Key Points Dogecoin and Shiba Inu are two of the most well-known meme tokens. Dogecoin was created in 2013, while Shiba Inu launched in 2020 when the meme token craze was taking off. While both are similar in some regards, there are also distinct differences between the two tokens and their networks.
10 stocks we like better than Dogecoin › While the regulatory environment continues to get better and better in the crypto sector, many cryptocurrencies are way down for the year. Of course, that's on the back of a big rally at the end of 2024 built on President Donald Trump's election win in November and his promise to make the U.S. the crypto capital of the world. Still, as of June 2, the prices of the meme tokens Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) have declined 39% and 38% this year, respectively.
Some of this could be due to concerns over a higher-for-longer interest rate environment, the ongoing trade war, or U.S. fiscal concerns. But some may also take advantage of this sell-off to buy the dip. Which is the better meme cryptocurrency right now?
Dogecoin or Shiba Inu? Dogecoin: The original meme coin Dogecoin really pioneered the meme token movement. Billy Markus, a software engineer, and Jackson Palmer, a marketing professional, created Dogecoin in 2013 as a practical joke.
They wanted people to have more fun with crypto, so they made a cryptocurrency based on an image of Shiba Inu canine. It didn't take long for Dogecoin to go viral, with celebrities like Mark Cuban and Elon Musk eventually embracing the token. Image source: Getty Images.
The price of the token peaked at $0.76 on the same day that Musk, the "The Dogefather," appeared on Saturday Night Live. However, it would turn into a sell-the-news event, as Dogecoin hasn't traded that high since. Cryptocurrencies are difficult to forecast as it is, because they don't generate cash flow or earnings.
So a lot of investors look at what makes a specific cryptocurrency unique. What is its use case? And how could it revolutionize something in a way that increases the use of its corresponding tokens?
This is where Dogecoin struggles to an extent, because there doesn't seem to be a great use case for it. Given its virality, Dogecoin has been used on many occasions as a way for people to tip content creators, but other than that, there's nothing that really sets it apart. Unlike Bitcoin, the world's largest cryptocurrency, there is no limit on the number of Doge tokens that can be created, so there's no real appeal from a supply and demand perspective.
