Most people don’t take meme coins seriously, but experienced traders understand the potential that lies in their trading value and volatility. After Dogecoin, Shiba Inu made a true revolution in this market. But can it compare to reputable payment methods like Bitcoin or Ripple? Our guide focuses on the SHIB versus XRP comparison, diving into details on both projects and their performance and investment potential.
Overview of SHIB
Dogecoin took the market by storm when it launched as a meme coin. Many others appeared later, and Shiba Inu initially seemed like another dog-inspired meme token. It was inspired by the famous dog breed, and the creator remains unknown until today. They used the pseudonym “Ryoshi” and quickly used the hype to establish SHIB’s position in the market.
Shiba Inu solely relies on its attractiveness as a tradeable coin and payment method. SHIB does have an ecosystem and a ShibaSwap decentralized exchange. You can also trade other currencies like BONE and LEASH, which are a part of this ecosystem.
Overview of XRP
XRP is a part of the Ripple payment network created in 2012. It’s the native currency of the XRP Ledger, and its primary purpose is to offer an affordable and faster alternative to Bitcoin. You can benefit from minor fees when paying with XRP, and the currency supports cross-border transactions that get completed in seconds.
Ripple is the company that launched and supports XRP, which contributes to its reputation among more traditional investors. XRP Ledger uses a consensus protocol that’s somewhat centralized, with trusted validators approving the transactions. You can trade XRP on https://godex.io/ anonymously, although the currency is also available across all major crypto exchanges.
Price History and Recent Performance
Shiba Inu has been tradeable since 2020. It achieved an all-time high in 2021 when the hype got it to $0.000088.
SHIB’s worth today is $0.00002. If you compare it to a year ago when the value was $0.000008, that marks a decent rise. The price increase has been noticeable in the last several weeks, too, so SHIB might be on a positive trend. The currency has a market cap of over 14 billion and an endless maximum supply. Its circulating supply is over 589 trillion SHIB coins, indicating why a single token has such a low value.
As for XRP, it has been in the market since 2012. It had the most success in 2018 when it traded at $3.84. Today, you can buy it for $1.1.
XRP progressed over the last several weeks and gained a lot of value, and its worth is about 80% higher than a year ago. The project’s market cap is $63 billion and its high trading volume also keeps it at a high spot. You can find about 56% of the 100 million maximum coin supply in circulation.
Factors Driving Investment Potential
What are some unique characteristics that can help you decide on a certain currency? Here’s what could affect your choice between SHIB and XRP.
For SHIB
As a meme coin, SHIB solely depends on the community. It’s the community support and their acceptance and use of this coin that determines its value. Shiba Inu’s community is called the “SHIB Army,” and you can find charitable and other events promoting the currency.
Social media trends affect market sentiments strongly. If you see a celebrity or an influential person talking about SHIB on Reddit or Twitter, that leads to a price jump or drop in a matter of hours. Finally, there is a speculative interest from sharks and large-volume traders. They could sell or buy large SHIB amounts, looking to capitalize on volatility.
For XRP
The main argument for choosing XRP over SHIB is its practical use. You can use the currency for quick international payments. Thanks to low fees, Ripple is attractive for frequent and daily transactions among both individual and institutional traders.
Ripple works hard to attract business partnerships, and designing oracles is the latest feature focused on that. Institutional partnerships contribute to value stability and long-term success. Finally, XRP is supported by a serious company that knows its way about regulations. The best proof is that the SEC lawsuit was largely unsuccessful. The regulators clearly confirmed that XRP isn’t a commodity, which can open new opportunities for Ripple in the market.
Choosing Between SHIB and XRP
SHIB is more speculative and attractive for short-term traders. If you don’t mind closely following the market and acting quickly when necessary, Shiba Inu might be your cup of tea. XRP enjoys a higher reputation and stability. Although it’s susceptible to volatility like other cryptos, its long-term future seems more certain. Real-world use cases contribute to that, making XRP a smart long-term investment.
