Shiba Inu (SHIB) and Ethereum (ETH) are both incredibly popular crypto projects with massive community reach. Both projects have shown recovery so far in 2023. While ETH has made gains of up to 52.68%, SHIB has registered a rise of 26.67%.
In a recent poll, 1000 people were asked which cryptocurrency they would choose if they had $1000. While SHIB has a significant fan base online, it was Ethereum (ETH) that came out on top. 59.6% of the people said that they would purchase ETH if they were given $1000. On the other hand, 40.4% of the people said that they would purchase SHIB.
Why did Ethereum come out on top of Shiba Inu?
Ethereum (ETH) is the second largest crypto project by market cap. The project is also the foundation for many other crypto projects. In fact, SHIB is an ERC-20 token on the Ethereum blockchain. Moreover, Ethereum (ETH) probably has one of the highest numbers of real-life use cases. Apart from being a currency, it also allows developers to create decentralized applications on its network. Therefore, it is not surprising that a majority of the people chose ETH over SHIB.
However, SHIB is not lagging behind in the utility game. The project is trying to rid itself of the “memecoin” tag. For starters, Shiba Inu (SHIB) is launching its own layer-2 network very soon, called Shibarium. The launch will mean that SHIB would cease to be an ERC-20 token on Ethereum, and will have its own blockchain. SHIB is also working on building its metaverse environment. Furthermore, the tokens’ adoption as a currency is increasing. Although Shiba Inu (SHIB) is far from Ethereum’s (ETH) level of utility, the protocol is putting significant effort towards building a digital asset that will convey multi-directional use going forward.
At press time, ETH was trading at $1,826., down by 1.8% in the last 24 hours, and Shiba Inu (SHIB) was trading at $0.00001026, down by 1.3% in the last 24 hours.