Shiba Inu, the Doge Killer: Can SHIB Coin Actually Kill Dogecoin?

I have been using cryptocurrencies since 2016, I heard about dogecoin in 2017, however, I did not take interest in dogecoin until the beginning of January 2021, when dogecoin once shoot up. I watched it becoming 1 cent, 7 cents, 10 cents, and even 68 cents, and then it came down. Currently, it is 14 cents.

Shiba Inu was launched in 2020 but I did not know about Shib coins until Ethereum Co-founder Vitalik Butrein received 50 percent of total circulating Shib coins from Shib coin founders. When the founders sent Shib coin to Butrein, they were expecting one of the two things to happen: one, Buterin will keep the coins and spread the words, two, Buterin will burn the coins and create scarcity. Both of these actions would help Shib Coin gain prominence.  Butrein burned 90 percent of his shib coins and donate the remaining 10 percent (the equivalent of over a billion dollars back then) to Covid relief funds in India.

Dogecoin Vs. Shiba Inu: The Battle of Dogs

When Dogecoin started growing, I wanted to invest in dogecoin but doge was not supported on the exchange I was using. I continued dillydallying joining an exchange where doge was supported. Then one day I started using Faucet Pay, a micro wallet, which not only supported dogecoin but even exchange between different cryptocurrencies. I use Faucet Pay to receive payment from A-Ads. A-Ads sends payment every day. Therefore, I started exchanging my bitcoin with dogecoin.

When Shib became the talk of the town, I bought a lot of shib inu coins. When shib coins were at the height of their prominence, I made whopping 300 percent profits, but I decided to hold and the value went down

Can you profit from dogecoin and shib coins?

The reasons are simple. Currently, I have 100 dogecoin and I spent $34 to build my dogecoin assets. If dogecoin crashes and goes back to its price that was about a year ago, I will lose just $34, however, if it becomes $1 just like everyone is saying, I will make $66.

When you want to make an investment, $20 is not a big amount. If I use this money to buy  Shib coins now, you can buy 771K shib coins. People are speculating that Shib coin will become 1 cent by 2025. If that really happens, you will have 7710 USD. You can imagine the profit you have made.

Perhaps, you think I am becoming too hopeful. What if Shib coin vanishes from the face of the internet? In that case, you will lose just $20.

We All Love Memes, Why Don’t We Accept Meme Coins?

Dogecoin has a market cap of about $24 billion, it ranks #9 in popularity. Shib coin has a market cap of just about 11 billion and ranks #14.

In 2013, Dogecoin was created as a joke. That’s why the creators used a dog’s picture in the mascot. Shib coin was launched in 2020, also as a joke, and uses Shiba Inu, a Japanese dog breed, in the mascot as well as name. Since shib is a spin-off dogecoin and since it is growing rapidly, people are calling shib coin a Doge killer.

My experience with Dogecoin   

I started using Bitcoin in 2016. Even though I was aware of cryptocurrencies like Ethereum, Ripple, etc. I did not start using alternative cryptocurrencies until the beginning of 2021. I am not sure, but I think I heard about dogecoin in 2017. When I saw the mascot of a dog, just like everyone else, including the creator, I thought this was a joke cryptocurrency. I was introduced to Dogecoin through a faucet. Since the value of the coin was 0.00000000X USD, I simply forgot the coin. When Reddit and Musk began talking about doge I began watching it grow. Still, I did not believe in this cryptocurrency. However, when the price became 7 cents, I decided to try my hands.

Sadly, I could not buy dogecoin. I was using coinbase and doge was not available on coinbase. Therefore, apart from watching the coin gain value, I did nothing.

When I started using faucet pay for micropayment, I discovered that dogecoin was available for swapping. Thus, I swapped bitcoin with doge. I swapped three times for 33 cents, 31 cents, and 29 cents. I was thinking to buy at least 1000 dogecoin before the price reached $1, but I had to stop because the price began to drop.

First published on Forum Coin, in author's name