Cryptocurrencies have been around for more than a decade, giving time for more than 13,000 to be created. Even though not all of them have gained attention, all of them have a goal and a purpose behind them. This year has been extremely fruitful for the crypto market, resulting in huge profits for investors. This served as an incentive for people to create their own crypto projects with their own vision.
Meme-coins are some of these crypto projects. Even though meme-coins began their journey back in 2013 when Dogecoin was launched, the past two years have been huge for them. Two of the meme-coins that we will discuss today are Shiba Inu (SHIB) and Floki Inu (FLOKI).
What is Floki Inu?
Floki Inu is a crypto token that was launched on the first week of July 2021. When compared to other cryptocurrencies and tokens, Floki Inu is very young and has a long way to go before it matures. However, even though it is young, Floki Inu has achieved things that the others have not.
First off, Floki Inu is one of the first meme-coins to be available both on the Binance Smart Chain (BSC) and the Ethereum blockchain. Secondly, Floki Inu has partnered with Million Gardens Movement to help provide a sustainable food income to families who face financial instability. Lastly, they are one of the few meme-coins that can be used as an actual payment method in more than 1500 stores around the world.
Taking into consideration the time Floki Inu spent on the market, these achievements are huge. Moreover, we believe that they will have quite an effect on its market performance throughout the months.
What is Shiba Inu?
Shiba Inu is an ERC-20 crypto token that joined the market during the summer of 2020. This meme-coin entered the market with only one goal – surpassing Dogecoin. Taking that into consideration, Shiba Inu labeled itself as the Doge Killer.
Similar to Dogecoin, Shiba Inu is inspired by the Shiba Inu (Doge) meme. When this token came out, its team decided to gift 50% of their maximum supply to the co-founder of Ethereum, Vitalik Buterin. At the time, it was believed that this amount of Shiba Inu tokens would never move from Vitalik’s wallet.
However, earlier this year, he made a huge transaction worth more than $1 billion. This news was all over the market and had had a devastating effect on the price of Shiba Inu. Yet, people began to like Shiba Inu even more. But why? Well, that $1 billion worth of Shib was given as a charity to the country of India who was having a medical and financial crisis because of Covid-19 at the time.
The $1 billion donated was just a fraction of the amount of Shiba Inu that Vitalik Buterin owned. After the event, he decided to burn the remaining Shiba by sending it to a burner wallet, balancing everything out.
Floki Inu vs. Shiba Inu
Both of these tokens have a Shiba Inu pup as a logo. Moreover, both of them got inspired by a Shiba Inu pup. Nevertheless, Shiba Inu was inspired by Dogecoin while Floki Inu was inspired by the Shiba Inu puppy that Elon Musk owns whose name is Floki. This gave birth to a new term: Dog-Meme Currencies.
However, they are different in some aspects. Floki Inu is planning to tackle the Non-Fungible Token (NFT) market through their upcoming NFT marketplace named FlokiPlaces. Additionally, they are planning to launch their own Play-to-Earn games and Decentralized Applications (DApps).
On the other hand, Shiba Inu is aiming to enter the top 10 cryptocurrencies and to become one of the leading crypto tokens out there. Their community is doing a great job on this and has already put Shiba Inu on the 11th rank on CoinMarketCap.
- Numerous other meme-based crypto projects have been launched since Dogecoin started this trend back in 2013.
- Two of these meme-coins that have gotten huge attention lately are Shiba Inu and Floki Inu.
- Floki Inu is a meme-coin inspired by the Shiba Inu pup of Elon Musk.
- Shiba Inu, on the other hand, is a meme-coin whose sole purpose was to surpass Dogecoin.
- When put against each other, Shiba Inu and Floki Inu are not very different.
- Nevertheless, Shiba Inu has been more successful considering the 12,000,000% growth in a matter of 1 year.