Two of these new cryptocurrencies, Shiba Inu Coin and Baby Dogecoin are starting to gain traction, leading to people wanting to buy them in bulk.
|New crypto coins|
Which Is the Best: New Crypto Coins, Shiba Coin, Dogecoin or Baby Dogecoin?
If you haven't heard of an alternative currency known as Dogecoin yet, then chances are good that you live under a rock, don't use the internet, or somehow manage to stay away from Twitter. But as the Dogecoin Saga continues to unfold as 2021 does, many similar coins are starting to appear. Two of these new cryptocurrencies, Shiba Inu Coin and Baby Dogecoin are starting to gain traction, leading to people wanting to buy them in bulk. Should you buy these coins too? And can you earn money? These questions are often easier to ask than to answer.
- Dogecoin (DOGE)
- Shiba Inu Coin (SHIB)
- Baby Dogecoin (BabyDoge)
Starting with the easiest, Dogecoin was invented in 2013 by two software engineers, Billy Marcus and Jackson Palmer. It is a payment processor that works similar to Bitcoin on a proof of work system. This coin, surprisingly, was originally invented as a joke, its characteristic Shiba Inu mascot comes from various memes that appeared on the internet during that time. Unlike Bitcoin, Dogecoin has no limit and an infinite number of Dogecoins can be manufactured.
While you may fall in love with the lovable Shiba Inu mascot, aptly named Doge, don't get too attached to Dogecoin, because in early 2021 some Redditors started pushing the coin. It caught on, and soon Elon Musk, the owner of Tesla, jumped on board and started promoting the coin heavily on his Twitter. This led to some of the biggest price swings in the history of the coin, which was already quite shaky to begin with.
Doge Coin Crypto Price Real-Time Data
Dogecoin's live price today is $ 0.200288 with a 24-hour trading volume of $ 1,063,541,831. Dogecoin is up 2.04% in the last 24 hours. CoinMarketCap's current ranking is # 8, with a live market capitalization of $ 26,183,731,808. It has an outstanding quantity of 130,730,434,418 DOGE coins and the max. supply is not available.
New crypto coins, Shiba Inu Coin
If you use the Coinbase exchange to trade your cryptocurrencies, you may have recently noticed that another currency has been added for trading known as Shiba Inu currency. First of all, this coin is not another name for Dogecoin, but its own complete cryptocurrency. While this cryptocurrency was inspired by Dogecoin (much like Bitcoin was inspired by Dogecoin), it is its own blockchain and operates under its own rules.
The Shiba Inu coin was created and named after the same meme culture that Dogecoin produced, and it was launched in August 2020. The creator of the Shiba Inu coin has actually remained anonymous, just by the name of Ryoshi. The Shiba Inu coin is an ERC-20 token that is built on the Ethereum platform.
This means that while the coin started as a Proof of Work, it will also carry over to the Proof of Stake system later this year alongside the entirety of the Ethereum blockchain. The Shiba Inu coin, although named after a meme, is a fungible token, this means that each token created on the blockchain has the same value. There is a limit to the number of coins that can be created and that number is 1 trillion.
You may be wondering what the purpose of making such a coin was, and the creator only made one comment on the subject, saying that he wished to surpass Dogecoin in popularity. So far, this has not happened. And as of this writing, 50% of the Shiba Inu coin belongs to Vitalik Buterin, the creator of Ethereum, and the other 50% is only available on a platform known as Uniswap. There are currently 394.8 Shiba Inu coins in circulation.
According to the creators of the coin, these coins on Uniswap will eventually move to the specialized decentralized exchange made specifically for Shiba Inu. Here users will be able to trade, sell and loan their Shiba Inu on a platform suitable for dogs. The exchange platform, called Shiba Swap, was recently launched in June 2021.
SHIB Coin Crypto Price Real-Time Data
SHIBA INU live price today is $ 0.000006 USD with a 24-hour trading volume of $ 203,132,946 USD. SHIBA INU is up 0.62% in the last 24 hours. CoinMarketCap's current ranking is # 46, with a live market cap of $ 2,451,537,129. It has a circulating supply of 394,796,000,000,000 SHIB coins and the max. supply is not available.
Baby Dogecoin, New crypto coins
Baby Dogecoin, like its namesake Dogecoin, is a meme coin that was launched in response to the price spike that Dogecoin experienced in early 2021. Baby Dogecoin is a payment processor like Dogecoin, but this is where the similarities end. Unlike Dogecoin, Baby Dogecoin features faster transaction speeds, as well as a hyper-deflationary system, where the coins will burn at a speed sufficient to control the creation and price of Baby Doge. This coin was not created by the creators of Dogecoin, rather it is its own derivative of the project.
Baby Dogecoin has some benefits when it comes to maintaining it, as users receive 5% of all transaction fees directly deposited into their accounts. And with each transaction, an additional 5% is added to the liquidity pool, making it easy to exchange the currency. Although the Baby Dogecoin mascot is very lovable, this coin has a small market cap of just 169 million (unverified), as it was only released just over a month ago.
BabyDoge New Crypto Price Real-Time Data
The Baby Doge Coin price live today is $ 1.61e-9 USD with a 24-hour trading volume of $ 10,406,894 USD. Baby Doge Coin is down 4.84% in the last 24 hours. CoinMarketCap's current ranking is # 2610, with a live market cap of not available. The circulating supply is not available and the max. supply is not available.
Source - CoinMarketCap, Live Price Data was taken on 05 August 2021
Which Should You Buy?
Honestly, when it comes to buying cryptocurrencies, any purchase you make is fraught with risk. And when it comes to these three specific cryptocurrencies, you need to be very careful, because they all tend to experience massive price swings closely tied to one celebrity account - yes, Elon Musk's. This means that when you buy these coins, you cannot predict whether the price will rise or fall, and if Musk rejects any of the coins, they could collapse tomorrow.
Beyond the social media problem, all of these coins are novelty coins, which means they don't have the die-hard fans behind them like Ethereum and Bitcoin. You should also realize that Dogecoin has been experiencing spikes in price and popularity for years, and has never been stable for an extended period of time.
And if you are looking at the Shiba Inu coin, remember that Vitalik Buterin owns half of the coin, which means that he controls the market for that coin almost as much as Musk's Twitter controls Dogecoin. A dump of Buterik's wallet could cause the price of the Shiba Inu coin to spiral downward.
In general, when it comes to Dogecoin, Shiba Inu coin, and Baby Dogecoin, it's probably best to avoid all three, unless you find that one of them is a project or technology that you would really like to support. Otherwise, these coins are more of a joke than actual investments and should be avoided if you are particularly risk averse.
- Which Is Best Dogecoin Shiba Inu Coin Or Baby Dogecoin
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