SHIB VS. DOGE OCTOBER 2024

Shiba Inu (SHIB) has really had a lot of attention lately, but will it ever reach $1? In this blog I will be discussing my personal opinions as well as other facts to help others better understand what the hype is all about.

SHIB was organized in August of 2020 by an unknown individual or a group using the pseudonym "Ryoshi".  Pseudonym basically means they changed their name that would legally replace and individuals  own identity. This is usually used when the individual(s) wish to remain unknown and maintain their personal privacy.

This coin is inspired by a Japanese dog breed, in which, also serving as a mascot for Dogecoin (DOGE), another meme crypto coin. Concerns have been expressed about frenzy buying by retail investors motivated by fear of missing out. The branding of this crypto was introduced positioned as a potential competitor for the Dogecoin.

In May of 2021 an individual donate more than 50 trillion SHIB (worth over $1 billion at the time). In October of 2021 the market price of crypto experienced a hefty rise, reported increasing by 240% within  a WEEK!! However, in the beginning of November, it faced a decline of approximately 55% of its value by the end of the month.

Dogecoin on the other hand has been around for nearly 11 years, growing recently to .15 cents per share. This crypto has had its ups and downs over the years but since most recently the crypto has become so popular expert investors see good potential for both crypto coins. Meme coins are becoming a new trend, with a lot of other cryptos being created to mock the original coin. With that noted, dogecoin reached over a million visitors on their website, thus bringing a lot of hopes for the new crypto coins to reach the demands of bitcoin. 

Occasionally the dogecoin made drastic jumps within a 72 hour period, but likely whenever Bitcoin was doing well. Also, these crypto prices have been jumping up and down ever since Chinas decision to forbid Chinese banks from investing in the bitcoin economy. There is clearly a lot more research and timestamps that dogecoin has has its ups and downs compared to Shiba, and Shiba is still fairly new, all investors and trying to figure out the best way to make the right decisions. Although you can't make a decision on everyone's else's opinions or moves, the biggest part of investing is doing the research before you are investing in your portfolio. 

IF the price of Shib did reach $1, they would be required to a $589 trillion market cap. But what about for it to only rise to 0.01 cents per share? Again, this depends on how many coins are burned in the process. Overall the burn mechanisms are meant to reduce the overall supply of the SHIB circulation, potentially enhancing its value. Although as of right now there would be many circumstances that would be required for it to even reach 0.01 cents per share, it's not completely out of the question. Observing how the price interacts with different support levels can offer buying opportunities in the near future. 

We always suggest to not keep all your eggs in one basket, and try to stay up to date with any future news!

Thanks for reading!!! And please leave me a comment on your thoughts! Constructive criticism is welcome.

-MOLLY