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Does SHIB, the ‘Dogecoin rip-off,’ have any advantages over the ‘boomer memecoin’

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Memecoins took center stage as Shiba Inu flipped Dogecoin in terms of market capitalization. At press time, SHIB was the ninth most valuable crypto-asset with a market cap of $34.7 billion. However, DOGE occupied tenth place with a market cap of $34.4 billion.

In fact, Shiba Inu has surged by more than 136% in the last seven days and by nearly 800% over the last three months. Its native token ‘SHIB’ registered 2.8 million searches on average per month so far this year. It even surpassed Bitcoin and Ethereum in average monthly searches.

According to market sentiment, most traders, even investors, want to make SHIB a part of their portfolios. In effect, crypto-exchange platforms have been seeing massive traffic of late. In one such event, the crypto-exchange platform Coinbase suffered from outages. The website was offline for over 15 minutes due to “connectivity” issues.

Some speculate that the severe outage was linked to unprecedented traffic caused by the Shiba Inu frenzy. Even WazirX suffered some delays following this immense demand hike.

Who’s in, who’s out? 

Joe Weisenthal, Executive Editor of News for Bloomberg Digital, touched upon this subject in his latest newsletter. DOGE is now considered boring while SHIB is considered cool. Or, to put it in his words, DOGE is now the ‘BOOMER MEMECOIN,’ whereas SHIB is just a ‘Dogecoin rip-off.’

Here’s why SHIB has an upper hand over the old dog

SHIB is built on Ethereum, and so has more advanced smart-contracting profile capabilities. Ergo, SHIB is more than just a meme coin, unlike its rival. It has a fast-moving development roadmap, its own decentralized exchange, NFTs, and advanced smart contracting capabilities.

Shiba Inu has a decentralized exchange ShibaSwap, which according to Joe Weisenthal, “gives users the ability to DIG (provide liquidity), BURY (stake), and SWAP tokens to gain WOOF Returns through a sophisticated and innovative passive income reward system.”

On the other hand, DOGE — like Bitcoin — “just sits there,” waiting for billionaires such as Elon Musk and Mark Cuban to tweet about it.

What’s more, SHIB is a lot cheaper.

Also, SHIB’s executives have been developing the ecosystem as part of the Shiba Inu Phase 2 process. With SHIB ascending on the charts, blockchain Shibarium, stablecoin SHI, and e-commerce platform ShibaNet are expected to be the next steps forward. In this context, Joe Weisenthal added,

“You might still say it’s a total joke, and that there are more serious crypto projects that should be getting attention. And maybe that’s true. But as the longtime holder who goes by Shib Barbie on Twitter told me – People are always going to hate things that aren’t what they view as serious.”

“Take the MCU (Marvel Cinematic Universe) for example. There are still people who don’t consider them seriously films, despite making obscene profits and getting rave reviews,” he concluded.

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.