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Famous crypto trader and analyst W3Q is looking to settle the debate regarding which meme coin is better, Dogecoin (DOGE) and Shiba Inu (SHIB).
The analyst declared support for Shiba Inu, noting that the canine-themed token is greater than Dogecoin. W3Q reached a conclusion based on experiences trading both cryptocurrencies.
3 Factors Proving SHIB Is Greater Than DOGE
Interestingly, the analyst highlighted three major factors supporting his assertion. According to W3Q, Shiba Inu has been listed on all crypto exchanges that also support Dogecoin. Some exchanges that currently support both DOGE and SHIB include Binance, KuCoin, Coinbase, OKX, Bybit, Kraken, and Gate.io.
While W3 believes Shiba Inu has almost the same market presence as Dogecoin, the analyst stated that SHIB usually records a significant rally after every breakout compared to DOGE.
Lastly, the expert asserted that Shiba Inu gives traders “cleaner exit points” than Dogecoin. Such clean exit points could refer to a stable market condition where selling the cryptocurrency does not come with negative consequences.
purely from a traders perspective $shib > $doge
listed on all exchanges doge is.
moves a lot post breakout. gives cleaner exit.
rinse repeat. https://t.co/4Gmum6cQ68 pic.twitter.com/AHsqS1lpH4
— W3Q (@Web3Quant) May 6, 2024
Dogecoin vs. Shiba Inu Rivalry
Since Shiba Inu’s inception, the cryptocurrency community has been embroiled in discussions about which asset is better. Notably, both assets launched as meme coins.
While Shiba Inu launched in August 2020, Dogecoin has existed since December 2013. Nevertheless, Shiba Inu is a significant rival to Dogecoin, earning it the title “Dogecoin Killer.”
The team behind the Shiba Inu ecosystem elevated this rivalry by naming one of its ecosystem tokens Doge Killer (LEASH).
Although both Shiba Inu and Dogecoin started as meme coins, the former has introduced remarkable initiatives to transition itself into a utility project.
In particular, Shiba Inu now has a Layer-2 blockchain solution (Shibarium), a collectible card game (Shiba Eternity), metaverse (SHIB: The Metaverse), non-fungible tokens (Shiboshi and SHEboshi), among others.
The development team behind the Shiba Inu ecosystem is also building a layer-3 privacy network, which is set to go live later this year. Conversely, Dogecoin does not feature any of these sophisticated projects.
Despite not having many projects like Shiba Inu, Dogecoin has attracted the support of popular American businessman and Tesla CEO Elon Musk. Musk’s positive tweets about Dogecoin have helped to position DOGE as the eighth-largest crypto, with a market cap of $22.9B.
Dogecoin’s market cap places it as the top-ranking meme coin ahead of Shiba Inu, whose valuation stands at $14.17B. In the meantime, Dogecoin has declined 5.11% in the past 24 hours, while Shiba Inu is down 5.92% in the same time frame.
Market data shows DOGE and SHIB are changing hands at $0.1584 and $0.00002404, respectively.