Earlier today (October 27), Joe Weisenthal, the executive editor of news for Bloomberg Digital, talked about two most popular dog meme coins — Dogecoin ($DOGE) and Shiba Inu ($SHIB) — and explained why the former is now considered boring while the latter is considered cool.
Weisenthal, who is “also the co-anchor of ‘What’d You Miss?’, Bloomberg Television’s flagship markets program, as well as Bloomberg’s ‘Odd Lots’ podcast”, shared his thoughts about these two highly popular meme-based cryptoassets in today’s Bloomberg Markets newsletter.
Weisenthal says that although “it’s tempting to just call SHIB just a Dogecoin ripoff,” it has two big advantages over its older rival:
- “SHIB is built on Ethereum, and so has more advanced smart-contracting Profile capabilities.“
- “SHIB is a lot cheaper.“
In other words, Weisenthal is saying that unlike $DOGE, $SHIB more than just a meme coin since there is a lot more to it than just being a dumb cryptocurrency since Shiba Inu has decentralized exchange ShibaSwap — which “gives users the ability to DIG (provide liquidity), BURY (stake), and SWAP tokens to gain WOOF Returns through our sophisticated and innovative passive income reward system” — and support for NFTs. And of course, as many $SHIB fans are aware, there are other interesting products being worked on by the $SHIB dev team as part of Shiba Inu Phase 2, such as blockchain Shibarium, stablecoin SHI, and e-commerce platform ShibaNet.
In contrast, he says that $DOGE — like Bitcoin — “just sits there” waiting for billionaires such as Elon Musk and Mark Cuban to tweet about it.
Also, Weisenthal believes that the fact that one $SHIB costs much less than one $DOGE makes buying a large quantity of coins much more affordable for ordinary retail investors.
He went on to say:
“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.’“
And he closed his report by saying that he expected $SHIB to flip $DOGE “any day now” and to “expect all out chaos in the memecoin community if it happens.”
Well, Weisenthal’s prediction about the “flippening” came true just hours after he wrote the above piece, as one $SHIB influencer pointed out:
Currently (as of 18:45 UTC on October 27), $SHIB is the ninth most valuable cryptoasset with a market cap of $34.5 billion, having gained 41.5% vs USD in the past 24-hour period, while $DOGE occupies 10th place with a market cap of $32.9 billion.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.