Steve Ehrlich, co-founder and CEO of Voyager Digital, Joseph Edwards, head of research at Enigma Securities, and Alex unzio, founder and CEO of NFT startup Jamb, mentioned DOGE and SHIB in an interview. He also drew attention to metaverse coins.
SHIB vs DOGE: What do the experts think?
Primarily, Ehrlich said, “Both DOGE and SHIB started out as meme coins, but the nature of SHIB has caused it to evolve into what they call a ‘living ecosystem. “SHIB has many more internal benefits, including a decentralized exchange and staking, as it has an ERC20 token on the Ethereum Blockchain as opposed to DOGE, which is proof-of-work.”
However, according to Joseph Edwards, head of research at Enigma Securities, the fact that Shiba Inu is on Ethereum does not give a mudollarin advantage over Dogecoin. Shiba Inu users also face challenges such as a series of high transaction fees as the Ethereum network has been heavily used lately. “If you want to move DOGE, you can do it right now for free,” Edwards said. On the other hand, SHIB is at the mercy of the transaction fee of the Ethereum network as a whole,” he added.
Not thinking that Shiba Inu will overtake Dogecoin in the long run, Edwards also thinks that SHIB lacks the “minimal utility” that DOGE has. Cryptocoin. com, Dogecoin is accepted as a form of payment for evendollarser and online products at Dallas Mavericks, while Shiba Inu is only accepted as payment at a French bistro in Paris so far
SHIB likely to take a hit in the coming weeks
The race between the top two meme tokens seems to be heating up as exchanges like Binance open for trading for the SHIB/DOGE trading pair. Voyager Digital’s Ehrlich thinks “healthy competition in the market” will likely continue. “SHIB is the fastest dog in this race. Of course, any coin with such record-breaking gains could experience corrections along the way, but it looks like SHIB is here to stay.”
Alex unzio, founder and CEO of NFT startup Jamb, thinks it’s only a matter of time before bottoms for the token come. “I don’t know when it will happen, but it will. “Maybe it goes up for a while and then goes down,” he said. Edwards of Enigma Securities thinks a price correction could happen in the coming weeks.
Edwards also drew attention to metaverse tokens
“The altcoins of interest right now are essentially things that can connect to the ‘metaverse’ narrative sparked by Facebook’s rebranding,” Edwards said. News of Facebook’s renaming of Meta helped Decentraland (MANA) and The Sandbox (SAND) tokens soar by 279 percent and 158.9 percent, respectively, last week, and there’s room for more growth in this area, according to Edwards. He adds that there are smaller-scale tokens like Star Adollars (ADollarsAS), the Solana-based metaverse game with a market capitalization of between $100 million and $300 million, that will benefit from the interesting rise in the space.