dogecoin’s focus is primarily as a store of value - a currency that holders can use to purchase goods and services. Meanwhile, Shiba Inu Coin is more concerned with expanding out its ecosystem to offer a variety of services to holders. Does the difference sound familiar?
The Shiba ecosystem now incorporates ShibaSwap, Shiboshi NFTs, and SHIB burning. In the future, the development team hopes to release a new Layer-2 protocol to reduce transaction fees, alongside an NFT game, codenamed the Oshiverse.
Dogecoin, meanwhile, has a long use-case history of micro-payments. When the memecoin initially launched, it grew a popular tipping service on Reddit. Elon Musk’s SpaceX is even funding a DOGE-1 mission in Dogecoin, and Tesla could even accept DOGE at some point.
Of course, there are crossovers. Earlier this week, AMC’s CEO created a Twitter poll asking whether the cinema should accept SHIB. It already accepts Dogecoin. The results were overwhelmingly in favour of SHIB adoption in the real world.
However, whether SHIB hodlers (and DOGE ones, for that matter) actually would spend their tokens this way is another question. It could just be another signal for pumping up the price.
Regardless, with these different utilities and focuses, perhaps there is room for both Dogecoin and Shiba Inu Coin to thrive in the cryptocurrency space. The energy spent on putting the other memecoin down could be better spent elsewhere.
After all, doesn’t DOGE stand for Do Only Good Everyday?
[Image: Executium/Jr Korpa/Unsplash]