In a surprising twist, Shiba Inu (SHIB) has emerged victorious over its meme coin rival, Dogecoin (DOGE), as Coinbase makes the decision to delist Bitcoin and other crypto tokens using the UXTO model from its payment service. While this may be disheartening news for the DOGE community, SHIB holders can take solace in the fact that their token has been spared.
Coinbase Commerce Product Lead, Lauren Dowling, announced through a social media post that Bitcoin and other native UTXO support will be removed from the platform’s payment service. This model, utilized by coins like DOGE, Litecoin (LTC), and Bitcoin Cash (BCH), is being phased out as Coinbase looks to embrace a new approach.
Interestingly, SHIB seems to be enjoying preferential treatment in this scenario due to its status as an ERC-20 token. Dowling revealed that the new Commerce product will support a wide variety of assets, mainly ERC-20s, across Base, Polygon, and Ethereum. This shift to an “open onchain payments protocol” signifies Coinbase’s commitment to utilizing smart contracts and other EVM tools.
Meanwhile, the Shiba Inu ecosystem continues to flourish with the growing adoption of the layer-2 network, Shibarium. GroveX, a notable crypto exchange, recently integrated the network onto their platform, further boosting its prominence. The success of Shibarium is evident through the numerous projects being built upon it, particularly in the realms of Decentralized Finance (DeFi) and non-fungible tokens (NFTs).
Lucie, Shiba Inu’s Marketing Lead, expressed her belief that something extraordinary is happening within the ecosystem. She highlighted the emergence of various remarkable projects on Shibarium and emphasized its potential. Additionally, the partnership between Shibarium and K9 Finance, a Liquid Staking Derivatives (LSD) platform built on the layer-2 network, bodes well for the future of SHIB.
As of now, SHIB is trading at approximately $0.000009836, exhibiting a modest increase of nearly 1% in the last 24 hours. The resilience of Shiba Inu and the growing popularity of Shibarium position the project for continued success in the evolving crypto landscape.
Frequently Asked Questions (FAQs) based on the article:
1. What decision did Coinbase make regarding Bitcoin and other crypto tokens?
– Coinbase announced that it will delist Bitcoin and other tokens using the UXTO model from its payment service.
2. Which coin has been spared from delisting on Coinbase?
– Shiba Inu (SHIB) has been spared from delisting on Coinbase.
3. What is the reasoning behind delisting Bitcoin and other coins using the UXTO model?
– Coinbase is phasing out support for coins using the UXTO model to embrace a new approach.
4. Why is Shiba Inu (SHIB) receiving preferential treatment?
– SHIB is an ERC-20 token, and Coinbase’s new Commerce product will support a wide variety of assets, mainly ERC-20s.
5. Which networks will Coinbase’s new Commerce product support?
– Coinbase’s new Commerce product will support assets across Base, Polygon, and Ethereum.
6. What is the significance of Shibarium?
– Shibarium is a layer-2 network that is gaining adoption and prominence within the Shiba Inu ecosystem.
7. What recent integration boosted the prominence of Shibarium?
– Recently, the notable crypto exchange GroveX integrated the Shibarium network onto their platform.
8. What types of projects are being built upon Shibarium?
– Shibarium is seeing the development of projects in the realms of Decentralized Finance (DeFi) and non-fungible tokens (NFTs).
9. What partnership bodes well for the future of SHIB?
– The partnership between Shibarium and K9 Finance, a Liquid Staking Derivatives (LSD) platform, built on the layer-2 network, is seen as promising for the future of SHIB.
10. What is the current trading price of SHIB?
– As of now, SHIB is trading at approximately $0.000009836, with a modest increase of nearly 1% in the last 24 hours.
