Dogecoin was cast into the limelight after Elon Musk tweeted his fondness for the meme coin. Following this, other meme coins like Shiba Inu have benefited significantly. Dogecoin uses the same technology as Bitcoin meaning it is a proof-of-work blockchain. On the other hand, Shiba Inu is an ERC 20 token that runs on the Ethereum network, meaning it can leverage smart contracts.
Both DOGE and SHIB have a far more abundant token supply when compared to other cryptocurrencies. There are over 100 Billion DOGE in circulation and over 300,000 billion SHIB. These extremely abundant token supplies have made the Dogecoin and Shiba Inu prices very low. Despite this, both cryptocurrencies have a market cap of over $1 billion.