Shiba Inu’s DeFi Aspirations May Rattle DOGE’s Market As SHIB Turns To Digital IDs

Samuel Edyme

1 year ago

3 mins read

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Initially tagged as a meme coin, Shiba Inu has been reinventing itself, aiming to break away from its meme coin status and step into the league of serious Decentralized Finance (DeFi) contenders, according to a new report.

A key step towards this transformation involves an innovation that is about to reshape the Shiba Inu ecosystem: Digital Identity Verification.

Embracing Digital Identity In The Shiba Inu Ecosystem

In a push to improve the platform’s credibility among users and governmental entities, the Shiba Inu project is said to integrate Digital Identity Verification into all its future developments. This includes the forthcoming Shibarium Layer 2 blockchain, an update eagerly anticipated by the community.

Digital identities or Self-Sovereign Identities (SSI) are, in essence, the digital counterparts of traditional identification documents such as passports and driver’s licenses. In the digital realm, SSIs confer users greater control over their personal data and its distribution online.

Currently, Shiba Inu developers are reportedly collaborating with community projects that use SHIB or plan to build on the Shibarium blockchain to prioritize SSI deployment.

Shiba Inu’s lead developer, “Shytoshi Kusama,” was the one who revealed the project’s ambitious goals. He stated that they are currently “laying the groundwork for a new global standard in decentralized digital trust and international identity verification. In this way, Shibarium is the herald of a new digital age where faith in systems is restored and enhanced.”

Implications For Dogecoin (DOGE)

A shift in the crypto market dynamics may be on the horizon as Shiba Inu’s foray into DeFi may have ripple effects, most specifically on Dogecoin (DOGE). Both SHIB and DOGE started as meme coins, but Shiba Inu’s recent maneuvers may force a reconsideration of its stature.

With the rise of digital identities and data protection as hot-button topics in areas like Canada and the European Union, Shiba Inu’s move to integrate digital identities into its ecosystem could elevate its reputation.

This could lead to an increase in demand for SHIB tokens, which may exert upward pressure on the coin’s price. In contrast, Dogecoin, which remains firmly in its meme coin status, may find itself in an increasingly precarious position.

Although, DOGE still has its biggest fan and supporter, Elon Musk behind it, should Shiba Inu succeed in its DeFi transformation, it may establish a new benchmark for meme coins and, in turn, create additional pressure on DOGE to redefine its strategic direction.

Furthermore, currently, DOGE is recording more losses than Shiba Inu in the past 24 hours. Particularly, Dogecoin has dropped by nearly 4% in this period while SHIB has only seen a modest downtrend of just 0.4%

Meanwhile, as DOGE records losses of 7.4% in the past week, SHIB has gone in the opposite direction with an upward trend of 4.5%. At the time of writing, DOGE currently trades at a price of $0.073 while SHIB trades at $0.00000822.

It is worth noting that despite the noteworthy difference in both DOGE and SHIB price action, the former still remains at the top among the largest crypto by market cap with over $10 billion in market cap while the latter records $4.8 billion in market cap.

Shiba Inu (SHIB)’s price chart on TradingView — Shiba Inu (SHIB)’s price is moving sideways on the 4-hour chart. Source: SHUB/USDT on TradingView.com

Featured image from CoinDesk, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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