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According to lineage (beating the man to become the man), both titles have a pretty good argument. It depends on which of the titles comprising the bigger titles you value more. It cannot be denied, however, that the WWE Title is comprised of the main titles of the three major companies we all grew up watching.
The WWE Championship is not only the lineal championship of the WWE/WWF but also the lineal championship of WCW (since it's last champion, Booker T in WCW, was defeated for it in the WWF and it continued to change hands until being unified with the WWE Title) as well as being the title that the NWA had back for many decades. The belt also has the lineage of the old WCW International World Heavyweight Championship.
It should be noted, however, that the World Heavyweight Championship has the lineage of the WCW United States Championship, the WWF Intercontinental Championship, the WWF European Championship and the WWF Hardcore Championship. At Survivor Series 2001 Edge unified the Intercontinental and US championships. In July and August of 2002 RVD unified the Intercontinental Title with the European and Hardcore titles. Finally, at No Mercy 2002, Triple H beat Kane for the Intercontinental Title.
It's funny that when Ultimo Dragon won all his belts in one pop he carried around all the titles but no one acknowledges the fact that Randy Orton is carrying around the WWF, WCW and NWA belts and CM Punk is carrying around the World Heavyweight, Intercontinental, European, US and WWE Hardcore Titles all at once.
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