The analyst highlighted several of Shiba Inu's characteristics, including SHIB's status as a decentralized blockchain token with no team or management organization.
A blockchain analyst has proposed that Shiba Inu (SHIB), the network behind the memecoin, should be integrated into the Ethereum (ETH) ecosystem as a layer-2 solution. The analyst highlighted SHIB’s traits and organization, suggesting that the memecoin could serve as a failover gas token on Ethereum.
The analyst pointed out several characteristics of Shiba Inu, including its status as a decentralized blockchain token with no team or management organization. The analysis also noted SHIB's position as the second-highest market-capped token on Ethereum, after Ether.
The analyst compared Shiba Inu with other protocols in the Ethereum ecosystem. They noted that Solana has two layer-2 eclipses on Ethereum for EVM compatibility. The analysis also found that XRPL uses Ethereum smart contracts for EVM compatibility.
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.
Integrating Shiba Inu into the Ethereum ecosystem could boost the memecoin's adoption. It would also contribute to the growing narrative of adapting memecoin solutions for utility, shifting away from the long-held notion that they are a crypto asset class designed solely for speculation.
Shiba Inu is one of the leading memecoin projects, ranking 13th in the world among cryptocurrencies by market capitalization on CoinmarketCap. Shiba Inu's market cap at the time of writing was $11.26 billion, with the native token, SHIB, trading at $0.00001916, according to TradingView.
CoinmarketCap data showed that Dogecoin (DOGE) is the top memecoin, with a market cap of $29.16 billion. Shiba Inu is second.
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