Shiba Inu Dominates: Coinbase Drops Bitcoin, Dogecoin From Payment Service

Shiba Inu (SHIB) has gotten one over its meme coin counterpart, Dogecoin (DOGE), following Coinbase’s decision to delist crypto tokens adopting the UXTO model, including the flagship cryptocurrency, Bitcoin, from its payment service. 

Coinbase Delists Bitcoin And Dogecoin, But Keeps Shiba Inu

The Product Lead for Coinbase Commerce, Lauren Dowling, revealed in an X (formerly Twitter) post that Coinbase will remove Bitcoin and other native UTXO support from its payment service. The UXTO (unspent transaction output) model is known to be also used by coins like Dogecoin (DOGE), Litecoin (LTC), and Bitcoin Cash (BCH) which were all forked from Bitcoin. 

Why Shiba Inu is increasing?

Coinbase had, in 2021, added DOGE to its payment service, a move which at then was a major boost for the meme coin’s adoption. That allowed Dogecoin users to be able to make payments on the platform using the crypto token. As such, Coinbase’s latest decision is no doubt disheartening to the DOGE community. 

Interestingly, SHIB, which is usually referred to as the ‘DOGE killer,’ looks to be more favored in this instance, considering its status as an ERC-20 token. Dowling further revealed in her X post that the new Commerce product will support hundreds of assets (mainly ERC-20s) across Base, Polygon, and Ethereum. 

These ERC-20 tokens (including SHIB) are also said to be the way in which customers can have the fastest checkout, as they can now use any self-custody EVM wallet to pay. This all forms part of Coinbase’s decision to transform its payment service to an “open onchain payments protocol,” which leverages smart contracts and other EVM tools. 

Shibarium Still Growing Strong

Layer-2 network Shibarium continues to gain massive adoption, with crypto exchange GroveX recently revealing that they have already integrated the network onto their platform. Meanwhile, more projects continue to be built on Shibarium, something which is also a positive sign for the Shiba Inu ecosystem.

Shiba Inu’s Marketing Lead, Lucie, mentioned in an X post how she believes that “something special” is going on within the ecosystem. She also highlighted some of the “beautiful projects” that are growing on Shibarium. Particularly, the layer-2 network looks to be gaining ground in the area of Decentralized Finance (DeFi) and non-fungible tokens (NFTs). 

Shibarium secured a partnership with K9 Finance, a Liquid Staking Derivatives (LSD) natively built on the layer-2 network. The LSD platform is expected to play a similar role to what Lido Finance plays for Ethereum. This is also a welcome development, as it will ultimately be beneficial for the SHIB token.  

Can Shiba reach $1 cent in 2024?

At the time of writing, SHIB is trading at around $0.000009836, up almost 1% in the last 24 hours, according to data from CoinMarketCap. 

SHIB price at $0.0000098 | Source: SHIBUSD on Tradingview.com

Featured image from Milk Road, chart from Tradingview.com