There have been many talks lately about which cryptocurrency is the better investment – Safemoon vs Shiba inu. They are two popular cryptocurrencies that have recently gained traction. Both coins have a lot of potentials and offer investors different benefits, so it’s tough to say which one is the clear winner.
In this blog post, Covemarkets will break down the two currencies and try to conclude which is the better investment.
Shiba vs. Safemoon: Which Is the Better Purchase?
You could already have Safemoon and Shiba in your portfolio. Is safemoon the same as safemoon Inu? And which one is a better long-term investment?
Two of the most popular meme cryptocurrencies, SHIB and SAFEMOON, have become staples of many investors’ portfolios. They are likely the two crypto assets that our trading community friends question us about the most because even the average investor is aware of them.
They specifically inquire: What distinguishes Shiba most significantly from Safemoon? SAGEMOON: Is it a wiser investment? In light of this, we believed that breaking it down using the SAFEMOON vs. SHIB story of the tape could be helpful.
An Overview
Shiba Inu and SafeMoon arguably represent the next generation of meme coins. These recent initiatives provide token holders additional DeFi functionality and ways to generate passive income, whereas Dogecoin only provides a value exchange mechanism.
Shiba Inu and SafeMoon share a lot of commonalities. However, they each take a distinct approach to tokenomics, branding, and future developments. Let’s examine the essential elements of each project.
Background
Since it debuted in March 2021, SafeMoon has been the undisputed new kid on the block. The word “safe” refers to SafeMoon’s efforts to set a price floor for its token and limit volatility. The name is a play on the phrase “to the moon,” which refers to a significant price rise.
A few celebrity endorsements helped SafeMoon get off to a strong start in terms of an online following at the time of its launch because meme currencies were so popular then. Although SafeMoon is certainly a meme token, it has a more serious aspect and has sound technical foundations.
A SafeMoon DeX, which the team claims will offer a “revolutionary” new method and offer SAFEMOON holders additional benefits, is currently under development in addition to the project’s namesake currency.
Shiba Inu brazenly displays its mascot and even refers to itself as a “Dogecoin Killer” at one point, so there is little debate about its meme-coin credentials. Despite its humorous branding, Shiba Inu’s development team actually has some intriguing ideas for where the project might go.
The SHIB token itself is an Ethereum platform-based ERC-20 token. This is especially important in light of the Shiba Inu exchange, which, thanks to Ethereum, is easily compatible with several other well-known tokens. Shiba Inu is a more exciting idea than Dogecoin because it has its own DeX and numerous alternatives for liquidity mining.
The Shiba Inu platform actually supports BONE and LEASH in addition to SHIB, which have various use cases related to the DeFi facilities on the exchange. SHIB, which enables users to pay for services and participate in project governance, is what powers the entire operation.
Even though there are many better DeX platforms available, Shiba Inu’s entry into the DeFi market demonstrates that it is more than simply a one-trick pony.
Token Fundamentals
SafeMoon includes a built-in mechanism intended to promote currency keeping and discourage day traders is a crucial characteristic and may be considered its key USP. There is a 10% fee for anyone wishing to sell their SafeMoon, and the money from this is put back into the network.
Everyone who has SAFEMOON in their wallet has the opportunity to generate passive income because the remaining token holders split the selling cost in half. The remaining half is then divided among liquidity pools to guarantee that SafeMoon is always accessible to individuals looking to invest in the project.
Fans of liquidity mining will undoubtedly enjoy SafeMoon’s reflection system, stabilizing the token price and lessening the extreme volatility observed with coins like Dogecoin. It remains to be seen if it will be successful, but we would undoubtedly consider it a plus for SafeMoon.
SHIB is an ERC-20 token, like SAFEMOON, which means it functions on the Ethereum network. This indicates that the SHIB’s transaction rate is comparable to other ERC-20 coins, which is expected to be 13 transactions per second. However, due to the SHIB’s high usage rate, some have claimed that transactions sometimes take longer than a second to complete.
While the Shiba Inu transaction rate is not breaking any records in the cryptocurrency market, investors should be aware that Ethereum is undergoing significant protocol updates that greatly speed up transactions and minimize network congestion.
In terms of transaction rates, SafeMoon and Shiba Inu are, of course, comparable; however, SHIB does not have the same built-in reflection protocol as SafeMoon.
Demand and Supply
One quadrillion SAFEMOON tokens are now available, and as of this writing, it is believed that 575.5 trillion of those tokens are in active circulation. Whenever SafeMoon is sold, a fee is assessed, and a portion of that money is used to offer liquidity, so anyone wishing to purchase the token shouldn’t have any difficulties.
However, the SafeMoon protocol has an inflationary mechanism built in. A portion of the token is kept in a burning wallet on the network. This is part of the reflection process mentioned earlier, so whenever SafeMoon is sold, a portion of the transaction fee goes to the burn wallet and is thereby effectively and permanently removed from circulation.
Another reason it’s better to hold onto SafeMoon is because the burn wallet gradually reduces SAFEMOON’s supply over time, making the token scarcer overall.
Shiba Inu was only available in an unlimited number of 1 quadrillion. The project’s creators notably “gifted” Ethereum head Vitalik Buterin a significant piece of it, which he then distributed. Then, a sizable chunk of this initial stock was allegedly burnt. SHIB has a circulating supply of about 550 trillion when writing.
Shiba Inu was previously promoted as a substitute for fiat money, but it appears the token’s creators have now turned their focus to DeFi, as evidenced by the wide range of incentive programs accessible through the ShibaSwap DeX. Of course, this isn’t quite as well-known as the major giants like Uniswap or Binance, but growth has been steady since its founding in 2021.
Which Is The Better Investment?
At this moment, it’s definitely safe to say that Dogecoin’s biggest competitors for the title of most popular meme coin on the market are SafeMoon and Shiba Inu. Investors should be aware of two things: first, DOGE continues to be much more popular than SHIB and SAFEMOON put together; second, Shiba Inu is currently more popular than SafeMoon.
Even though it has rapidly amassed a sizable fanbase, there is no way to predict if SafeMoon will eventually overtake Shiba Inu and Dogecoin.
Popularity ultimately determines success in the meme coin arena, which might make it challenging to make any trustworthy forecasts. But we still need to consider the standard key performance indicators to determine which of Shiba Inu and SafeMoon is the superior investment.
Which Are The Strengths?
- Safemoon
A ground-breaking business strategy that promotes long-term investment and discourages selling was developed by the Safemoon team. They do this by charging 10% of the sale price, 50% to existing holders who have remained committed and 50% to new investors for liquidity. The remaining 50% comes from these funds themselves.
The developers of Safemoon think that by limiting the supply, they may gradually raise the value of the cryptocurrency. They claim this is comparable to how Bitcoin’s limited availability and distribution have increased its value.
There will be fewer Safemoon tokens in circulation when more investors sell them for fiat money (dollars).
- Inu Shiba
SHIB is a cryptocurrency that has recently attracted a lot of investment interest. More and more liquidity is being invested by investors. They’re hoping Shiba will overtake Dogecoin as the most popular money influenced by memes. Secure international payments are thus provided with dependable features like Shibes tweeting about their discoveries.
Which Are Weaknesses?
- Safemoon
Safemoon cannot be used in the real world is its biggest drawback. This meme coin has no real-world uses because it does not solve any issues. This cryptocurrency has no practical application. Thus your only options for using your coins are to trade them on exchanges or keep them as investments. Even if the producers don’t provide any updates or new projects, the price won’t increase.
- Inu Shiba
The Shiba Inu is a breed that is shrouded in mystery. Because it’s uncertain whether or not this cryptocurrency is authentic, investing your money in it carries a high chance of falling victim to fraud and scams. Because it can take some time before you can verify a cryptocurrency’s integrity, newer cryptocurrencies appear riskier than older ones.
Price History
Before we learn what experts are forecasting for SafeMoon coin vs. Shiba Inu, it’s important to take a moment to consider how each project has done in the past. Price forecasts are created by analyzing historical data.
SafeMoon
Since SafeMoon was only introduced in March 2021, there aren’t many data points to examine. It’s challenging to obtain an unbiased view of how the token has responded to other market dynamics because its launch occurred simultaneously as a significant meme-token purchasing frenzy. At the very least, we can obtain a sense of its most recent price ranges.
Let’s just state that SafeMoon is not a cryptocurrency with a high volume of users. Compared to the US dollar, the token has never come close to a whole value since it first began trading at about $0.00000004. But a month after its debut, the token had increased by several thousand percent, reaching $0.000007.
It goes without saying that this unexpected price increase attracted a lot of attention, and within a few weeks, SAFEMOON was once again on the move, this time soaring to its all-time high of $0.000010 in May 2021. Again, this may not seem like much, but from the standpoint of investments, it represents a significant rise in value.
Over the summer of 2021, SafeMoon started to lose value and eventually settled at about $0.000001 by October. Before the month was up, SAFEMOON managed to climb back up to $0.000006 after the decline abruptly came to an end.
Inu Shiba (SHIB)
While SafeMoon is a relative newcomer, Shiba Inu, which debuted in August 2020, isn’t exactly a dinosaur. Again, this indicates that there is a dearth of information. Another connection between the two is that SHIB debuted with an incredibly low token price, about $0.00000001, hoping this would spark a buying frenzy.
Shiba Inu did not experience any early success. Until 2021, when DOGE-mania took hold and helped to bring SHIB out of the shadows, the price varied slightly, but there were no substantial upswings. Shiba Inu increased from $0.0000001 to $0.0000036 in April and then increased again in May to reach $0.0000379. Shiba Inu was able to establish itself as a legitimate threat to Dogecoin.
This, though, is nothing compared to what transpired following the summer. SHIB experienced a significant price surge in October, from $0.000007 to $0.000027 weekly. Shiba Inu unexpectedly rose to a record high in November of $0.000086, a rise of many thousands of percent from its trading price at the beginning of 2021.
Future Predictions
As a result, we now know what each token is capable of in both bull and negative markets. However, investors want to know how these tokens are expected to do in the upcoming months. Let’s look at some of the top market experts to see how they predict the future price potential of each token to attempt to develop a concept.
SafeMoon
We’ve already mentioned that online community trends, which are notoriously difficult to predict, are largely responsible for the popularity of meme currencies. In light of this, the following price projections should only be used as examples and reflect how the market currently feels about SafeMoon.
First off, DigitalCoinPrice forecasts SafeMoon will expand and grow significantly.
According to its current study, SAFEMOON is anticipated to gradually increase, closing in 2023 at a price of approximately 33 percent more than it is today. Additionally, SAFEMOON is anticipated to increase by 77 percent by 2023, reaching a high price of $0.00000159457.
Additionally, TradingBeasts is very bullish on SAFEMOON’s prospects going forward. It anticipates that the value of SafeMoon will progressively rise over the ensuing 12 months, increasing by 66 percent by December. According to TradingBeasts, SAFEMOON might increase 122.37 percent from its current price by the end of 2024.
Coinpedia is yet another analyst that believes SafeMoon will have a successful year. In its best-case scenario, SAFEMOON might increase by up to 90% over the first half of 2023.
Inu Shiba
Many analysts also think Shiba Inu will build on its strengths and keep expanding in 2023, propelled by its further entry into the DeFi market. For instance, DigitalCoinPrice predicts that SHIB will increase by around 38.14 percent before 2023, translating to a market price of about $0.00002889809. Looking farther out, the platform predicts that SHIB might increase by 85% by 2025.
WalletInvestor, meanwhile, is much more upbeat. By December 2023, it projects SHIB to have increased by almost 237 percent, which will continue to grow significantly through 2023. The platform forecasts that SHIB will be approaching growth equivalent to 450 percent by January 2024, with an average trading price of $0.000116.
It appears that SHIB will experience growth across the board, with even the typically conservative TradingBeasts predicting an increase. Over the course of 2023, it anticipates that SHIB will expand by around 84 percent, with some seasonal fluctuation. SHIB is expected to close in on 100 percent growth by 2023 with a market price of $0.0000388.
Expert Opinion
Meme coins are frequently viewed as damaging the sector’s integrity in the eyes of the more serious financial institutions. Hence the more professional cryptocurrency market observers tend to avoid them. Hearing from celebrity backers, who frequently cause price explosions, is worthwhile given that these coins need to build a fanbase.
With over 432 thousand users, a subReddit, Shina Inu has already attracted a lot of support. The project’s recognition of its status as a meme coin has impressed many. ” “SHIB coin is a meme coin and embraces that,” says Ben Casin, head of research and strategy at cryptocurrency exchange AAX.
Shiba’s price spike earlier in 2021, he continued, “the hype around meme coins such as Shiba… is not a financial, but a social phenomenon.”
I’d be astonished if SHIB eclipsed DOGE, but anything can happen, said Sam Bankman-Fried, CEO of cryptocurrency derivatives market FTX.
Although SafeMoon is still in its relative infancy, it already has a sizable following, even if most of its fans are dubious celebrities. SafeMoon has been promoted by social media stars Jake Paul, Jesse Wellens, Daniel Keem, and DJ AfroJack, who collectively have a large following.
Chris Kline, a co-founder of Bitcoin IRA, has given SafeMoon backhanded praise when speaking for voices inside the crypto sector, acknowledging that “[meme coins] are part of the evolution of digital finance in their own unique way.”
FAQs: Shiba Inu Vs Safemoon
Which is Better: Safemoon vs. Shiba Inu vs. Dogecoin?
There never seems to be a brief response to this query in the world of all things crypto. For instance, using dual-key cryptography, Safemoon handles your private key on two distinct machines, both of which may be offline. SHIB is renowned for its audacity and a strong sense of purpose. The price and popularity of Dogecoin have skyrocketed in recent years.
According to their Twitter page, Shiba Inu is one of the three with the most scheduled upgrades and releases. While examining one of the mechanics, the audit team discovered a possible problem with Shibaswap. This has been corrected and returned for an audit team update.
Can Shiba Inu replace SafeMoon?
Select the cryptocurrency pair to be exchanged in the exchange tab (in this case, you swap SafeMoon to Shiba Inu). Give the number of coins you plan to sell. Select whether a fixed or a floating rate is preferred when converting SAFEMOON to SHIB.
Will SafeMoon ever reach $1?
Although even the most pessimistic long-term SafeMoon crypto price prediction does not see that happening any time soon, it is feasible that SafeMoon can reach the $1 level at some point. According to the second-best forecast, the coin will likely only be worth a few cents by that time. Thus it is important to exercise caution.
Will Shiba Inu make it to $1?
Shiba Inu has achieved numerous firsts in cryptocurrency, including defeating Dogecoin, a competing meme coin. However, the coin’s enormous circulating quantity prevents the token price from ever reaching $1 or even one cent!
Look for more information to decide invest:
- SafeMoon Vs Safemars Comparison 2023: Which Is The Better Investment?
- Coinbase Pro vs Robinhoo: Which is Better for Buying Bitcoin?
- Coinbase vs Binance: Which Crypto Exchange is Best?
Conclusion
There is no way around the fact that meme coins represent the riskier end of the cryptocurrency market, and despite their explosive growth in 2021, there is no assurance that their value will be stable over the long term. But what makes them so alluring is their virtually unrivaled capacity for rapid, sharp price increases.
Dogecoin is still the leader in the meme coin market, but initiatives like SafeMoon and Shiba Inu are the next step in the trend’s evolution because they provide much more than just a means of wealth exchange. Each project delivers a more advanced DeFi system, and they all have a real chance of one-day challenging DOGE.
So which is a better investment when comparing Shiba Inu and SafeMoon? In truth, there isn’t much difference between these initiatives. Both have outstanding branding, tremendous innovations to offer the bitcoin industry, and established web followings. It’s also accurate to claim that analysts anticipate strong performance from each token in 2023.
In actuality, meme coins like SafeMoon and Shiba Inu offer a fantastic chance to diversify your current cryptocurrency holdings. Despite their volatility compared to the larger market, both of these projects have the potential to provide big profits due to their cheap token prices, allowing you to build up a sizable stake with little investment.
Video
How to Make Investments in Shiba Inu and Safemoon Coins in 2023
Shiba Inu and SafeMoon have advantages and disadvantages, so you should carefully consider your options before allocating funds to an investment strategy. However, the first thing you’ll need to do when you’re ready to buy finds a trustworthy broker who offers your preferred token.
We advise eToro for most investors since it provides a trustworthy and user-friendly trading platform appropriate for novice and more experienced users. The fact that eToro is one of the most well-known names in retail investing is also advantageous.
