Elon Musk is a great fan of Dogecoin, but Shiba Inu poses a tough competition

Dogecoin and Shiba Inu have the internet on a roll. Some of the biggest tech giants like Elon Musk, and Mark Cuban have been fans of the crypto for quite a long time now. Both the cryptocurrencies started out as a joke, only less than a decade ago. Since their inception, the cryptos have been on a wild ride as more and more individual investors have joined the communities. DOGE and SHIB have been at each other’s necks since they were launched, except Dogecoin always had an upper hand because it’s Musk’s favourite! Elon Musk has always been an advocate of digital assets, and above all other cryptocurrencies, Dogecoin has been his favorite. All of Musk’s acquisitions and tweets have affected Dogecoin and the crypto skyrocketed every time, giving a tough competition to Shiba Inu. Since Musk’s recent Twitter acquisition made the headlines, Dogecoin has soared and is now marching among the top cryptocurrencies in the market. Analysts believe that Musk’s tweet about adding Dogecoin to Twitter for payments also vastly made a difference to its market dominance. This has also adversely affected Shiba Inu, which is trying extremely hard to attract more investors and regain DOGE’s position as the meme coin king. 

To Musk, Dogecoin possesses a greater advantage than Bitcoin and other cryptocurrencies. He sees Dogecoin as the best cryptocurrency to transact with. As a cryptocurrency, DOGE uses the same general principles of blockchain technology that power Bitcoin, Ethereum, and Cardano. Even though it is common for popular cryptocurrencies to have complex networks, Dogecoin’s network is quite accessible and less intimidating. This is one of the many reasons why Dogecoin has a growing community of users and supporters. DOGE’s volatility also has some advantages, especially for day traders or those individuals who buy and sell assets within a day. Moving on to Shiba Inu, the crypto has the option to take advantage of smart contracts and create more advanced applications, like DEXs and NFTs. Shiba Inu has also launched a SHIB-themed restaurant to encourage more individuals to use its tokens. Furthermore, the crypto’s metaverse initiatives and exploration have been highly commendable amid the volatile crypto market. Hence, it is safe to say that both the cryptocurrencies are in a ‘dog-eat-dog’ position. 

Musk Tweets, Dogecoin Surges

Dogecoin’s price spiked almost 10% instantly after Dogefather, Elon, tweeted that Tesla will be accepting Dogecoin payments for Tesla merchandise. This was not the first time Elon moved Dogecoin’s market value. Whenever Musk posts, it sends the crypto’s price to the moon. The fact that Musk tweets one thing and it sends Dogecoin’s price up shows that the meme cryptocurrency is a riskier and more volatile asset than Bitcoin. This begs the question that how much of Musk’s influence runs the crypto market! Elon has demonstrated several ways in which Dogecoin can be used for purchasing and transfer purposes.

The Affects on Shiba Inu

Amid volatile crypto market conditions, Shiba Inu has given tough competition to Dogecoin. Even after no recognizable support from eminent tech personalities, Shiba Inu managed to takeover DOGE’s position for a short period of time. It shows that SHIB is not only a strong competitor but is also a worthy investment for your investment portfolio. Whenever Dogecoin soars, Shiba Inu tends to fall back, which is quite obvious. But till now, there have been no other cryptocurrencies that have proven to be strong competitors to Dogecoin, other than SHIB. Hence, if Musk’s former and recent acquisitions spike Dogecoin’s value, it also enhances SHIB’s market relevance since it continues to pose a serious threat to DOGE.