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Shiba Inu is the third most used token on Ethereum

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Shiba Inu (SHIB) is the third most used token on the Ethereum Network, show the data of Etherscan.

According to the research service, SHIB has outperformed several other tokens by being the only one on the Ethereum network that is not a stablecoin, such as Tether (USDT) and US Dollar Coin (USDC), which rank first and second respectively.

The data points out that the token has 78,089 unique users, following USDT and USDC with 485,935 and 232,311 respectively. This high usage comes despite SHIB’s lackluster market performance since October.

SHIB number of users on the Ethereum network

Although it was created as a memecoin, Shiba Inu’s team has been exploring ways to integrate use cases to make the token worth more than just a meme token. So this may be one of the reasons why more people are using the token.

Shiba Inu

Recently, SHIB teamed up with game creator and former Activision William VP of Technology David Volk to explore the integration of non-fungible token (NFT) and play-to-earn games into Shiba Inu.

A few days ago, one of the developers announced that the project will release a Layer 2 scalability solution for ETH.

The solution, known as Shibarium, was proposed by SHIB creator Ryoshi.

In practice, it will help scale SHIB transactions around the exorbitant ETH transaction fees. The goal is to make the dream of integrating NFT and games into the blockchain viable.

SHIB has been referred to as the “Dogecoin killer” and may stand a chance with new developments from his team. But DOGE, on the other hand, doesn’t want to “lose without a fight”.

Recently, the CEO of Tesla, Elon Musk, announced that the company will accept DOGE as payment for some goods. This was a milestone for the largest meme currency in market value.

Also, around the same time, a DOGE developer, inevitable360, coined the first NFT on the blockchain Dogecoin. So he paved the way for another possible use case for DOGE.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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