Shiba Inu vs Dogecoin: Which is the Best Meme Coin?
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Shiba Inu vs Dogecoin has dominated the conversation in the meme coin universe, but which is the best meme coin? Both these meme coins have transitioned from internet jokes and gained a spot in the top 15 crypto list. Dogecoin is considered the OG meme coin, which was born in 2013 and boasts a larger market cap. Shiba Inu came later in 2020 as the ‘DOGE killer,’ but it carved out its separate niche in the best crypto meme coin market.
Both coins share the same Shiba Inu dog breed as their mascot, but Shiba Inu vs Dogecoin analysis reveals that one is nearly three times larger in market value. We have looked at Dogecoin vs Shiba Inu performance to see how the charming dog mascots stack up in terms of market performance, tech and community. Buckle up to dive deep into it.
Shiba Inu vs Dogecoin: Which is the Best Investment? Summary
Dogecoin vs Shiba Inu analysis can spark a debate as some call SHIB a spin-off of DOGE due to their shared similarities and the fact that it was created much later. But the two can also be pitted against each other, with Shiba Inu called a “Dogecoin killer.” DOGE the original meme coin, has been endorsed by significant players like billionaire Elon Musk. So much so that his posts have sent DOGE prices soaring multiple times. Meanwhile, Shiba Inu thrives on a strong community of crypto influencers and its evolving decentralized ecosystem.
Dogecoin enjoys a larger market cap and earlier adoption. Shiba Inu has its own decentralized exchange and a token-burning mechanisms. But, both have experienced volatile price swings, making them risky yet enticing for investors. Deciding the best crypto meme coin boils down to your appetite for risk and belief in their long-term utility.
Key Highlights
- Dogecoin and Shiba Inu were both created as a joke around seven years apart.
- Dogecoin was a Bitcoin-spinoff and is considered the OG meme coin since 2013.
- Shiba Inu was created in 2020 on the Ethereum network as an ERC-20 token.
- Both meme coins rely on their strong communities and endorsement by influencers.
- Dogecoin and Shiba Inu have evolved over the years with DOGE considered ‘people’s currency’ and SHIB expanding its own ecosystem.
- No fixed supply as DOGE operates on an inflationary model, while SHIB’s deflationary strategies aim to limit supply over time.
Shiba Inu vs Dogecoin: Understanding the Basics
Although both coins started as lighthearted takes on cryptocurrency, they’ve grown into powerhouses that demand attention from analysts. Beneath the memes, there are fundamental differences in technology, use cases, and vision. Let’s break down their tokenomics and ecosystems to understand how both of them are different from each other. You can also check out the video below for more details.
Tokenomics of Shiba Inu and Dogecoin
Tokenomics is the economic and design principles behind any crypto or token. It defines how it functions and sustains its value. It generally includes aspects like total and circulating supply, how it controls inflation and maintains value, token utilities and rewards, how it is distributed and its governance mechanism. Here’s a look at how Shiba Inu and Dogecoin compare on these points:
Shiba Inu Tokenomics
Shiba Inu has defined tokenomics despite just being marketed as cute. It began with a total supply of one quadrillion tokens ( something like: 1,000,000,000,000,000). For reference, earth is estimated to have five hundred quadrillion grains of sand.
The interesting bit is, 50.5% of token supply was sent to Ethereum co-founder Vitalik Buterin, which he famously donated during Covid.
Shiba Inu’s current circulating supply is around 589 trillion tokens, with mechanisms in place to reduce this further, creating a deflationary model. 100% of the SHIB token are unlocked. However, since Shiba Inu burn rate has reduced the supply, it automatically makes the existing lot more valuable than the earlier ones.
SHIB’s price stays low, making it feel “cheap,” but don’t let the low price tag fool you—market cap is the real story here.
(SHIB)
Dogecoin Tokenomics
Dogecoin follows an inflationary model after initially wanting to cap the total supply at 100 billion DOGE. After 2014, the blockchain thought, ‘Nah, let’s keep going!’ After that, the blockchain started minting 10,000 DOGE per block (or around 5 billion new DOGE coins annually).
Some might say that DOGE is a Black Friday sale every day of the week. But the blockchain wants to essentially ensure steady liquidity for transactions. Dogecoin uses a Proof-of-Work (PoW) consensus and the Scrypt algorithm, the same as Litecoin. Not to forget that Dogecoin is speedy! With 1-minute block times, it’s like the express lane of crypto transactions.
Its perpetual block rewards incentivize miners and maintain network security. Designed for active use, Dogecoin discourages hoarding, focusing on high monetary velocity for tipping, payments, and retail adoption, aligning with its role as a transactional currency (or as Elon Musk would say, “People’s currency”).
- Dogecoin
(DOGE) - Price $0.402
- Market Cap
$59.32 B
DOGE is often applauded for its community as its total allocation is based on block rewards. In 2025, almost 80% of its total supply has been unlocked and made available for trading. The rest 20% is locked through contracts, either code-based like smart contracts, or real ones like legal agreements.
Dogecoin was launched in 2013 by software engineers Billy Markus and Jackson Palmer as a Bitcoin parody. It was nothing serious, just a humorous take on the crypto space and maybe some viral appeal of its mascot. But early on, it was just another cryptocurrency that wanted to be accessible and relatable to a common man. The Dogecoin Foundation provides support to the development of the crypto and for its advocacy. Dogecoin didn’t solve any grand problems. But it gained its early fame with DogeTipBot, a place where users on platforms like Reddit tipped DOGE to creators for fun posts. But it also gained its goodwill through charity work, like funding non-profits. The Doge4Water campaign reportedly raised over $30,000 back in 2014. The money was used to build water wells in Kenya. Well, Dogecoin’s community has a big heart when it comes to raising funds. Over the years, its use cases expanded to merchant payments with names like Dallas Mavericks and Tesla accepting DOGE. In 2020, Shiba Inu was born to kill Doge. Its creator/s? We don’t really know as it is anonymously called Ryoshi. Over the years, Shiba realized its purpose was not to become a Dogecoin Killer. It was an experimental ERC-20 token without its own network but intended for spontaneous community building. Beyond SHIB, the ecosystem now includes LEASH and BONE. The former is the limited-edition star which was once anchored on DOGE. BONE is the governance token giving SHIB holders a voice with a supply of 250 million. It underpins the voting of SHIB army in the Doggy DAO. LEASH has a limited supply of 107,646 tokens and it provides benefits to the ecosystem loyalists. It also grants BONE rewards, Shibtoshi NFT minting access and early metaverse entry. The ecosystem further adds utility by a decentralized exchange (DEX) for swapping and staking called ShibaSwap. Then Shibarium was added as a layer-2 solution to tackle Ethereum’s efficiency around fees and congestion. BONE is the backbone of this network. And in the end, the community also supports a Shiba Incubator project to promote innovation and collaboration in the creative field of NFTs. Shiba Inu is positioning itself as more than just a meme coin and trying to build an entirely different DeFi ecosystem in addition to payments. NFTs, gaming and metaverse projects are few things up its sleeve. Though they are both meme coins, Shiba Inu and Dogecoin have very different architecture. While Dogecoin has its own separate native blockchain with a PoW (Proof-of-Work) consensus mechanism, Shiba Inu (an ERC-20 token) runs on top of the Ethereum blockchain, which goes hand-in-hand with the overall idea of the ecosystem regarding utility & scaling. Let us have a look at the important parts of Shiba Inu. Shibarium is Shiba Inu’s layer-2 scaling solution to solve Ethereum’s limitations such as higher gas fees and slow transactions. It is a layer 2 network built on the Ethereum base layer; it is designed to increase speed and cost efficiency. Shibarium aims to enable smooth dApps and transactions within the Shiba Inu ecosystem. Its target for scalability sets the stage for wide adoption and smooth functioning of the ecosystem. What used to track Dogecoin’s price, LEASH quickly became a unique and limited token in the Shiba Inu ecosystem. Leash is limited to 107,646 tokens and is used for Staking on Shibarium and also rewards liquidity providers. Shiba Inu community is indirectly tied with Shibarium through its supply and use cases within the ecosystem, making it a highly attractive asset for both holders and Shiba Inu miners. BONE is the governance token that belongs to the Shiba Inu ecosystem enabling holders to take part in ShibaSwaps’ decentralized governance. It has a total supply of 250 million and facilitates votes by token holders in different proposals granting a say in the direction that the ecosystem is headed to. Furthermore, it also serves as a gas token in Shibarium transactions which makes it even more useful. ShibSwap is the decentralized exchange (DEX) of the Shiba Inu ecosystem helping users swap tokens, stake them, and provide liquidity. It offers features like yield farming and rewards for users who engage with the ecosystem, increasing community participation. ShibSwap amplifies the overall utility of Shiba Inu tokens, driving ecosystem growth and engagement. By integrating advanced blockchain components like Shibarium, LEASH, BONE, and ShibSwap, Shiba Inu sets itself apart from Dogecoin’s relatively simpler blockchain model, offering a more robust and versatile ecosystem. Dogecoin and Shiba Inu might seem like rival pups in the same kennel, but their technology separates them like cats and dogs. Shiba Inu, as an ERC-20 token, relies on Ethereum’s playground for all its fun, while Dogecoin stands tall as a layer-1 blockchain—a chain that’s got its own leash and doesn’t need a babysitter. But Dogecoin is no longer just the carefree class clown. It’s in the process of transitioning from its Proof-of-Work (PoW) roots—where miners compete like kids on a treasure hunt—to Proof-of-Stake (PoS). This eco-friendlier shift will keep Dogecoin relevant in a world increasingly allergic to carbon-heavy cryptos. Imagine Dogecoin as a simple bike that is great for quick rides. Dogechain is akin to an electric motor that turbocharges this bike. It isn’t a replacement for Dogecoin; it’s an add-on layer that gives Dogecoin extra powers like DeFi, NFTs, and smart contracts—all the cool, modern blockchain stuff. Dogechain sidechain is built on Polygon Edge and designed to elevate Dogecoin’s utility. It allows DOGE holders to access DeFi, mint NFTs, and even participate in blockchain gaming, bridging the gap between Dogecoin’s meme coin roots and the broader possibilities of modern blockchain ecosystems. Whereas Dogecoin is rather a simple cryptocurrency designed for payments, Shiba Inu has transformed into a multi-faceted ecosystem with several use cases. Let’s take two key examples: 1. ShibaSwap: Through ShibaSwap, the DEX by Shiba Inu, users get the flexibility to trade tokens, receive rewards, and stake assets within its ecosystem. It is a movement towards a better-decentralized future for SHIB owners and more DeFi possibilities. 2. SHIB’s NFT Marketplace: Developing features like “Shiboshis,” one-of-a-kind NFT collectibles, Shiba Inu entered the NFT segment. This movement not only targets the audience of digital art lovers but also solves the problem of the practical use of SHIB tokens in the enlarging ecosystem. On the other hand, the versatility that SHIB brings to the crypto market today can be illustrated by the fact that Dogecoin is basically limited in its functions to tipping and payments. When it comes to transactions, Shiba Inu and Dogecoin differ significantly in speed and cost efficiency. The great reputation of both Doge Army and ShibArmy are due to the narrative and active support to the respective projects. Both have millions of holders. But, the development approach takes a different angle for each of them. For Dogecoin, the mission is much more straightforward: the environment is meant for fun activities with memes and trends often going viral. At the same time, Shiba Inu’s solution seems to be engaging internally with their creators developing Shibarium and NFTs for the project to remain active. Such strategic approach based on innovations allows SHIB’s environment to be always fresh and ready for the future. Celebrity backing has been crucial for both meme coins, propelling them into the crypto spotlight. Dogecoin’s Celebrity Boosters: Elon Musk, who is known as the Dogefather, posts about the coin on social media, helping it gain traction. He has stated, “Fate loves irony. Dogecoin is my favorite cryptocurrency.” It seems that DOGE’s popularity has also been increased by celebrities such as Snoop Dogg and Mark Cuban. Shiba Inu’s Influencer Wave: Crypto community influencers like Ethereum co-founder Vitalik Buterin and developer Shytoshi Kusama have also put Shiba Inu in the limelight. Buterin, for instance, has drawn attention by donating SHIB to a COVID relief fund while Kusama’s updates on the ecosystem development remain active and thus keep the interest level high. SHIB doesn’t have a single high-profile advocate like Elon Musk but many names on X, with substantial following, keep the token in news. Shiba Inu is the undisputed leader when it comes to Total Value Locked (TVL). Dogecoin is a cute one-trick pony (payments), but Shiba Inu has built out a whole DeFi empire. SHIB’s ShibaSwap and staking functionalities provide it a substantial edge over straightforward Dogecoin’s chain, contributing considerably to its TVL. Let us put it this way: Dogecoin is that friend who comes to the party with chips, while Shiba Inu brings chips, guac, and a sweet playlist. According to the DeFillama, the total value locked (TVL) in ShibaSwap (BONE) stands under $28 million. Shibarium has around $6 million locked in it. To compare it with Dogecoin, we looked at Dogechain that holds around $8 million. To get a clear understanding of pointer differentiation, let’s look at the table: While Shiba Inu shows promise, overtaking Dogecoin is no small feat. Here’s how SHIB stacks up: Factors in Favor: Factors Against: Shiba Inu may or may not outperform DOGE in terms of market capitalization. However, it can definitely provide good returns on the investment at times. Though both are meme coins and were invented with a fun intention it is recommended to do your due diligence before investing. Over the past five years, Dogecoin (DOGE) and Shiba Inu (SHIB) have had incredible price action. Dogecoin hit its peak at $0.73 in May 2021, fueled by community hype and Elon Musk’s tweets, while Shiba Inu reached its all-time high of $0.000086 in October 2021, thanks to its growing ecosystem and popularity. DOGE had a relatively stable run as it focused on payments and tipping. But, SHIB stands out for its massive gains on the back of its ecosystem of NFTs and decentralized finance tools. Both coins have been highly volatile but have rewarded early investors. The 5-year returns are close to 18,630% for DOGE and an astounding 5,605,252% for SHIB, are making them popular choices for those looking to ride the meme coin wave. A look at the SHIB vs DOGE chart over five years shows how each coin has carved its niche despite price fluctuations and if we can make a price prediction for them: Whether you’re looking to join the DOGE army or bet on SHIB’s ecosystem, you can buy both coins on trusted platforms like Margex and Best Wallet. Choose wisely—because whether it’s a moonshot or a steady rise, the crypto journey is only fun with the right platform! Investing in Shiba Inu and Dogecoin is like choosing the classics—they’ve got history, fanfare, and a solid foundation. But if you’re chasing outsized returns, these meme coin OGs might not deliver the wild moonshots anymore like the new coins. Here are some new generation of meme coins: quirky, exciting, and full of potential: 1. Wall Street Pepe ($WEPE) – Meme Coin With Its Own DEX and Exciting Airdrop Rewards Wall Street Pepe is gearing up to become the next big name in crypto by blending the fun vibe of meme coins with the practical benefits of a decentralized exchange (DEX). This combination makes $WEPE more than just another meme coin—it’s a token with real-world uses and strong growth potential. What’s exciting is that the WEPE presale hasn’t started yet. For investors, this is a golden opportunity. Why? Because getting in early means buying the token at the lowest price before it skyrockets in value—potentially growing 100x in the coming months. During the presale, the price of $WEPE will steadily increase every few days, meaning early buyers will get the best deal. 2. Catslap ($SLAP): Meme Coin With a Strong Viral Potential and Community Rewards Remember how memes gave cats their rightful internet throne? Catslap is here to pounce on that legacy. It’s playful, sassy, and has a roadmap filled with utility—because who wouldn’t want to slap around the competition with a cat coin? Users can stake their $SLAP tokens and earn annual rewards of 40%. 3. Crypto All-Stars ($STARS): Unified Staking for Meme Coin Rewards Crypto All-Stars is a new meme coin that celebrates the crème de la crème of internet culture. With a community-driven tokenomics model, $STARS aims to combine all the popular meme coins like DOGE, Floki, and PEPE. If you’re intrigued by these fresh contenders, you can check out more such presale opportunities to get in on the action early. After all, every crypto legend starts with a presale! References: Learn everything you need to know about Bitcoin in just 7 days. Daily videos sent straight to your inbox.
Parameters
Shiba Inu (SHIB)
Dogecoin (DOGE)
Blockchain
Built on Ethereum’s infrastructure (ERC-20 token)
Own native blockchain
Total Supply
Initially 1 quadrillion, now reduced to ~589 trillion due to burns
No hard cap, inflationary supply
Circulating Supply
~589 trillion SHIB
~145 billion DOGE
Supply Model
Deflationary (burn mechanisms implemented)
Inflationary (5 billion DOGE added annually)
Utility
DeFi, staking, governance (ShibaSwap, BONE, LEASH)
Primarily tipping, payments, and microtransactions
Distribution
Pre-mined and distributed through exchanges
Mined via Proof-of-Work (PoW) mechanism
Governance
Community-driven through BONE governance token
No formal governance mechanism
Primary Use Cases
DeFi applications, NFTs, ecosystem development
Payments, tipping, and charitable causes
Dogecoin’s Early Adoption and Use Cases
Shiba Inu’s Ecosystem and Utility
Is Shiba Inu Better Than Dogecoin? Blockchain Technology Comparison
Shibarium
LEASH
BONE
ShibSwap
Dogecoin: Proof-of-Stake
Dogechain
Shiba Inu vs Dogecoin: Use Cases
Shiba Inu vs Dogecoin: Transactions, Speed, and Fees
Aspects
Shiba Inu (SHIB)
Dogecoin (DOGE)
Blockchain
Built on Ethereum
Native Layer-1 blockchain
Transaction Speed
~15 transactions/second (TPS)
~40 TPS
Transaction Fees
Can occasionally be higher due to Ethereum gas fees
Low fees for small payments
SHIB vs DOGE: Community and Development
Dogecoin and Shiba Inu: Celebrity Endorsement
Shiba Inu vs Dogecoin: A TVL Comparison
Metrics
Shiba Inu (SHIB)
Dogecoin (DOGE)
Launch date
August 2020
December 2013
Purpose
Multi-purpose DeFi ecosystem
Peer-to-peer payments
Circulating supply
589.6 trillion SHIB
141 billion DOGE
X followers
3.7 million
4.1 million
Reddit users
533k
2.5 million
Number of merchants that accept the coin
1,000+
2,500+
Can Shiba Inu Overtake Dogecoin?
Shiba Inu vs Dogecoin: Price History and Market Cap
Metrics
Shiba Inu (SHIB)
Dogecoin (DOGE)
All-Time High
$0.000086 (Oct 2021)
$0.7376 (May 2021)
YTD Gains
197.86%
332.61%
Volatility
Higher due to DeFi hype
Lower, with steady trends
Market Cap
~$16.5 billion
~$60 billion
Where to Buy Dogecoin and Shiba Inu?
Alternatives to Shiba Inu and Dogecoin
Conclusion
Frequently Asked Questions
What’s the difference between Shiba Inu and Dogecoin?
Will Shiba Inu overtake Dogecoin?
Should I invest in SHIB or DOGE?
Why is Dogecoin more popular than Shiba Inu?
Will Shiba Inu coin reach $1?
Will Dogecoin surpass $1?
Why does Elon Musk support Dogecoin?
Who is the founder of Shiba Inu?
What’s the best meme coin?
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