In 2021, dog-related memecoins have become all the rage. This wave was led by Dogecoin (DOGE), and hundreds of others followed. Many of these tokens are fairly similar, relying on a strong community to propel the price upwards. In November 2021, 2 of these dog-themed tokens are Saitama (SAITAMA) and Shiba Inu (SHIB). Both are memecoins with large ambitions. How do they compare?
What Is Saitama?
Saitama is an ERC-20 token based on the Ethereum blockchain. The token claims to be a store of value, aiming to retain the token’s value over time. The project plans several uses ranging from its own cryptocurrency wallet to an educational content platform.
Though the project has huge ambitions, many of these projects have yet to be released. It has plans to create an ecosystem surrounding education. Some specific ideas for this ecosystem include an NFT marketplace, a SaitaMask wallet, a content platform and an exchange. All of these ideas are planned with education as their main focus.
While these features may add value to the project, they are not functional and still have a long way to go. Because of this, the project is purely speculative and has minimal uses to back up its price.
What Is Shiba Inu?
Shiba Inu is another dog-themed ERC-20 token. The project was launched in August 2020 by the anonymous Ryoshi. Unlike Saitama, Shiba Inu has already released a feature to add to its value.
ShibaSwap is a decentralized exchange (DEX) that operates using SHIB. The 3 main functions of the exchange are staking for interest, providing liquidity and swapping SHIB for several other tokens. However, ShibaSwap has failed to gain notable attention as it is fairly new and not the easiest way to obtain SHIB. While it may not be the most useful feature, it still adds value to the project and may have contributed to past price increases.
Saitama vs. Shiba Inu Market Capitalization
As of November 2021, Saitama is trading for $0.0000001427 per token and has a market capitalization of over $6 billion. The token is up 304,000% since its release.
Shiba Inu is currently trading for $0.00005229 per token with a market cap of just below $30 billion. The token is up over 75,000,000% in the past year.
While both tokens are trading for far under $0.01, they both have respectable market capitalizations. However, these levels may be attributed to significant price increases instead of new investors. For instance, a Shiba Inu holder was able to turn an $8,000 investment into several billion. This amount is included in the market cap but may not be representative of investor sentiment.
Use Cases of Saitama vs. Shiba Inu
As of right now, the main use for both tokens is as a form of payment. However, a discrepancy between the tokens exists. SHIB is currently accepted as a form of payment by hundreds of retailers, whereas SAITAMA can only be used in a few unique scenarios.
Another advantage that Shiba Inu has is ShibaSwap. This exchange is another way for SHIB holders to interact with the project. However, it has failed to gain attention and does not offer much value.
Perhaps the only notable feature that Saitama has released is a token redistribution system. This system gathers 2% of all transactions and distributes them to holders. While this system is not unique by any means, it is still a feature worth noting.
Where to Buy Saitama and Shiba Inu
Shiba Inu and Saitama are also different in where they can be bought. SHIB is listed on several major exchanges, while Saitama is only listed on a few DEXs.
If you are looking to purchase SHIB, a centralized trading platform may be the best option. These platforms are easy to use and can be directly funded through an ACH or credit transfer. Some of the best platforms that support SHIB are Coinbase Global Inc. (COIN), eToro, Webull and Voyager.
To obtain SAITAMA, investors may have to work a bit more. SAITAMA is not currently listed on any centralized exchanges, so a DEX is the only way to purchase the token. As of right now, you can get SAITAMA on Uniswap, Gate.io and SushiSwap. If you want a more in-depth guide on how to purchase SAITAMA, take a look at our guide on how to buy Saitama.
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Which Has More Room to Grow: SAITAMA or SHIB?
In terms of market capitalization, SAITAMA has more room to grow. It has a lower market cap and fewer investors. In this regard, it would be easier for SAITAMA to increase.
SHIB currently offers more uses. This versatility may have already propelled some of the price increases. However, SHIB plans for few additional uses. This decision may cause the price to stall or even fall.
Conversely, SAITAMA does not have many uses currently but has outlined major features to be unveiled in the future. If these features are released soon and provide considerable value to the project, there may be room for a price increase.
Both tokens provide minimal uses in comparison to other projects. As mostly speculative tokens, they involve high amounts of risk.
Current Cryptocurrency Prices
In early November 2021, the crypto market capitalization surpassed $3 trillion. This gain marked a huge milestone for the market. There was a huge reaction from retail investors and celebrities alike.
Ethereum and Bitcoin both smashed all-time highs, indicative of the positive market sentiment. Several mayors from across the country also announced that they would be receiving paychecks in crypto.
If you want to see where the crypto market is at right now, make sure to take a look at our real time crypto table.
So, What’s Better: Saitama or Shiba Inu?
Both projects are unique, hoping to offer different uses. Because of this, it is impossible to say that 1 project is definitely better. Shiba Inu is hoping to foster a strong community and be used as a form of payment. Saitama is looking to provide educational services through a variety of features. Both tokens have seen enormous price increases in the past year. However, these prices could fall at any moment. Any SHIB or SAITAMA investor should be aware of the risks before investing.
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