The years 2020 and 2021 have been complete roller coaster rides for cryptocurrencies, but this situation generated immensely good opportunities for the Shiba Inu coin. The SHIB token has been in the limelight for several reasons, but currently, its market is not so high, but it makes it one of the most popular investment choices for new investors entering the market. Shiba Inu has been working quite hard to prove its worth to investors and critics who believe that a meme coin might not be the safest option for long-term investments. Nevertheless, Shiba Inu is one of the top meme coins in the crypto market, posing a direct threat to the dominance of the Musk-favoured Dogecoin. But SHIB has been facing some downturns over the past few months since the crypto market meltdown. This resulted in the driving investor sentiments towards the Shiba Inu competitors that provide much more relevant market utilities. Investors who wish to escape losses by Shiba Inu can opt for the other relevant options. In this article, we have listed the top Shiba Inu rivals that you opt for in 2022.
Bitcoin might be one of the most popular alternatives to Shiba Inu. BTC offers real-life applications, whereas, Shiba Inu has failed to showcase any such usability. BTC is a peer-to-peer online currency, meaning that all transactions directly happen between independent network participants, without the need for any intermediary to permit or facilitate them.
Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts. Ethereum's own purported goal 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 banks on blockchain technology's permissionless nature to provide decentralized finance (DeFi) solutions. Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.
Polkadot is an open-source sharded 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, thereby allowing blockchains to be interoperable with each other.
Avalanche, along with Solana, is another example of a crypto that showcases a clear purpose, as opposed to meme coins like Shiba Inu. Avalanche is one of the many projects that is seeking different ways to beat Ethereum. Its network can process transactions much faster than any other cryptocurrency. Besides, Avalanche has showcased many more real-world use 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 purchase plots of land that they can navigate upon, build, and monetize. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens.
Axie Infinity is a blockchain-based trading and battling game that is partially owned and operated by its players. Axie Infinity allows players to collect, breed, raise 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 outrun Shiba Inu in the long run. The purpose of Nano's blockchain network is to speed up payment settlement times, drastically reduce costs, and democratize the process to allow everyone to participate. Besides this, its network is highly scalable and efficient, facilitating ease in processing transactions.
XRP is the native cryptocurrency of Ripple, a cryptocurrency payment system that is created by Ripple Labs Inc. It is built to facilitate global payment methods and act as a rival against traditional transaction methods offered by centralized financial institutions like banks.
Fetch.ai is an artificial intelligence lab building an open, permissionless, decentralized machine learning network with a crypto economy. The crypto democratizes access to AI technology with a permissionless network upon which anyone can connect and access secure datasets by using autonomous AI to execute tasks that leverage its global network of data.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.