MemeCoins are mainly a subculture in cryptocurrency influenced by internet culture, social media, and celebrity endorsements. Among these contenders, the top coins are probably Dogecoin and Shiba Inu, two meme-based digital currencies that are really hyping up investors and non-investors alike.
Both these meme-based digital currencies have had customers' hearts and minds captured from their wallets. But as the cryptocurrency market continues to evolve, one question has emerged: Which of these two iconic meme coins offered better returns in 2024?
In 2013, software engineers Billy Markus and Jackson Palmer created a coin as a joke based on the now-popular "Doge" meme, turning it into one of the most recognized currencies on this planet today. The rogue, fun, and satirical project has received serious investment interest over the years, especially when the market goes bullish. In 2024, Dogecoin remained a favorite for many traders, thanks in part to its active community and notable endorsements from high-profile figures like Elon Musk.
Launched in 2020, Shiba Inu has often been labelled the Dogecoin killer due to its very playful ethos and similar branding with a purported unnamed creator who goes by the name of Ryoshi. At first, Shiba Inu was purely classified as a rival to Dogecoin, but it has things beyond that. In 2024, the upward progress Shiba Inu made in earlier years continued as ecosystem adoption increased, along with strategic developments.
In 2024, the price of Dogecoin peaked at $0.41, which was significantly higher than its price for prior years. The returns have done wonders this year, making it the best by a long shot for year-to-date returns, attaining a YTD of 375.55% and a one-year return of 364.74%. This past month, Dogecoin posted an impressive 173.41% gain, which has proven that it can fly when the general market is upbeat. The entire price movement is along the lines of social media and celebrity endorsements, but a very long history with the market means many people will remain interested.
Shiba Inu’s price as of 2024 stands at $0.00002906. While its price is significantly lower than that of Dogecoin, the coin’s price growth has been impressive. Shiba Inu has recorded a 188.79% increase in the YTD return and a 224.65% one-year return. Over the previous month, Shiba Inu skyrocketed by 77.24%. This burn strategy aims to reduce the total supply of SHIB, driving its value upwards.
| Performance Metric | Shiba Inu (SHIB) | Dogecoin (DOGE) |
| 1 Month | 77.24% | 173.41% |
| 6 Months | 18.53% | 161.96% |
| Year to Date (YTD) | 188.79% | 375.55% |
| 1 Year | 224.65% | 364.74% |
(till 4th December)
Today, while Dogecoin remains the oversold popular coin, Shiba Inu has caught the most attention. It communicates that it caters to the shifting and uptake of more utilities beyond the classical meme coin orientation, appealing to long-term investors. Indeed, it has one of the liveliest communities that keeps it ever popular.
The price trend of Dogecoin in 2024 is significantly affected by Elon Musk's endorsement of the currency. The richest man on the planet tweeted about the future of Dogecoin on multiple occasions. However, while Shiba has been famous for not having such a person as Musk to support it, it has really built its credibility with all of the ongoing developments to make it a serious contender in space.
When it comes to decentralized exchanges and gaming, the advanced environment of the Shiba Inu keeps delivering a utility edge for the project over Dogecoin, which remains primarily branded as just a fun, internet-inspired token.
For investors looking for a meme coin with a solid track record and consistent returns, Dogecoin remains the dominant player. However, Shiba Inu is proving that it’s more than just a meme coin, with developments aimed at providing real utility, which could set it up for even greater success in the future.
As always, potential investors should carefully consider the risks and rewards involved in meme coin investments, especially as the market continues to evolve and shift in unpredictable ways.