SHIBA INU Use Cases, Competitors, Differentiators
Shiba Inu Use case: It came in the form of a meme coin in the market but has now gained a lot of popularity. Read On.
Shiba INU is an Ethereum-based token. it was created as a Dogecoin killer. Shiba INU is a purely digital asset, created in 2020 by an undisclosed group called Ryoshi. The Shiba Inu has a supply of 1quardillion (1,000 trillion) tokens. SHIBA INU does not have its blockchain, it is built on the Ethereum blockchain.
In June 2021, Shiba Inu launched its own decentralized exchange (DEX) called ShibaSwap. It has been used to trade various cryptocurrencies with the Shib token. Shiba tokens are ERC-20 tokens, so they are exchangeable. Each token has a corresponding value so they can be repeated.
Shiba Inu Use Cases
Shiba Inu currency can be used as a medium of trade and exchange. Shiba Inu is an ecosystem divided into multiple tokens.
- Shib: It is the most profitable and basic currency of Shiba Inu which is used for trade and as a medium of exchange.
- Bone: It is the governance token of the Shiba Inu ecosystem and will be used for voting on proposals in the upcoming Doggy DAO. Bone token holders can propose and vote for changes to Shibaswap. Holders can earn more by staking this token
- Leash: The purpose of this token is to incentivize Liquidity Providers (LPs) and even offer special rewards.
- ShibaSwap: – It is a DEX platform, that provides a secure way to trade and exchange crypto.
- Shiboshis: – Shiboshis are non-fungible tokens (NFTs). 10,000 NFTs are generated on the Shiba Inu and written on the Ethereum blockchain. They all have different qualities that make them unique.
Current Use Cases
- FLEXA a crypto payment processing start-up announced in December 2021 that they have added SHIB. Users can use this token to purchase a variety of products in over 40,000 stores in the United States.
- NowPayments’ Point-of-Sale a web-based crypto payment protocol is now accepting SHIBA INU as payment.
- At the current crypto exchange rate, this protocol converts the order sum into crypto.
- With a transaction fee of 0.5%, this protocol allows for instant payments.
How is Shiba Inu different from others?
- Shiba INU is built on the Ethereum blockchain which processes transactions faster than its other competitors.
- Shiba Inu has one of the strongest communities among all cryptocurrencies.
- The aggressive development approach of the Shiba Inu sets it apart from other postures. It was launched as a meme coin but is now widely accepted around the world.
- Shiba Inu is widely accepted as a method of payment. We have over 40,000 stores accepting this token. Gucci, a leading fashion brand, has also accepted Shiba Inu as payment.
Competitors of Shiba Inu
DogeCoin: – Dogecoin has its own blockchain while Shiba Inu is based on the Ethereum blockchain. Elon Musk is a big fan of Dogecoin which helps with its price.
Dogelon Mars: – Dogelon Mars is another Doge-themed coin, a mix of Dogecoin and Elon Musk’s name. Dogelon Mars and Shiba Inu are both ERC-20 tokens built on the Ethereum blockchain. Dogelon Mars is not listed on major exchanges like the Shiba Inu, but the token is intended to serve as an “intergalactic currency” that future space colonists can use on Mars and beyond.
Baby DogeCoin: – Baby Doge is a cryptocurrency token. The Baby Doge smart contract makes the currency available via the Ethereum and Binance Smart Chain wallet. It is not available for payment like Shiba Inu, but the eco-system of this coin hosts NFT, Decentralized Finance (DFI), Gamefi, and Pet Charity.