Bitcoin (CRYPTO: BTC) has been getting a lot of attention in the past month, as the market believes an incoming pro-crypto White House will push the industry to new heights. The top digital asset has seen its price surge, and it currently sits around $100,000.
But Shiba Inu (CRYPTO: SHIB) has outperformed Bitcoin in the last month, skyrocketing 46%. Perhaps this momentum is set to continue as we look toward 2025 and beyond.
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Should you forget the world’s most valuable cryptocurrency and buy some Shiba Inu tokens instead?
Shiba Inu was created in 2020, building off the success of Dogecoin, which itself rose to popularity because of its logo of a dog meme that caught attention on the internet. Dogecoin is its own blockchain network, with functionality just as a peer-to-peer payment system. Shiba Inu’s founders saw an opportunity to develop something that could be more useful.
That’s why Shiba Inu was built on top of the Ethereum blockchain. This boosts its functionality with a wide ecosystem of decentralized applications. In theory, Shiba Inu should provide users and developers with a ton of utility.
However, adoption has been disappointing. This is despite there being an active scaling solution, called Shibarium, that speeds up transactions and lowers costs. Plus, Shiba Inu has a metaverse where users can buy virtual land.
Nonetheless, Shiba Inu is only accepted as a form of payment at 1,049 merchants worldwide. It doesn’t have anywhere close to the ecosystem of financial services supporting it that Bitcoin does. And according to Electric Capital, a venture investment firm, Shiba Inu doesn’t even crack the top 100 list of blockchain networks with the most developers working on it.
These factors don’t bode well for its future. Even though Shiba Inu has soared 73% just in the past month (as of Dec. 5), I think you’re better off staying far away.
When choosing between Bitcoin and Shiba Inu, the choice is pretty clear. Investors should keep it simple and stick to the dominant cryptocurrency that has a long and successful history. There’s no shortage of reasons why Bitcoin is a better asset to own.
For starters, its supply is capped at 21 million. This is a key feature of Bitcoin that isn’t likely to ever change given that it would undermine the value of the network. Shiba Inu, on the other hand, has a gargantuan token supply of 589 trillion.
