The story of Shiba Inu (SHIB), crypto’s best-performer of the 12 months, nonetheless boggles the thoughts — even after a number of retellings. Simply 12 months in the past, the worth of 1 SHIB token had ten zeros in entrance of it: $0.000000000063 on quantity of $682.58, in line with CoinGecko.
By late October of this 12 months, six of these zeros had gone and Shiba Inu had flippened Dogecoin to change into the biggest dog-themed token on the planet, a top-ten cryptocurrency worth round $47 billion.
Regardless of dropping nearly 40% from that all-time excessive, SHIB nonetheless sits at a market cap of just about $29 billion — making it nearly 350 occasions extra priceless than our contender, Koinos Community (KOIN).
Koinos Community has been the best-performer of the week on the Cointelegraph Markets Pro knowledge and intelligence platform, the place the proprietary VORTECS™ Rating served up a massively bullish collection of 90+ scores during the last two weeks.
Following these scores, KOIN soared from a earlier excessive of round $0.22 to a current high-water mark of $0.95 — nonetheless comfortably under a $100 million market cap.
What do these two initiatives have in frequent? Nearly nothing… besides their sturdy performances within the markets.
So for crypto traders who can’t resolve between canine memecoins and layer-1 blockchain platforms… right here’s a tongue-in-cheek evaluation of their comparative strengths.
Koinos is a foundational, or layer-1, good contract blockchain platform that goals to ship quite a lot of technical improvements. Firstly, it’s designed to be modular — which means that it must be extra simply upgradeable than present blockchains, and will doubtlessly remove exhausting forks.
Additionally it is constructed to be feeless, which the group claims will assist onboard many extra folks to blockchain-based decentralized purposes. And it has common language help, a function that will assist extra builders deploy these purposes with out studying a brand new skillset. It’s presently working within the testnet section.
Shiba Inu has nearly no technical options that distinguish it from different memecoins, and its use-cases are primarily restricted to buying and selling.
Shiba Inu has over 1.9 million followers on Twitter; a Reddit web page with 425,000 members; and nearly 1,000,000 energetic wallets. Its followers are among the many busiest in crypto and Cointelegraph can hardly publish an article on social media lately and not using a host of SHIB shillers leaping into the feedback. The neighborhood is engaged, energetic… the truth is downright rabid of their enthusiasm for all issues Shiba Inu.
Koinos has exactly 1,500 followers on Twitter on the time of writing, and its Discord channel primarily incorporates arcane discussions on microservice structure.
Winner: Shiba Inu (by a mile)
Koinos is being developed by the core group that beforehand labored on the STEEM blockchain, and who resigned en masse when that venture was ‘acquired’ by Tron founder Justin Solar.
Shiba Inu’s creator, Ryoshi (which is Japanese for ‘fisherman’) is a pseudonymous developer who insists that he, she, or they don’t seem to be in control of something. Advertising seems to be a robust swimsuit, nevertheless.
Market Cap / Upside Potential
Koinos has a market cap of simply over $83 million on the time of writing. Its total provide of 99.5 million tokens is already in circulation, all of which have been distributed throughout a ‘honest mining’ interval throughout which anybody with a pc may mine KOIN ERC-20 tokens.
Shiba Inu famously has a complete provide of a quadrillion tokens, of which nearly 55 billion are in circulation. With a market cap of just about $29 billion, it’s presently the world’s Eleventh-largest cryptocurrency.
Upside potential is difficult to evaluate, however Koinos is searching for to hitch the ranks of layer-1 platforms like Ethereum, Solana, Cardano and Polkadot, 4 of the world’s prime tokens by market cap with a joint worth of just about $750 billion.
If KOIN was to achieve simply 1% of Ethereum’s market cap, it might should be value $5.55 billion — in different phrases, it must multiply 6,687x from its present worth.
With no pure friends in addition to Dogecoin (sitting one place forward of it at $34 billion in market capitalization) Shiba Inu’s most aspirational rival may be Bitcoin, with a market cap of $1.226 trillion. SHIB is already at over 2.3% of Bitcoin’s worth, which seems to restrict its potential upside. Certainly it may be argued that SHIB has already peaked.
Winner: Koinos (by a mile)
Unrealized good points are simply that. With a buying and selling quantity in extra of $1.73 billion during the last 24 hours, SHIB token trades on the world’s prime exchanges — together with Binance, Coinbase, OKEx, Huobi, Bitfinex and KuCoin. It’s big. It’s immense. It’s a monster.
KOIN, nevertheless, is simply obtainable by way of Uniswap on the present time, the place its quantity during the last day is a paltry $283,000.
Winner: Shiba Inu
Shiba Inu permits holders to amass huge stacks of tokens (tens of millions and tens of millions!) at low price. Its neighborhood is enthusiastic and excitable, the memes are superior, and because the ecosystem expands, extra merchandise and tokens (LEASH, BONE) assist drive a sense of inclusion and pleasure.
And let’s face it, the canine’s rattling cute.
Koinos is a critical, considerate, deeply technical blockchain with no cute and cuddly critters in sight. As an infrastructure venture, its core options are totally devoid of Japanese searching canines or certainly canines of any form. Disgrace on you.
Winner: Shiba Inu
Shiba Inu has Elon Musk. When the world’s richest man tweeted that he owned no SHIB, the worth dropped 20% in a day. And Vitalik Buterin was uninterested sufficient to donate the SHIB he was gifted (now value $21 billion) with barely a second thought.
As a memecoin it could solely be sustained so long as there’s curiosity. When that focus strikes elsewhere, because it has executed with quite a few virally-driven cryptos and shares this 12 months, SHIB could discover that it wants so as to add extra chew to its bark.
Koinos could not ship on the group’s bold targets. Or it could not discover sufficient builders to maintain a wholesome ecosystem. Or the world could merely resolve that we’ve got sufficient layer-1 blockchains proper now, and hold plowing tens of tens of millions into current initiatives like Solana.
Like all layer-1, Koinos will want each developer curiosity and killer dApps to rival the massive gamers within the area. Neither of these is a given.
Last Rating: Tie
Whereas Koinos screams seriousness, Shiba Inu yaps enjoyable — and within the strangest of years for traders, each of those tokens are discovering audiences with whom their worth proposition resonates.
No matter your crypto buying and selling technique — whether or not or not it’s based mostly on the elemental strengths of a venture’s know-how or the immense energy of its neighborhood — Cointelegraph Markets Pro could be a helpful addition to your investing analysis toolbox.
Cointelegraph is a writer of economic data, not an funding adviser. We don’t present customized or individualized funding recommendation. Cryptocurrencies are risky investments and carry important threat together with the danger of everlasting and complete loss. Previous efficiency is just not indicative of future outcomes. Figures and charts are appropriate on the time of writing or as in any other case specified. Reside-tested methods usually are not suggestions. Seek the advice of your monetary advisor earlier than making monetary choices.