Renowned crypto trader and analyst W3Q is aiming to settle the ongoing debate about which meme coin reigns supreme: Dogecoin (DOGE) or Shiba Inu (SHIB).
Taking a firm stance, the analyst has declared their support for Shiba Inu, arguing that the canine-themed token surpasses Dogecoin. W3Q reached this conclusion based on their experiences trading both cryptocurrencies.
To support their assertion, the analyst highlighted three key factors. Firstly, W3Q noted that Shiba Inu has been listed on all major crypto exchanges that also support Dogecoin. This includes exchanges such as Binance, KuCoin, Coinbase, OKX, Bybit, Kraken, and Gate.io.
Furthermore, W3Q believes that Shiba Inu has a similar market presence to Dogecoin but tends to experience more significant rallies after every breakout.
Lastly, the expert emphasized that Shiba Inu offers traders “cleaner exit points” compared to Dogecoin. This refers to a stable market condition where selling the cryptocurrency does not have negative consequences.
The rivalry between Dogecoin and Shiba Inu has been a topic of discussion within the crypto community since Shiba Inu’s inception. Despite launching in August 2020, Shiba Inu has quickly emerged as a significant competitor to Dogecoin, earning the nickname “Dogecoin Killer.” This rivalry was further intensified when the Shiba Inu ecosystem introduced the Doge Killer (LEASH) token.
While both coins started as meme coins, Shiba Inu has made notable strides in transitioning itself into a utility project. It has introduced initiatives such as the Shibarium Layer-2 blockchain solution, the Shiba Eternity collectible card game, the SHIB: The Metaverse metaverse, and the Shiboshi and SHEboshi non-fungible tokens, among others. Additionally, the development team behind Shiba Inu is working on a layer-3 privacy network set to launch later this year. In contrast, Dogecoin does not feature similar sophisticated projects.
Despite the lack of diverse projects, Dogecoin has garnered support from prominent American businessman and Tesla CEO Elon Musk. Musk’s positive tweets about Dogecoin have contributed to its position as the eighth-largest cryptocurrency, with a market cap of $22.9 billion.
Currently, Dogecoin has a higher market cap than Shiba Inu, standing at $22.9 billion compared to Shiba Inu’s $14.17 billion. In the past 24 hours, Dogecoin has experienced a 5.11% decline, while Shiba Inu has seen a 5.92% decrease. Market data shows that DOGE is trading at $0.1584, while SHIB is trading at $0.00002404.
Please note that this content is for informational purposes only and should not be regarded as financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic cannot be held responsible for any financial losses incurred.