Dogecoin Vs Shiba Inu: Which Meme Crypto Would Be Top Dog?

The dogfight in the cryptocurrency arena is getting hotter with meme token Dogecoin suffering at the hands of younger challenger Shiba Inu. Dogecoin has dropped to the 12th position in the top cryptos chart, with Shiba Inu sniffing at its heels.

Shiba Inu gained momentum after getting listed on Bit2Me, Spain's biggest cryptocurrency exchange, in early December and the Kraken exchange in late November. SHIB has also been in the headlines this year with its NFT collection Shibhoshi.

On the other hand, even Elon Musk's weight behind it has not prevented Dogecoin from plummeting. Rather than breaching the $1 mark as expected by some investors, Dogecoin remains just another token slipping on the chart despite impressive early wins.

The token's unlimited supply is likely holding back gains. Doge has no hard limit on coin mining, and its blockchain does not support app building.

On Tuesday morning, Doge was up 1.49% compared to the previous day and stood at $0.1703, Shiba Inu was up 7% at $0.00003262, CoinMarketCap data showed.

Though SHIB has a lot of catching-up to do, crypto experts back the token considering the momentum it has gathered as it enables smart contracts. Doge is often considered just a clone of Bitcoin.

However, it is important to note that SHIB has also had its share of falls.

Despite the competition, Dogecoin and Shiba Inu have one thing in common. Based on the small bear-like breed of Japanese dogs, both tokens have a loyal group of fans active on social media channels.