The story of Shiba Inu (SHIB), the maker of the year in the cryptocurrency industry, remains puzzling – even after several re-tolds. Just 12 months ago, the price of one SHIB token was ten zeros ahead: $0.00 trillion, with a volume of $682.58, according to CoinGecko.
By the end of October this year, six of those zeros were gone, and Shiba Inu turned Dogecoin into the world’s largest dog token, one of the top ten digital currencies worth about $47 billion.
Although down nearly 40% from its record high, SHIB still has a market capitalization of nearly $29 billion, making it about 350 times more valuable than our competitor, Koinos Network (KOIN).
Koinos Network was the top player of the week on data and analytics platform Cointelegraph Markets Pro, with the VORTECS server result being a very bullish streak with over 90 points over the past two weeks.
Following these estimates, KOIN surged from a previous high of around $0.22 to a recent high of $0.95, which is still comfortably below the $100 million market capitalization.
What is the common denominator between these two projects? Almost nothing… other than their strong market performance.
So, for cryptocurrency investors who can’t choose between dog memcoins and Tier 1 blockchain platforms… Here’s a sarcastic analysis of their relative strengths.
Koinos is a basic, tier 1 blockchain-based smart contract platform that aims to bring a range of technology innovations to life. First, it is designed to be modular, which means that it will be easier to modernize compared to existing blockchains and likely to eliminate hard forks.
It was also designed without emotion, which the team claims will help many people use blockchain-based decentralized applications. And it has global language support, a feature that can help more developers publish these apps without acquiring a new set of skills. It is currently in the network testing phase.
Shiba Inu has practically no technical features that distinguish it from other memcoins, and its use is mainly limited to trading.
Shiba Inu has over 1.9 million followers on Twitter; Reddit page with 425,000 members; And nearly a million active portfolios. Subscribers are among the busiest in cryptocurrency, and Cointelegraph can barely post an article on social media these days without a few SHIB jumping into the comments. The community is involved and active… in fact quite fierce in his enthusiasm for everything Shiba Inu has to do with him.
Koinos has exactly 1,500 followers on Twitter at the time of writing, and the Discord channel mostly contains encrypted discussions about the architecture of the microservices.
Winner: Shiba Inu (1 mile)
Koinos is being developed by the core team that previously worked on the STEEM blockchain who abandoned the project en masse when the project was “purchased” by Tron founder Justin Sun.
The creator of Shiba Inusa, Ryoshi (Japanese for “hunter”) is a developer under a pseudonym who insists that he or she is not responsible for anything. However, marketing seems to be a huge problem.
Market value/growth potential
Koinos has a market value of just over $83 million at the time of writing. All 99.5 million coins are already in circulation, and they were all distributed during the “fair mining” period, when anyone with a computer could mine KOIN ERC-20 tokens.
It is known that the total supply of Shiba Inu is a quadrillion token, of which approximately 550 plows are in circulation. With a market capitalization of nearly $29 billion, it is currently the eleventh largest cryptocurrency in the world.
It is difficult to assess the upside potential, but Koinos aims to join the ranks of Team 1 platforms such as Ethereum, Solana, Cardano and Polkadot, the world’s top four market coins with a combined value of nearly $750 billion.
If KOIN reaches just 1% of Ethereum’s market cap, it should be worth $5.55 billion – in other words, it should be 6.687% more than today’s price.
Without natural peers other than Dogecoin (which is ahead of it by one place with a market capitalization of $34 billion), Shiba Inu’s most ambitious competitor is Bitcoin, with a market capitalization of $1.226 trillion. SHIB already accounts for more than 2.3% of Bitcoin’s value, which appears to be limiting its bullish potential. In fact, it can be said that SHIB has already reached the top.
Winner: Koinos (one mile)
This is just an unrealized profit. With a trading volume of over $1.73 billion in the last 24 hours, the SHIB token is listed on top exchanges in the world, including Binance, Coinbase, OKEx, and Huob.