Billy Markus, the co-creator of meme-based cryptocurrency Dogecoin DOGE/USD, explained the main differences between it and rival Shiba Inu SHIB/USD.
What Happened: Markus was asked what he believed the biggest differences were between the cryptocurrencies.
“I don’t know the inter-workings of the SHIB community because I don’t have much interest in cryptocurrencies that I don’t own," Markus said in an interview with CoinDesk.
“But in terms of Dogecoin itself, Dogecoin started from an actual meme which is the Doge meme … I think it’s the best meme on the internet,” he added.
The other main technical difference between the two is Shiba Inu tokens are ERC-20 tokens on the Ethereum ETH/USD blockchain, explained Markus.
“If you want to send pennies of a SHIB token to somebody, it would cost like 15 bucks or 100 bucks or whatever gas fees are at the time,” he said. “At the same time, Dogecoin costs fractions of a penny to send around on the blockchain.”
Markus also pointed out that creating an ERC-20 token such as Shiba Inu is an inexpensive process and would typically take only a couple of minutes to do.
Meanwhile, Dogecoin has its own blockchain that is based on Bitcoin BTC/USD technology.
“So the development is a lot different for that,” stated the Dogecoin co-creator.
Price Action: As of Thursday morning at publication, SHIB was down 1.74% at $0.00003624 and DOGE was trading at $0.1775, gaining 0.88%.
Last Tuesday, DOGE skyrocketed 44.85% after Tesla Inc TSLA CEO Elon Musk announced plans to accept it as payment for merchandise.
Photo: Ferhat Deniz Fors on Unsplash
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.