Dogecoin or Shiba Inu: This Investor Picks the Better Meme Token to Buy (If You Must)

Business Insider

2 days ago

Dogecoin (DOGE) is the original memecoin, a trend that started as a joke and has snowballed to gigantic dimensions. Launched in 2013, the dog-themed token boasts a market cap of over $34 billion and has spurred a host of copycats. Among them is Shiba Inu (SHIB), the most successful in replicating Dogecoin's viral rise, and now a top-20 token in its own right.
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But are they worth investors' time of day? And if so, which one has better prospects? Investor Anthony Di Pizio lays out the case for both and comes down in favor of one over the other.
DOGE, being the OG memecoin, might have started life as a bit of a laugh, but has fostered a strong community. The token really took off when it got an endorsement from the world's richest man, Elon Musk. He began publicly backing the meme token in 2019 and continued to promote it over the years with humorous posts on social media, even appearing in a Dogecoin-focused sketch on Saturday Night Live.
But after peaking at an all-time high of $0.73 in 2021, Dogecoin crashed by over 90% by mid-2022 and remained stagnant until Trump's presidential win in late 2024. After appointing Musk to lead a new cost-cutting agency dubbed the Department of Government Efficiency (DOGE) – a homage to his favorite crypto – the token surged on speculation of a revival, hitting a 52-week high of $0.47. But momentum fizzled once it was clear Dogecoin wasn't part of the plan. Yet, if the upcoming Clarity Act delivers on its promise of crypto-friendly regulation, meme tokens like Dogecoin could get more use cases.
'Any development that drives sustainable adoption could send it soaring,' says Di Pizio, 'but it's unclear whether that will actually happen.'
Shiba Inu followed a different trajectory – but one that was no less explosive. The token made headlines in 2021 with an unprecedented annual return of 45,278,000%, briefly turning tiny investments into fortunes. Created in late 2020, it aimed to capitalize on Dogecoin's momentum and was even branded the 'Dogecoin killer' by hopeful investors. While it lacked a high-profile backer like Elon Musk, its soaring value led to listings on major exchanges, boosting its visibility. However, like Dogecoin, it lost over 90% of its value in 2022 and has struggled to regain relevance, with no real-world utility and extreme volatility making it impractical for payments or as a store of value.
With 589.2 trillion tokens in circulation, its rock-bottom price ($0.00001359) reflects an enormous supply – any push to $1 per token would imply a market cap of $589.2 trillion, far exceeding the size of the entire U.S. economy. Is that gonna happen?
'There is no obvious catalyst that could spark another historic rally in Shiba Inu, but like Dogecoin, it could benefit from any deregulatory efforts that pave the way for new uses,' says Di Pizio.
So, which one comes out on top?
Shiba Inu's massive circulating supply is gradually decreasing, thanks to investors who are voluntarily burning their tokens. Dogecoin, by contrast, has no maximum supply – new tokens are minted each year without a set limit, meaning holders face continuous dilution indefinitely. 'For that reason,' says Di Pizio, 'if I had to invest in one of these meme tokens, I would probably pick Shiba Inu.'
That said, at the end of the day, Di Pizio advises investors to steer clear of both tokens.
'The fact that neither of them have reclaimed their all-time highs from 2021 highlights the pitfalls of investing in speculative assets. With no concrete fundamentals to support the value of Dogecoin or Shiba Inu, not only is a recovery unlikely, but they will probably trend lower over the long term. Investors who want some exposure to cryptocurrencies should probably consider an industry leader like Bitcoin instead,' Di Pizio summed up. (To watch Di Pizio's track record, click here)
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