by Sayantani Sanyal
Apr 9, 2022
Shiba Inu Competitors Increase Day by Day as Crypto Market Dominance Continues to Fall
The years 2020 and 2021 were complete roller coaster rides for cryptocurrencies, but this situation generated tremendously good opportunities for the Shiba Inu coin. The SHIB token has been in the spotlight for several reasons, but currently the market is not that high, but it makes it one of the most popular investment choices for new investors entering the market. Shiba Inu has worked quite hard to prove its worth to investors and critics who believe that a meme coin may not be the safest option for long-term investments. Nevertheless, Shiba Inu is one of the best meme coins in the crypto market and poses a direct threat to the dominance of the Musk-privileged Dogecoin. But SHIB has faced a number of recessions in recent months since the crypto market collapse. This resulted in boosting investor sentiment towards the Shiba Inu competitors who offer much more relevant market tools. Investors wishing to escape losses from Shiba Inu can opt for the other relevant options. In this article, we’ve listed the best Shiba Inu rivals to choose from in 2022.
Bitcoin is arguably one of the most popular alternatives to Shiba Inu. BTC offers real-life applications while Shiba Inu has not shown such usability. BTC is a peer-to-peer online currency, which means that all transactions take place directly between independent network participants, without an intermediary permitting or facilitating them.
Ethereum is a decentralized open-source blockchain system with its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts. The purported goal of Ethereum is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime and fraud.
Solana is a highly functional open source project that relies on the permissionless nature of blockchain technology to provide decentralized financial (DeFi) solutions. Due to its innovative hybrid consensus model, Solana enjoys interest from both small traders and institutional traders. An important point of attention for the Solana Foundation is making decentralized financing accessible on a larger scale.
Polkadot is an open-source shard-multichain protocol that connects and secures a network of specialized blockchains, facilitating the cross-chain transfer of any data or asset types, not just tokens, allowing blockchains to be interoperable with each other.
Avalanche, along with Solana, is another example of a cryptocurrency with a clear purpose, unlike meme coins like Shiba Inu. Avalanche is one of many projects looking for different ways to beat Ethereum. The network can process transactions much faster than any other cryptocurrency. In addition, Avalanche has shown many more real-world cases than Shiba Inu.
Decentraland claims itself to be a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience and monetize content and applications. In this virtual world, users buy plots of land on which they can navigate, build and earn money. MANA is an ERC-20 token that must be burned to obtain non-replaceable ERC-721 LAND tokens.
Axie Infinity is a blockchain-based trading and fighting game that is partially owned and operated by its players. Axie Infinity allows players to collect, breed, battle and trade token-based creatures known as Axies. The Axie Infinity ecosystem also has its own unique governance token known as the Axie Infinity Shards (AXS).
Crypto experts believe that Nano will definitely be faster than Shiba Inu in the long run. The goal of Nano’s blockchain network is to speed up payment times, drastically reduce costs, and democratize the process so that everyone can participate. In addition, the network is highly scalable and efficient, which facilitates transaction processing.
XRP is the native cryptocurrency of Ripple, a cryptocurrency payment system created by Ripple Labs Inc. Built to facilitate global payment methods, it acts as a rival to traditional transaction methods offered by centralized financial institutions such as banks.
Fetch.ai is an artificial intelligence lab building an open, permissionless, decentralized machine learning network with a crypto economy. The crypto is democratizing access to AI technology with a permissionless network that anyone can connect to and access secure data sets by using autonomous AI to perform tasks that leverage its global data network.
Share this article
Do that thing to share