The meteoric rise of memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) can be described as phenomenal. These two digital assets rewrote the rules of what it takes for a cryptocurrency to succeed in the market.
However, this had no effect on the rivalry between the two. Shiba Inu (SHIB) – the self-proclaimed “Doge Killer” – continues to fight for his top spot. As a result, SHIB has become a favorite among investors, occasionally outperforming its predecessor.
RoboApe (RBA), the latest meme token to attract attention, is currently on pre-sale, gearing up for a blast upon launch. Let’s take a closer look at its whitepaper to determine if it could become a threat to major Shiba Inu (SHIB) and Dogecoin (DOGE) memecoins.
Which memecoin do investors prefer?
According to a new study by Google (NASDAQ:GOOGL) Trends, crypto investors in the UK are more interested in Shiba Inu (SHIB) than Dogecoin (DOGE). The report analyzed data collected over a year and compiled a list of the most popular cryptocurrencies among investors in the country.
The study’s findings put obvious choices such as Bitcoin (BTC) at the top. BTC was the most searched cryptocurrency in 21 countries, far outperforming the competition. The first cryptocurrency remained the most popular in Europe. On a country-by-country basis, however, Shiba Inu (SHIB) gave the main currency a run for its money.
According to the study, searches for Shiba Inu (SHIB) in the area have increased significantly in the past year. When it comes to search volumes, investors in the UK, one of 21 countries surveyed, favored memecoin over Bitcoin (BTC).
He won not only in the UK but also in six other countries. Switzerland, France, Spain, Ukraine, Italy and Russia are among them. With this, SHIB has become the second most popular cryptocurrency in Europe.
This put Shiba Inu (SHIB) ahead of Dogecoin (DOGE), the original memecoin, which ranked fifth on the list behind the biggest cryptocurrencies Ethereum (ETH) and Cardano (ADA).
However, this is not to say that Dogecoin (DOGE) is dead. Having been endorsed by Elon Musk, Dogecoin (DOGE) remains a favorite of US investors.
Dogecoin is essentially the same technology as Bitcoin. Both Dogecoin and Bitcoin use a proof-of-work consensus protocol to verify transactions on their networks. However, Dogecoin is possibly a better option for making everyday payments, as its transactions are processed faster and at a lower cost than Bitcoin transactions.
However, Dogecoin is not an exact clone of Bitcoin. Dogecoin has a much larger circulation supply than Bitcoin, and there is no maximum supply for the dog-themed cryptocurrency. With over 129 billion DOGE in circulation, the supply is far more plentiful than Bitcoin’s 21 million maximum supply. In addition, 10,000 Dogecoin are minted every minute.
Shiba Inu is a token on the Ethereum network. Fungible tokens like Shiba Inu are ERC-20 tokens, (as opposed to non-fungible tokens, or NFTs, which use the ERC-721 token standard). Since the token is powered by Ethereum, the Shiba Inu can leverage smart contracts to create decentralized finance (DeFi) products.
The DeFi sector has picked up steam this year with tokens like Uniswap, yearn.finance, and Aave skyrocketing in both price and adoption. These cryptocurrencies use smart contracts on the Ethereum blockchain to create decentralized exchanges (DEX), lending protocols, and even interest-bearing accounts.
The Shiba Inu has also entered the NFT space with Shiboshis, a collection of 10,000 NFTs themed after their pet Shiba Inu. The decentralized program uses the Ethereum network that allows NFTs to be auctioned, substituting a third party for smart contracts for transactions.