DOGE vs. SHIB vs. FLOKI: Who’s Top Dog of Memecoins?

There's no shortage of dog-themed memecoins to pick from for your investment. We're covering three of the most popular in our DOGE vs. SHIB vs. FLOKI guide.

Dogecoin vs. Shiba Inu vs. Floki: At a glance

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DOGE vs. SHIB vs. FLOKI: Origins

• Dogecoin (DOGE): Dogecoin was created in December 2013 by software engineers Billy Markus and Jackson Palmer. It started as a joke to poke fun at the wild speculation in the cryptocurrency markets. Despite its humorous beginnings, Dogecoin quickly gained a following and became one of the top cryptocurrencies by market capitalization. Over time, high-profile endorsements, particularly from Elon Musk, helped Dogecoin gain legitimacy and widespread recognition.

• Shiba Inu (SHIB): Shiba Inu, launched in August 2020 by an anonymous developer known as Ryoshi, was created as a direct competitor to Dogecoin. Like Dogecoin, Shiba Inu is also based on the Shiba Inu dog breed, leveraging its meme potential. Shiba Inu aims to create a decentralized ecosystem and includes three tokens: SHIB, LEASH, and BONE. Despite its humorous inception, SHIB has grown into a significant player in the crypto space, driven largely by speculation and social media hype.

• Floki Inu (FLOKI): Floki Inu was inspired by Elon Musk's dog, Floki. After its initial launch, the original developers abandoned the project due to an inflation bug. However, the community revived Floki Inu, transforming it into a comprehensive web3 initiative that includes decentralized finance, NFTs, and the Metaverse. FLOKI operates on both the Ethereum and Binance Smart Chain blockchains, providing flexibility and additional utility.

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DOGE vs. SHIB vs. FLOKI: Tokenomics & Ecosystem

Consensus mechanisms and tokenomics:

• Dogecoin: Dogecoin employs a Proof-of-Work (PoW) algorithm, similar to Bitcoin, with an unlimited supply of tokens. Approximately 5 billion new DOGE coins enter circulation each year.

• Shiba Inu: Built on the Ethereum blockchain, Shiba Inu follows a Proof-of-Stake (PoS) consensus mechanism. Initially, SHIB had a maximum supply of 1 quadrillion tokens, half of which were sent to Ethereum's creator Vitalik Buterin, who then burned a significant portion.

• Floki Inu: Floki Inu is a multi-chain token compatible with Ethereum (ERC-20) and Binance Smart Chain (BEP-20). It uses both Proof-of-Stake (PoS) and Proof-of-Authority (PoA) consensus mechanisms.

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Transaction speeds and fees:

• Dogecoin: Transactions on the Dogecoin network take about around a minute depending on network demand and can cost between 0.0025 - 2.5 DOGE.

• Shiba Inu: As an ERC-20 token, SHIB transactions inherit the Ethereum network's congestion issues, leading to high fees that can exceed $50 during peak times. Transaction speeds average 12-14 seconds.

• Floki Inu: FLOKI transactions occur on either the Ethereum or Binance Smart Chain, with a 3% tax on transactions directed towards ecosystem development. Transaction speeds are around 13-15 seconds, subject to network conditions.

Community and social media

• Dogecoin: Dogecoin boasts one of the largest and most passionate communities in the crypto world, with 2.3 million Twitter followers and 2.2 million Reddit users. The community is known for its philanthropic initiatives and grassroots campaigns. Elon Musk, Mark Cuban, and other notable figures have frequently expressed support for Dogecoin, often causing significant price movements with their endorsements.

• Shiba Inu: The Shiba Army, with 440,000 Twitter followers and 394,000 Reddit users, is similarly enthusiastic. They engage in various social media activities to promote and support SHIB. Although Elon Musk has tweeted about dogs in general, he has explicitly stated that he does not own any SHIB. Nonetheless, his tweets still influence SHIB's price due to the coin's meme nature.

• Floki Inu: While exact numbers for Floki Inu's community are not available, it is clear that the project has garnered significant attention and support, particularly from fans of Elon Musk. Floki Inu directly leverages the influence of Elon Musk's dog, and its community-driven approach has kept it relevant and growing.

Read next: Is Shiba Inu Dead?

DOGE vs. SHIB vs. FLOKI: Differences

Coin issuance and supply:

• Dogecoin: Unlimited supply with 5 billion new DOGE entering circulation annually.

• Shiba Inu: Initially capped at 1 quadrillion, with a significant portion burned, resulting in a current circulating supply of around 500 trillion SHIB.

• Floki Inu: Floki Inu also has a large supply but uses deflationary mechanisms, including token burns, to manage its circulating supply.

Technical infrastructure:

• Dogecoin: Dogecoin uses the Scrypt hashing algorithm and is planning a transition to a Proof-of-Stake (PoS) mechanism.

• Shiba Inu: SHIB leverages Ethereum’s infrastructure, combining Proof-of-Stake (PoS) and Proof-of-Authority (PoA) techniques.

• Floki Inu: FLOKI operates on both Ethereum and Binance Smart Chain, offering interoperability and multi-chain capabilities.

Ecosystem and utility:

• Dogecoin: Primarily a digital currency for peer-to-peer transactions with limited use cases beyond speculation.

• Shiba Inu: Aims to build a decentralized ecosystem with multiple tokens (SHIB, LEASH, BONE) and services like ShibaSwap.

• Floki Inu: Expanding into decentralized finance (DeFi), NFTs, and the Metaverse, with projects like Valhalla and FlokiPlaces in development.

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DOGE vs. SHIB vs. FLOKI: Similarities

• All three cryptocurrencies share origins rooted in internet culture and memes, with branding centered around the Shiba Inu dog.

• Each has cultivated passionate and devoted communities that engage in social media campaigns, tipping, and meme creation to support their respective projects.

• The value and appeal of Dogecoin, Shiba Inu, and Floki Inu are significantly influenced by social media and high-profile endorsements, particularly from Elon Musk.

• All three coins have experienced significant price volatility, driven largely by speculative trading and FOMO (fear of missing out).

• Compared to major cryptocurrencies like Bitcoin, all three meme coins offer substantially lower price points, making them more accessible to new investors.

• The primary risks associated with these meme coins include limited use cases outside of speculation, high concentration of tokens among top holders, and the potential for significant price swings based on social media trends.

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DOGE vs. SHIB vs. FLOKI: Which is the best investment?

While all three coins share similarities, each has unique attributes and potential use cases that set them apart. Dogecoin, as the original meme coin, boasts cultural significance and high-profile endorsements. Shiba Inu, with its ecosystem development and decentralized ambitions, offers more structured tokenomics. Floki Inu aims to combine memes with utility, expanding into DeFi, NFTs, and the Metaverse. Each appeals to a different type of investor.

As ever, anyone interested in these coins should DYOR, consider their individual investment goals, and remain aware of the inherent volatility and risks associated with crypto - especially memecoins.

Lastly, memecoins, while often seen as a fun and speculative part of the crypto world, come with their own tax implications. Profits from trading or holding memecoins are subject to the same tax rules as other cryptocurrencies.

Koinly tracks all popular memecoins to calculate your gains and manage your tax reporting. Get your Floki, Shiba Inu and Doge taxes done fast with Koinly.