The story of Shiba Inu (SHIB), the crypto best performer of the year, is still baffling the mind – even after several retellings. Just 12 months ago, the price of a SHIB token had ten zeros in front of it: $ 0.000000000063 with a volume of $ 682.58, according to CoinGecko.
By the end of October of this year, six of those zeros were gone and Shiba Inu had flipped Dogecoin to become the largest dog-themed token in the world, a top ten cryptocurrency valued at around $ 47 billion.
Despite falling nearly 40% from that all-time high, SHIB is still at nearly $ 29 billion in market cap – making it nearly 350 times more valuable than our competitor Koinos Network (KOIN).
Koinos Network was the best performer of the week on the data and information platform Cointelegraph Markets Pro, on which the proprietary VORTECS ™ Score delivered an enormously bullish series of over 90 scores over the past two weeks.
After those readings, KOIN rose from a previous high of about $ 0.22 to a recent high of $ 0.95 – still comfortably below a market cap of $ 100 million.
What do these two projects have in common? Almost nothing … except for their strong performance in the markets.
For crypto investors who cannot decide between dog memecoins and layer 1 blockchain platforms, here is a tongue-in-cheek analysis of their comparative strengths.
Koinos is a basic or Layer 1 smart contract blockchain platform that aims to deliver a wide variety of technical innovations. First, it’s modular – meaning it should be easier to upgrade than current blockchains and could potentially eliminate hard forks.
It’s also designed to be non-contact, which the team says will help engage a lot more people in blockchain-based decentralized applications. And it offers universal language support, a feature that can help more developers deploy these applications without learning new skills. It is currently in the testnet phase.
Shiba Inu has practically no technical characteristics that distinguish it from other memecoins, and its use cases are essentially limited to trading.
Shiba Inu has over 1.9 million followers on Twitter; a Reddit page with 425,000 members; and nearly a million active wallets. His followers are some of the busiest in crypto, and Cointelegraph can barely post an article on social media these days without a multitude of SHIB shillers jumping into the comments. The community is committed, active … even downright rabid in their enthusiasm for everything to do with Shiba Inu.
Koinos has exactly 1,500 followers on Twitter at the time of writing, and its Discord channel mostly contains obscure discussions about microservice architecture.
Winner: Shiba Inu (with one mile)
Koinos is being developed by the core team that previously worked on the STEEM blockchain and that stepped down en masse when this project was “taken over” by Tron founder Justin Sun.
Shiba Inu’s creator, Ryoshi (Japanese for “fisherman”) is a pseudonymous developer who insists that he, she, or she is not responsible for anything. Marketing seems to be a strength, however.
Market capitalization / upside potential
Koinos has a market cap of just over $ 83 million at the time of writing. Its entire offering of 99.5 million tokens is already in circulation, all of which were distributed during a “fair mining” period in which anyone with a computer could mine KOIN ERC-20 tokens.
Shiba Inu is known to have a total supply of one trillion tokens, of which nearly 550 trillion are in circulation. With a market capitalization of nearly $ 29 billion, it is currently the eleventh largest cryptocurrency in the world.
Upside is difficult to gauge, but Koinos is aiming to join the ranks of Layer 1 platforms like Ethereum, Solana, Cardano and Polkadot, four of the world’s leading tokens by market cap with a total value of nearly $ 750 billion.
If KOIN were to reach just 1% of Ethereum’s market cap, it would have to be worth $ 5.55 billion – in other words, it would have to multiply 6,687% of its current price.
With no natural competitors other than Dogecoin (with a market cap of $ 34 billion, one spot ahead of it), Shiba Inu’s most up-and-coming rival could be Bitcoin, with a market cap of $ 1.226 trillion. SHIB is already over 2.3% of Bitcoin’s value, which seems to limit its upside potential. In fact, it could be argued that SHIB has already peaked.
Winner: Koinos (after a mile)
Unrealized gains are just that. With a trading volume of over $ 1.73 billion in the last 24 hours, SHIB tokens are traded on the world’s leading exchanges – including Binance, Coinbase, OKEx, Huobi, Bitfinex and KuCoin. It’s huge. It’s immense. It’s a monster.
However, KOIN is currently only available through Uniswap, where the volume on the last day was a modest $ 283,000.
Winner: Shiba Inu
Shiba Inu enables owners to purchase huge stacks of tokens (millions and millions!) At a low cost. The community is enthusiastic and excited, the memes are great and as the ecosystem expands, more products and tokens (LEASH, BONE) are helping to foster a sense of inclusion and joy.
And let’s face it, the dog is damn cute.
Koinos is a serious, thoughtful, deeply technical blockchain with no cute and cuddly creatures in sight. As an infrastructure project, its core features are completely devoid of Japanese hunting dogs or dogs of any kind. Shame on you.
Winner: Shiba Inu
Shiba Inu has Elon Musk. When the richest man in the world tweeted that he didn’t own a SHIB, the price fell 20% in one day. And Vitalik Buterin was disinterested enough to donate the SHIB he had been given (now valued at $ 21 billion) without a second thought.
As a memecoin, it can only be sustained as long as there is interest. If that attention shifts elsewhere, as has been the case with numerous viral cryptos and stocks this year, SHIB may find it needs to add more bite to its bark.
Koinos may fail to meet the team’s ambitious goals. Or it doesn’t find enough developers to maintain a healthy ecosystem. Or the world could just decide that we have just enough Layer 1 blockchains and keep pouring tens of millions into existing projects like Solana.
Like every Layer-1, Koinos needs both the interest of the developers and killer dApps in order to be able to keep up with the big players in this area. None of this is given.
Final result: a tie
While Koinos screams seriousness, Shiba Inu yaps for fun – and in the strangest investor years, both brands find audiences that resonate with their value proposition.
Whatever your crypto trading strategy – whether it is based on the fundamental strengths of a project’s technology or the immense power of its community – Cointelegraph Markets Pro can be a useful addition to your investment research toolbox.
Update: This article has been updated to indicate that the circulating supply of SHIB tokens is 550 trillion, not 55 billion as previously stated.
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