Shiba Inu (SHIB) has obtained one over its meme coin counterpart, Dogecoin (DOGE)following Coinbase's decision to delist crypto tokens that adopt the UXTO model, including flagship cryptocurrency, bitcoinfrom your payment service.
Coinbase removes bitcoin and Dogecoin, but keeps Shiba Inu
The product leader for Coinbase TradingLauren Dowling, revealed in an X (formerly Twitter) mail that Coinbase will remove bitcoin and other native UTXO supports from its payment service. It is known that the UXTO (unspent transaction output) model is also used by currencies such as Dogecoin (DOGE), Litecoin (LTC)) and bitcoin Cash (BCH), all of which are forked from bitcoin.
Coinbase had, in 2021, added DOGE to its payment service, a move that at the time was a huge boost to the adoption of the meme currency. That allowed Dogecoin users to make payments on the platform using the crypto token. As such, Coinbase's latest decision is certainly discouraging for the DOGE community.
Interestingly, SHIB, normally referred to as 'DOGE killer,' seems to be more favored in this case, considering its status as an ERC-20 token. Dowling further revealed in his X post that the new Commerce product will support hundreds of assets (mainly ERC-20) on Base, Polygon, and ethereum.
These ERC-20 tokens (including SHIB) are also said to be the way for customers to make payment faster as they can now use any self-custody EVM wallet to pay. All this is part of Coinbase's decision transform its payment service into an “open chain payments protocol,” leveraging smart contracts and other EVM tools.
Shibarium continues to grow strongly
Layer 2 Network Shibarium continues to gain mass adoption, with cryptocurrency exchange GroveX recently developer that have already integrated the network into their platform. Meanwhile, more projects continue to be built in Shibarium, which is also a positive sign for the Shiba Inu ecosystem.
Lucie, Marketing Director at Shiba Inumentioned in a x publication how you think “something special” is happening within the ecosystem. He also highlighted some of the “beautiful projects” that are growing at Shibarium. In particular, the layer 2 network appears to be gaining traction in the area of decentralized finance (DeFi) and non-fungible tokens (nft).
Shibario secured a partnership with K9 Finance, a liquid staking derivative (LSD) built natively on the layer 2 network. The LSD platform is expected to play a similar role as Lido Finance plays for ethereum. This is also a welcome developmentas it will ultimately be beneficial for the SHIB token.
At the time of writing, SHIB is trading at around $0.000009836, up almost 1% in the last 24 hours, according to data from CoinMarketCap.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/02/Shiba-Inu-stands-tall-as-Coinbase-removes-Bitcoin-and-Dogecoin" alt="Tradingview.com Shiba Inu Price Chart (Dogecoin bitcoin)” width=”3286″ height=”1530″/>
SHIB price at $0.0000098 | Source: SHIBUSD on Tradingview.com
Featured image of Milk Road, chart from Tradingview.com