Curious to know the difference between Dogecoin vs Safemoon? Want to have in-depth knowledge of both meme cryptos? You have landed in the right place. In this article, SAFEMOON vs. DOGE: which one should be in your portfolio, we are going to distinguish between these two coins.
Dogecoin has barely been out of the cryptocurrency headlines throughout 2021, but with rival projects like SafeMoon gathering pace, can DOGE hang on to its position as the top meme coin?
Developments within the cryptocurrency space have opened up different areas of competition. Whereas all eyes were once focused solely on the top ten biggest tokens by market cap, nowadays crypto investors must consider the best projects within the DeFi space, the best platform for creating NFTs and even the best of the so-called meme coins.
Dogecoin and SafeMoon are two big names in the meme coin space and are probably on the radar of anyone looking to cash in on the trend. Whilst Dogecoin is undoubtedly the bigger of the two, SafeMoon appears to have more strings to its bow, which could see it eventually rival the original meme coin.
Driven largely by community sentiment, meme coins have been known to undergo significant price rallies and their popularity is now greater than ever before. The challenge for investors is deciding which ones are likely to prove popular as well as whether or not the technical particulars of each project will become more important in the future, as more and more meme coins emerge.
Of course, community sentiment can be hard to predict, so when weighing up SafeMoon vs Dogecoin, it’s important to consider as many details as feasibly possible. In the following article, we’ll look at the technical particulars of each project, as well as hear what leading analysts are predicting for each token’s price potential in 2022.
Safemoon vs Dogecoin: Which Is the Better Buy?
Dogecoin and Safemoon May Already Be in Your Portfolio. But Which one Has the Better Investment Going Forward?
DOGE and SAFEMOON, two of the best meme cryptocurrencies, have been mainstays of many investors’ portfolios. Even the lay investor knows about them, which is why they’re perhaps the two Cryptocurrencies our trading-community friends most frequently ask us about.
Specifically, what they ask are: What is the main difference between Safemoon and Dogecoin? Is DOGE a better investment? With that in mind, we thought it might be useful to break it down with SAFEMOON vs. Dogecoin tale of the tape.
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SafeMoon vs Dogecoin - A Comparison Between Them
In reality, meme coins are all about popularity and, whilst they may have their use cases, neither SafeMoon or Dogecoin can rival the bigger smart chains like Ethereum and Cardano. However, it’s still important to understand the differences between each project so we can get an idea of what they can offer investors.
Whilst SafeMoon and Dogecoin both fall squarely into the meme coin category, under the surface, they are very different beasts.
Safemoon vs DOGE- The Key Differences
Here are the most important ways the two assets differ:
Background
SafeMoon is a new cryptocurrency, having only launched in March 2021. The idea behind the project is suggested in its name - a token that offered more stability than other meme coins and had the potential to steadily increase in price, without any sudden drops. SafeMoon is headed by John Karony, a former analyst for the United States Department of Defense.
The project quickly established itself, thanks to a spate of celebrity endorsements and good branding. Being a meme coin, it also attracted plenty of scepticism, with some investors describing it as having no real use case - however, others pointed out that this could really be said of any digital currency.
The team behind SafeMoon have also signalled their intention to launch a digital exchange in the near future, which they claim will offer “revolutionary” cryptonomics and offer more benefits for SAFEMOON holders.
Dogecoin is undoubtedly the most famous meme coin there is and has a cult-like status in the industry. The project was originally intended as a way of poking fun at the hype that surrounded Bitcoin back in 2013. However, Dogecoin has gone on to be a popular token with the more risk-tolerant investors, seeing many record-breaking price runs in recent years.
When it comes to technical particulars, Dogecoin is based on the Litecoin blueprint. Whilst this is nothing revolutionary by today’s standards, the Scrypt algorithm is still a reliable proof-of-work consensus mechanism and Dogecoin transactions can be carried out at a much faster rate than those of, say, Bitcoin.
Investors should note that Dogecoin hasn’t experienced consistent success over the course of its existence. After a few bulls early on, DOGE largely dropped off the radar until a sudden explosion in popularity in 2021. It was this success that has seen the meme coin trend surge and community-led tokens being taken more seriously by investors.
Check Out: Is SafeMoon A Good Investment And Should I Invest In It?
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Transactions and Speed
One of the things that makes SafeMoon stand out from other meme coins, is that it actually encourages HODLing. In order to deter high-volume trading of the token, anyone selling SafeMoon is charged a 10% fee. Of that fee, half is then redistributed amongst the remaining token holders.
The remaining half of the fee is redistributed to liquidity pools to ensure there is always a steady supply of the token for those looking to buy into the project.
The idea behind the fee/reward mechanism is that it could, in theory, reduce volatility in SAFEMOON’s trading price and provide more predictable returns for investors. Of course, the reflection mechanism will also appeal to those who prefer their cryptocurrency to provide some kind of passive income, as opposed to simply waiting for the token price to appreciate.
Thanks to the Scrypt algorithm Dogecoin posts fairly respectable transaction times, despite getting on for nine years old. Its real-world TPS is said to range from around 40 to 70 - hardly up there with the newer, faster networks but still better than many of its contemporaries.
However, relying on proof-of-work does mean that Dogecoin may soon be outdated and, realistically, it could never handle the transactions required to see it ever become a truly viable means of retail payment.
Realistically DOGE isn’t breaking any records with its transactions as has very little in terms of in-built mechanisms to reward token holders or maintain liquidity, as is the case with SafeMoon. As we’ve touched upon, its real-world use cases are limited so Dogecoin’s value very much depends on its ability to maintain its fashionable status.
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Supply and Demand
At the time of writing, SAFEMOON is said to have a total supply of 1 quadrillion tokens, with 575.5 trillion currently in circulation. We have already seen how SafeMoon redistributes the fee charged to sellers amongst token holders and liquidity pools. However, it should be noted that there is also a SafeMoon burn wallet.
The burn wallet is effectively a one-way street. Just as any normal wallet on the network will receive a proportion of the sell fees, so too will the burn wallet. This means that tokens are permanently removed from circulation and, in theory, makes SAFEMOON an inflationary token.
Once again, the inflationary aspect means that SAFEMOON lends itself to being held. It’s also worth being aware of the SafeEarn platform, which effectively offers SafeMoon holders the chance to stake their tokens and claim even bigger passive rewards.
Dogecoin is actually an inflationary coin, with new tokens being released at a rate of up to 5 billion per year. There is no total supply cap and/or maximum supply, with the amount of DOGE circulating at the time of writing said to be 132,113,581,229.
The idea here is that Dogecoin is intended to mimic fiat currency. This is effectively a case for its eventually becoming a valid means of payment for everyday transactions. By constantly releasing more DOGE, there is always enough in circulation to support transaction rates. It also means there is always plenty available to reward miners keeping the blockchain running.
Read Also: How To Make (Or Lose) Money With Dogecoin
SafeMoon vs Dogecoin: Which Is The Better Investment?
On paper, it would appear that SafeMoon has more to offer than Dogecoin. It also seems as though holders of SAFEMOON will get more bang for their buck than holders of DOGE when it comes to passive income. The trouble is, meme coins are driven by trends and these do not necessarily take into account any technical particulars.
Let’s be real here, neither Dogecoin nor SafeMoon can rival the more advanced blockchains out there for real-world use cases. However, to try and figure out what we can expect from each token, we rely on a few tried and tested indicators.
SafeMoon Vs Dogecoin: Price History
The first thing to consider is how each token has so far responded to market pressures and whether or not its price movement has been in line with the wider cryptocurrency market. To do this, we need to consider the price history of both SafeMoon and Dogecoin.
SafeMoon
Given that SafeMoon has only existed for about nine months, there isn't a great deal of price data to go on. It’s also worth noting that the project emerged during what has been an unprecedented year for cryptocurrency, meaning it will be hard to make reliable predictions based on such data.
SafeMoon is not a big money token. Whilst most new cryptocurrencies trade at a fraction of a penny in the first few weeks, they usually grow quickly. SafeMoon, however, has remained of little value on a token by token basis. However, any investor knows that returns are measured in percentage points and SafeMoon saw a significant bull after its first month, soaring by several thousand per cent to a trading price of $0.000007.
Such a significant price increase attracted further attention and SafeMoon was soon on the up again, achieving its all-time high of $0.000010 in May 2021 - just 3 months after launching. Still a small figure, but this represents a massive return for anyone who chose to invest in SAFEMOON early on.
The token has since struggled to hold its gains and went into a protracted decline over July, August and September, trading at around $0.000001 at the start of October. However, another community-led price surge saw SafeMoon climb back up to $0.000006 in the last few days of that month.
Dogecoin
Dogecoin has seen some interesting price movements over the years, often out of synch with the wider market, as can be the case with meme coins. As is the case with most tokens, it was worth virtually nothing upon launch, but DOGE soon hit the headlines after surging around 300% after two weeks of trading.
However, this early success proved to be short-lived and Dogecoin’s value soon dropped to an insignificant amount - where it would remain for several years. It wasn’t until 2018 that Dogecoin saw any newsworthy price movement, hitting $0.013 in January - up from $0.0002 the year before.
DOGE then went quickly back into decline, generally trading at between $0.0025 and $0.0030 and being largely written off by most serious cryptocurrency investors. That was of course until 2021 when Dogecoin suddenly saw unprecedented success.
A campaign that started in the subReddit for Dogecoin began to gather pace and, following a fortuitously timed comment from Tesla mogul Elon Musk, DOGE surged from $0.004 to $0.082 just a few days. Since then, Dogecoin has rarely been out of the media and it reached its all-time high of $0.73 in May, - an increase of almost 18,000% year-on-year.
SafeMoon Vs Dogecoin: Future Predictions
Ultimately, when weighing up SafeMoon vs Dogecoin as investment opportunities, then its the future we are really interested in. Whist price predictions in the cryptocurrency market are always highly speculative, they represent the most comprehensive data that we have to go on. If nothing else, they can let us know something about current market sentiment towards each token.
SafeMoon Prdictions
SafeMoon has only been trading on exchanges since March so, as we have noted previously, price data is limited. Given that it is this data that is used to create forecasts, investors should be advised that these may not be as reliable as they could be.
So what do the SafeMoon price predictions look like? Well, DigitalCoinPrice is optimistic, to say the least. According to its technical analysis, SAFEMOON could all but double in value in the early months of 2022, before going into a slight decline and finishing the year up around 72% on today’s price. However, going into 2023, the token is expected to reach as high as $0.000008 - an increase of 136%.
Meanwhile, TradingBeasts is also uncharacteristically bullish on SAFEMOON. It has the token up by 30% going into 2022, before climbing steadily month-on-month and finishing the year worth double what it is today. The upward trend is then expected to continue well into 2023, with SafeMoon forecast to be worth 165% more than today’s trading price by December.
Finally, Coinpedia also believes 2022 could be a positive year for SafeMoon. It suggests that, if conditions remain favourable for the meme coin, then SAFEMOON could see its value up by around 90% in the first half of the year.
These predictions are undoubtedly best-case scenarios, but it seems that SafeMoon is certainly expected to compete with its meme-coin rivals over the course of the next year or so.
Read More: SafeMoon Price Predictions
Dogecoin Predictions
Being another meme token, DOGE is also a difficult one to predict. For example, no one could have foreseen the meteoric price rises it experienced in the first half of 2021. Once again, investors should approach Dogecoin price predictions with scepticism - online trends are notoriously difficult to predict.
However, the analysts appear to believe DOGE will continue to be a mainstay in the top half of the market cap leaderboard in 2022. DigitalCoinPrice, for example, has it up by around 90% in the first half of the year, although it will experience a downturn by December. However, come 2023, DOGE is once again expected to be on the up, potentially reaching a high of $0.58 by October - up 143% on today’s price.
Elsewhere the notoriously conservative TradingBeasts, suggest Dogecoin could have increased in value by 30% at the start of 2022, hitting an average price of around $0.30 and continuing to creep up over the year. However, investors should be advised that TradingBeasts predicts DOGE will then start to drop in value across 2023 and 2024.
Conversely, WalletInvestor believes DOGE may struggle in 2022 but will pick up going into 2023. Its technical analysis has DOGE at $0.60 by April, before continuing on an upward trajectory that will see it reach $0.84 by 2024.
Don't Miss: Dogecoin Price Predictions
Dogecoin Vs SafeMoon: What the Experts Say
Meme coins are built almost entirely on popularity and community sentiment - most of which proliferates online. With this in mind, it's important to keep an ear to the ground and pay attention to what crypto experts - as well as celebrity influencers - are saying about each token.
Dogecoin’s biggest supporter arguably remains Elon Musk. After all, his “release the DOGE'' tweet was one of the main drivers of the token’s most impressive bulls. But Dogecoin also has the backing of one of the world’s biggest rappers - Snoop Dog - and KISS rockstar, Gene Simmons, who is no stranger to savvy investments.
And SafeMoon? So far it seems to have proven a hit with the younger crowd. Social media celebrities like Jake Paul, Jesse Wellens, Daniel Keem and DJ AfroJack have all commented and pledged their support for the token. When it comes to industry insiders, Chris Kline, co-founder of Bitcoin IRA, has commented on SafeMoon, saying he accepts that "[meme coins] are part of the evolution of digital finance in their own unique way."
Is There a Future for Meme Coins?
Meme coins have drawn a lot of criticism recently, particularly due to their high volatility - even within the cryptocurrency market. Much of the criticism comes from the more risk-averse investors, who believe that the kind of flash-in-the-pan, community-led bulls that put Dogecoin on the map are completely unsustainable and will occur less and less as more meme coins compete in the space.
Another criticism that is often levelled at meme coins is that they have no real-world use cases and therefore no real value. However, we feel we should point out that these same criticisms have been made of Bitcoin over the years - and we all know how that story went.
Trends may be hard to predict, but with the amount of uncertainty that surrounds the entire cryptocurrency industry, this doesn’t necessarily mean we should assume there is no real future for meme coins. Particularly those that have already gathered momentum.
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Dogecoin Vs SafeMoon: Conclusion
Dogecoin and SafeMoon are about as different as it's possible for meme coins to be. Whereas the former was launched back in 2013 and is effectively a reworking of the Litecoin protocol, the latter is a brand new token that effectively offers a complete DeFi ecosystem. What makes this comparison interesting is that these factors don’t necessarily matter when it comes to meme coins.
Popularity is everything with these tokens. If Dogecoin continues to hit the headlines and hold on to its substantial following, there’s every reason that it could eventually become a valuable asset in its own right and may yet prove useful as a payment system. On the other hand, SafeMoon’s additional rewards might be enough to tempt away all but the most committed of the Dogecoin faithful.
Investors should be aware, however, that these are definitely risky investments. Of course, that’s true of the cryptocurrency market at large, but should the current vogue for meme coins peter out, then we could see tokens like SafeMoon and DOGE plummet overnight.
As it stands, analysts believe that the trend will last and both tokens have been pegged for solid growth in 2022. If you’re looking to diversify your cryptocurrency portfolio, then adding a meme token or two could be a great way to do so - particularly as both of these projects have such a low token price. Just be sure to manage your expectations and keep tabs on the online communities following each project.
How To Invest In Safemoon or DOGE Coins In 2022
If you’re looking to buy DOGE or Safemoon cryptocurrency but have yet to start building your portfolio, then the first thing you’ll need to do is find yourself a broker that can give you access to the market. There are plenty to choose from, but for our money, you won’t go far wrong with eToro.
One of the reasons we recommend eToro is simply because it has one of the best reputations on the market. But novice traders will also find it a highly approachable platform that has plenty of information regarding each token, as well as the wider cryptocurrency market.
eToro – The Best Platform To Buy Cryptocurrencies
eToro have proven themselves trustworthy within the Crypto industry over many years – we recommend you try them out.
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FAQs
Dogecoin vs SafeMoon - which is best?
Competition appears to be hotting up when it comes to meme coins. Dogecoin was already under pressure from Shiba Inu, but the launch of SafeMoon in 2021 has thrown things wide open. Realistically, SafeMoon is the more sophisticated project, but Dogecoin has a far larger following.
Can Dogecoin double my money in 2022?
Dogecoin has been tipped for growth in 2022, but it seems that it’s unlikely to double. A more realistic estimate would be around 30%. There are other meme coins, however, including SafeMoon, which have been predicted to grow by 100% in 2022.
Where can I buy Dogecoin?
If you’re looking to add Dogecoin to your portfolio, then you’ll need to find a broker that lists the coin. We recommend eToro, as not only does it list DOGE, it is also one of the most trusted names in retail trading.
Will SafeMoon overtake Dogecoin?
The race is on for the next big meme coin - and there are some who believe SafeMoon has what it takes to take Dogecoin’s crown. However, DOGE still has a much larger following and tokens like Shiba Inu and SafeMoon have a long way to go before they threaten its dominance.
Can Dogecoin or SafeMoon support DeFi?
Dogecoin is pretty limited when it comes to functionality - it’s more or less limited to a value-exchange token. SafeMoon, on the other hand, already has a novel rewards system and the platform is soon to launch its very own decentralised exchange.
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