Highfliers such as Dogecoin (DOGE) and Shiba Inu (SHIB) have truly grabbed the attention of the public at large in the world of digital currency.
Although a substantial percentage of the nominal gain in the price of the cryptocurrency market over the past two years may be attributed to Bitcoin and Ethereum, its highfliers like Shiba Inu (SHIB) and Dogecoin (DOGE) have really caught the eye of the general public.
In addition to setting trends and launching a wave of peer-to-peer, decentralized cryptocurrencies, Bitcoin has also come to represent the industry norm.
Considering Bitcoin isn’t the only cryptocurrency out there, it’s important to research the alternatives to see which ones are flourishing. Some consider Dogecoin (DOGE) to be the first “memecoin,” and in 2021 its price explosion caused a stir.
Some significant businesses accept the coin, which has a Shiba Inu image as its avatar, as payment. Shiba Inu is also working to transform itself into more than just a meme coin.
A decentralized exchange (DEX) and a non-fungible token incubator (NFT) have recently been introduced by the Shiba Inu ecosystem in an effort to provide the SHIB token with some much-needed functionality.
Dogecoin Surpasses Bitcoin
In some aspects, Dogecoin has already surpassed Bitcoin. In others, the cryptocurrency with the cute dog mascot lags far and away behind the biggest and most established cryptocurrency.
Due to the fact that Doge is a distant relative of the Bitcoin system, with some modifications along the road, the technical platforms are also extremely similar.
After coasting along with modest price increases for a number of years, Dogecoin shot to fame in the early 2021 social media storm.
One of the best performers in the cryptocurrency market was Dogecoin, which peaked in May before progressively declining in the months that followed.
There are still a lot of reasons to be positive about Dogecoin’s future, as well as the coin’s developers are determined to add new use cases to strengthen its value proposition.
In the end, despite having a great deal of genetic and historical similarities, these two cryptocurrencies differ greatly in terms of their practical applications.
If anything, Dogecoin could compete with Litecoin or Ripple as a reliable platform for money transfers, but even that goal appears unattainable given Dogecoin’s impending inflation and weak enforcement approach to data protection.
Shiba Inu’s Expansion
The top-performing publicly traded stock that isn’t a microcap will likely increase by 2,000 percent or even more on average per year. Shiba Inu may have produced the single largest one-year gain from an investable asset we’ve ever seen last year.
Despite scathing criticism and unfavorable investor evaluation, the self-described “Dogecoin-killer” has shown to be considerably more significant. In 2021, the Shiba Inu coin generated enormous profits and astounded the cryptocurrency market with rising revenues.
The enhanced visibility of SHIB was the primary factor in its unstoppable performance in 2021. The token’s market liquidity and investor base increased along with its level of popularity and market value. Shiba Inu celebrated the one million mark in its population in 2021.
In fact, it surpassed Bitcoin and a few other notable cryptocurrencies in 2021 to become the most searched cryptocurrency. ShibaSwap, a decentralized exchange, was founded in July, which also aided its cause.
Google Search Indicates a “Lack of Interest” in Bitcoin
According to statistics from Google Searches, it appears that retail investors’ demand for Bitcoin has decreased over recent months.
The frequency of searches on the most popular search engine reflects the behavior of smaller investors, who frequently enter the market during the strongest bull runs.
Back in late 2017, when BTC surged to its then-ATH at almost US$20,000, this was the scenario.
Disclosure: The information in this post is entirely the author’s opinion, does not constitute investment advice, and is only being made available for informational reasons. By doing so, you acknowledge that the information is not intended to serve as investment advice or financial guidance. Before making any investment decisions, be sure to do your own research and consult with financial professionals.