Choosing between Elon Musk backed Crypto and world’s flagship Altcoin?

 Choosing between Elon Musk backed Crypto and world’s flagship Altcoin?

Choosing between Elon Musk backed Crypto and world’s flagship Altcoin?

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The Altcoin season is all fired up, amid a strong debate ongoing between which cryptocurrency is doing better — Ethereum or Dogecoin?

Ethereum (ETH) continues to break record high amid strong institutional buying with Dogecoin (DOGE) also back in the spotlight amid growing interest in key markets that include U.S.A, Canada, Singapore, Nigeria, and Turkey.

Ethereum (ETH), the second-largest cryptocurrency by market value, with prices breaking above $3,500 on the FTX exchange as it continues to pare back Bitcoin’s market dominance.

Consequently, recent price patterns reveal Ethereum is up 326% over the last 7 days and continues to outshine Bitcoin but far underperforms doge that postulates a weekly gain of about 102% at the time of writing this report.

With the crypto bull run in full effect, many new investors are looking to be early in the next generation of money. With both Ethereum and Dogecoin in price discovery mode, it’s vital to check on the properties of these unique digital assets.

Why did Dogecoin spike so fast, and so high?

The meme-based Dogecoin had a spike in summer 2020 on the account it went viral on leading social media platforms that include Twitter and TikTok, as people began to invest and trade more of the dog meme coin on Crypto exchanges.

More recently, powerful billionaires like Elon Musk and Dallas Mavericks owner Mark Cuban publicly gave their support to the fast-rising crypto. Mark Cuban specifically encouraged people via social media to start using Dogecoin as a form of currency.

What They Have in Common

Both Doge and Ethereum can be used as a store for value and in facilitating transactions, however, this is DOGE’s major selling point, and ETH’s weakness. For example, it might cost you $10 on the Ethereum network, and $0.10 on the Dogecoin network in processing the same payment and Dogecoin offering a faster transaction process

What They Don’t Have in Common

While both cryptos have similar transaction goals, Ethereum differs by permitting smart contracts to be executed on the chain. Ethereum’s smart contracts allows the automation of financial assets such as derivatives, as well as applications in other products and sectors.

Giving credence to this are recent reports that reveal the European Investment Bank is creating a “digital bond” sale using the Ethereum Blockchain.

While the importance of smart contracts can hardly be understated, there are additional differences between the two crypto assets. The Ethereum’s chain is also more decentralized and safer when compared to doge.

Though decentralization and security often gave similar fundamentals, still It might cost around $10 million to attack and control Dogecoin, whereas it would cost hundreds of millions of dollars or more to do the same thing to Ethereum.

Another key difference between the two projects is the size and activity of their respective development teams.

While Ethereum has actively upgraded its project in the crypto space for years, it seems Dogecoin’s team neglected their crypto project for some years until 2021, when the Dogecoin team pushed out the first update in years.

While Ethereum has actively upgraded its project in the crypto space for years, it seems Dogecoin’s team neglected their crypto project for some years until 2021, when the Dogecoin team pushed out the first update in years.

 

Olumide Adesina

Olumide Adesina a France-born Nigerian, a Certified Investment Trader, with more than a decade of working expertise in Investment and Trading. He is also a reputable author and writer for CoinDesk and FxEmpire.

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