- Blockchain analyst identifies a significant role for Shiba Inu in Ethereum’s network.
- The analyst thinks Shiba Inu can serve as a failover gas on Ethereum.
- Shina Inu’s qualities suit the proposed role, according to the analyst.
A blockchain analyst says Shiba Inu, the network behind the SHIB memecoin, deserves a place in the Ethereum ecosystem as a layer-2 solution. The analyst noted Shiba Inu’s traits and organization, saying the memecoin could be a failover gas token on Ethereum.
The analyst highlighted several of Shiba Inu’s characteristics, including SHIB’s status as a decentralized blockchain token with no team or management organization. He also noted its position as the second-highest market-capped token on Ethereum, after Ether.
Meanwhile, the analyst compared Shiba Inu with other protocols in the Ethereum ecosystem. He noted that Solana has two layer-2 eclipses on Ethereum for EVM compatibility. He also found that XRPL uses Ethereum smart contracts for EVM compatibility.
Read also: Beyond Memes: SHIBA INU’s TREAT Token Gives Utility a New Meaning
Coinbase, one of the leading cryptocurrency exchanges, created the cBTC, an ERC20 token that points to Bitcoin. The analyst highlighted the EVM’s potential relevance, noting that banks, institutions, and commercial entities are testing the solution for trades and as a payment protocol in their architecture.
It is worth noting that integrating Shiba Inu into the Ethereum ecosystem could boost the memecoin’s adoption. It would enhance the growing narrative of adapting memecoin solutions for utility, shifting the age-long idea that they are a crypto asset class designed only for speculation.
Shiba Inu is one of the leading memecoin projects, ranking in the 13th position in the global aggregation of cryptocurrencies by market capitalization on CoinmarketCap. Shiba Inu’s market cap as of writing was $11.26 billion, with the native token, SHIB, trading for $0.00001916, according to data from TradingView.
CoinmarketCap data showed Dogecoin (DOGE) is the top memecoin, with a market cap of $29.16 billion. Shiba Inu is second.
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