Shiba Inu is an ERC-20 token. There are many other tokens out there that can be compared to Shiba. You can compare them based on their price, market capitalization, trading volume, etc.
Shiba Inu is among the well-known cryptocurrencies in the world. It’s named after a small dog native to Japan, and it was intended as a joke. But then, it started taking off, siphoning money away from Dogecoin, which was itself meant as a joke.
It’s important to distinguish between the token and the network. Shiba Inu is the token, but it doesn’t have its blockchain. Instead, it runs on the Ethereum blockchain, which uses Ethereum’s transaction fees to process transactions. If you’re thinking about investing in Shiba Inu (SHIB), some of its main competitors are here.
Avalanche (AVAX)
It took less than an hour for Avalanche (AVAX) to achieve a market capitalization of over $1 billion after its launch making it one of the fastest-growing cryptocurrencies ever. Avalanche is a scalable, high-security blockchain and smart contract platform that solves the problems of slow transaction speeds, security vulnerabilities, and high costs. Avalanche focuses on interoperability, an issue that blockchains face when they get too large. AVAX hopes to run not just other tokens but also entire blockchains of its own.
It allows developers to build interoperable chains to exchange assets and information. Avalanche was launched in 2020 by Ava Labs, an Ithaca (NY)-based company founded by Cornell Computer Science Professor Emin Gun Sirer. Avalanche is being built by a team of over 40 researchers, engineers, and designers worldwide.
Axie Infinity
Axie Infinity is one of Ethereum’s most popular games and has its cryptocurrency called SLP. Its game mechanics focus on in-game items called Axies, which are collectibles unique in terms of their appearance, characteristics, and class. For example, there could be an Axie that looks like a dog but possesses the characteristics of a bird. In addition to this, the Axies have different classes, such as Warrior, Mage, or Archer. The in-game currency can be used to buy new Axies.
Decentraland
Decentraland combines blockchain technology with virtual reality (VR) to provide a decentralized platform where users can purchase land and build decentralized applications that provide users with unique experiences. Decentraland has two types of currency MANA (ERC20 token) and LAND (a non-fungible token). MANA is used to purchase LANDs, and LANDs are used to build applications in Decentraland’s virtual world.
Polka dot
Polkadot is a network that can coordinate blockchains with different features and functions to build a heterogeneous multi-chain application. The network was created by Gavin Wood and Jutta Steiner, both co-founders of Ethereum.
Nano (NANO)
Nano is a cryptocurrency designed to enable fast and low-cost transactions. Nano’s primary focus is on improving scalability, with the goal of being able to handle a large number of transactions per second. Nano uses a block-lattice structure with each account having its blockchain and achieving consensus via delegated Proof-of-Stake voting.
Fetch.ai (FET)
Fetch.ai is an open-source distributed ledger technology project launched in 2017 by a Cambridge-based company of the same name. The Fetch.ai network is used for decentralized machine learning and multi-agent systems to solve complex problems in the real world. Fetch uses its native token, FET, as a staking currency, enabling holders to participate in the network and earn rewards by performing helpful work.
XRP (XRP)
XRP is the native cryptocurrency of the RippleNet settlement network, which was released in 2012 by Ripple Labs Inc. This U.S.-based blockchain startup develops and implements payment infrastructure solutions for banks and other financial services providers worldwide. XRP enables users to send cross-border payments without using an intermediary and settle transactions almost instantaneously.
