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December 30, 2021

Libertex adds Dogecoin (DOGE) and Shiba Inu (SHIB) Cryptocurrencies

You can now invest in Dogecoin (DOGE) and Shiba Inu (SHIB) on Libertex.

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Libertex - What's now?

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Note that Libertex does not provide the service to residents in US, Australia, New Zealand, Belgium, British Virgin Islands, Guam, Lebanon, United States Minor, Outlying Islands, Northern Mariana Islands, Uganda, Philippines, Sri Lanka, Kuwait, South Africa, Azerbaijan, Canada, Armenia, Russia, Japan, Brasil.

The confrontation between the two “doggy” cryptocurrencies intensifies, and Libertex adds CFDs on a new popular trading pair.

Invest in Dogecoin (DOGE) and Shiba Inu (SHIB)

Every dog ​​has its day. Today, this saying can be safely applied to the two “doggy” cryptocurrencies that are in the spotlight of the digital market and neither of them is ready to give up. Believe it or not, the entire crypto community has gone crazy over these two tokens based on the same famous breed of cute Japanese doggie. Of course, we are talking about the now thriving Dogecoin (DOGE) and Shiba Inu (SHIB), which have shown impressive growth in recent months. After much anticipation, Libertex has finally added CFDs on this pair to its range of tradable assets. You just have to decide which crypto pup you want to support in this battle.

It’s no secret that at first, no one pinned any hopes on either Shiba Inu or Dogecoin. One coin was launched as a joke, and the other was launched as a parody of the same joke. Their creators still do not stop having fun about this … And all because, despite everything, this two tomfoolery entered the ten largest cryptocurrencies by market capitalization, standing on a par with such established cryptocurrencies as Bitcoin (BTC), Ethereum (ETH ) and Ripple (XRP). If the long-term metrics for meme stocks like GameStop are unclear, then these two cryptocurrencies could be a good addition to your crypto portfolio. But, before making a choice in favor of this or that token, it is recommended to put them next to each other and compare.

Invest in Dogecoin (DOGE) and Shiba Inu (SHIB)

What is Dogecoin (DOGE)?

In many ways, Dogecoin works on the same principle as Bitcoin. Both networks are blockchain-based and validate transactions using Proof-of-Work consensus. That being said, Dogecoin has some advantages over BTC in terms of daily payments, as its transactions are processed faster and are cheaper than Bitcoin transactions.

The number of Dogecoin tokens is also higher compared to Bitcoin. In theory, DOGE’s offer is unlimited. Today, there are over 129 billion DOGE in circulation, which is much more than the maximum number of bitcoins – 21 million. In addition, every minute 10,000 Dogecoins are mined as a reward for miners.

As mentioned, DOGE uses a Proof-of-Work model. This points to many similarities with Bictoin, in particular how computing power is used to keep the blockchain secure. Moreover, DOGE is mined alongside Litecoin. This means that any Litecoin or Dogecoin miner can switch between these two cryptocurrencies, which helps stabilize the power of the network, which is not the case for cryptocurrencies that are mined in isolation.

Invest in Dogecoin (DOGE)

What is Shiba Inu (SHIB)?

The differences between these two cryptocurrencies start with the very system in which they operate. Shiba Inu acts as a token on the Ethereum network. SHIB is a so-called fungible token based on the ERC-20 protocol. Not to be confused with the non-fungible NFT tokens that use the ERC-721 standard.

The biggest advantage of Shiba Inu, powered by the Ethereum blockchain, is the proliferation of smart contracts that are used to create their own decentralized financial products. DeFi gained popularity this year thanks to the rise and distribution of tokens such as yearn.finance, Uniswap, and Aave. Cryptocurrencies use smart contracts based on the Ethereum blockchain to create decentralized exchanges (DEXs), lending protocols, and even interest accounts. This could turn out to be a powerful growth vector for SHIB in the future and certainly gives it additional attractiveness for its usefulness.

Shiba Inu even entered the NFT market with 10,000 Shiboshis based on the Shiba Inu mascot. The decentralized program leverages the Ethereum network, allowing artists to auction off NFTs without the intermediaries required for smart contract transactions.

Invest in Shiba Inu (SHIB)

Libertex adds Dogecoin (DOGE) and Shiba Inu (SHIB)

Before considering the market performance and prospects of each of the discussed cryptocurrencies, it would be an oversight not to tell you how SHIB and DOGE are issued and managed. After all, cryptocurrencies and tokens are essentially the same currencies as the dollar or pound sterling, and their supply (including upside potential) is an important determinant of return on investment.

Let’s start by seniority – with Dogecoin, which was originally released with a limited supply of 100 billion coins. By 2015, the last Dogecoin was mined, and then the supply limit was changed so that an additional 5 billion coins could be mined every year. There is no longer any limit, which means that DOGE is inflationary in nature. However, as long as the mining parameters remain unchanged, the inflation rate will decrease depending on the amount of additional coins in circulation.

Now let’s move on to Shiba Inu, whose proposal system is fundamentally different. From the very beginning, the maximum possible emission of SHIB was set at the level of one quadrillion, after which 50% of the tokens were sent to the Uniswap crypto exchange, and the other 50% were transferred to the founder of Ethereum Vitalik Buterin as a “gift/tribute”. It is also interesting that Vitalik chose to burn 90% of his SHIBA, and donated the remaining 10% to the Indian Foundation for the fight against covid. SHIBA cannot be mined, and some of them are destroyed every time someone buys a token.

Thus, SHIB differs from DOGE in that it is a deflationary cryptocurrency, which, in theory, should contribute to its rise in price over time compared to its older competitor. Remember that both of these cryptocurrencies have risen sharply recently, and therefore their current value may be overestimated.

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What to expect from the Cryptocurrencies?

As we have already noted, it is impossible to deny the fact that both cryptocurrencies have grown incredibly fast. For example, the growth of SHIB, in just 6 months, amounted to 8000% and in October the price reached $ 0.00008. Dogecoin went even further and went up in price by 12,000% from January to May 2021. Many astute investors naturally foresaw a correction after such a stunning rally. And so it happened. Now both cryptocurrencies have rolled back by 50% and 65%, respectively, which makes them attractive to buy right now. So, SHIB currently costs about $ 0.00004 per token, and DOGEat the time of writing, available at a bargain price of $ 0.38. Given that the results of both technical and fundamental analysis indicate a resumption of the upward trend in the medium term, now is the time to add one of these cryptocurrencies (or even both) to your portfolio.

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Trade CFDs on SHIB and DOGE with Libertex

That’s right, both of these cryptocurrencies are now available for trading on the award-winning Libertex trading platform along with many other cryptocurrencies and digital assets. There is only one question left: which one will win in the end? In truth, you shouldn’t bother with this question too much, as both of these assets may well take a place in a balanced and diversified investment portfolio. Moreover, Libertex’s SHIB / DOGE CFDs will allow both cryptocurrencies to be traded against each other. Place your bet and go through the trade to success!

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