Shiba Inu coin news now, after the cryptocurrency was relatively unknown until Elon Musk posted a picture of his dog Floki on Twitter on October 4, 2021. Floki is coincidentally Shiba Inu, and in the following days, the number of tweets mentioning this meme token increased more than 20 times.
When the dust settled later that month, Shiba Inu reached a record high of $ 0.00008616, a profit of 153,000,000% in less than a year. In other words, if you invested $ 1 in Shiba Inu in November 2020, you would have earned more than $ 1 million by the time it reached its peak in October 2021.
Since then, however, the price of the meme token has fallen by 65%, and unless some significant new use is introduced, its price is unlikely to bounce back. On the other hand, several other blockchain projects have huge potential.
As it should come to your mind, the Shiba Inu coin news now shows you should not invest in this particular coin. Which alternatives you should choose are in this article, if you have an interest in cryptocurrencies. And while investors should never expect such returns as the Shiba Inu coin, Solana (CRYPTO: SOL) and Chainlink (CRYPTO: LINK) could generate monstrous returns in the long run.
Cryptocurrencies to invest in, instead of Shiba Inu:
Solana is an innovative contract platform based on blockchain technology, a records system used to track transactions and prevent fraud. In the context of cryptocurrencies, blockchains store data across hundreds or thousands of nodes (computers), and this decentralized architecture helps secure the network. Unfortunately, it also makes it difficult to scale these networks.
When verifying transactions, the nodes must agree on the order in which these events occurred. To do this, nodes timestamp transactions using the local system clock. However, local watches have more and more small discrepancies as the network becomes more decentralized (i.e., more nodes). It takes time to balance them.
Solana solves this problem with her unique consensus protocol, which combines proof of share and proof of history. Instead of relying on the local clock of each system, timestamps are built into the blockchain itself, creating a verifiable sequence of events, which speeds up throughput. Solana theoretically handles 50,000 transactions per second (TPS) and reaches the finality (i.e., the irreversible addition of transactions to the blockchain) in about 13 seconds.
As a result, decentralized application developers (dApp) and decentralized finance investors (DeFi) have become popular with Solana. The platform supports more than 1,300 projects, including video games, NFT marketplaces, and DeFi protocols. Solana is the sixth-largest DeFi ecosystem in the blockchain industry. It holds a 3.9% market share in terms of total dollars invested on the platform.
What’s more, the development team recently announced Solana Pay, a potentially revolutionary payment solution. This bypasses banks and credit card networks and allows consumers to pay merchants directly using stablecoins such as USD Coin, a cryptocurrency linked to the US dollar price. And because Solana’s blockchain powers the service, payments are settled in seconds, and the transaction costs a fraction of a penny.
As the decentralized ecosystem of Solana applications and services becomes more popular, demand for the SOL token (the currency used to pay transaction fees) should grow, increasing its price. Therefore, this cryptocurrency looks like a wise investment.
Blockchain-powered smart contracts are computer programs that run automatically when predefined conditions are met. For example, a smart contract can be used to facilitate sports betting. The protocol would first collect bets from the participants. After the end of the sporting event would credit the winner’s account. More importantly, smart contracts are tamper-resistant and consistent after deployment, which means they are a very secure and effective way of enforcing agreements.
Unfortunately, blockchains cannot communicate with external systems. This would jeopardize the very problem it seeks to address (i.e., centralized management). Relying on a single external system would undermine the decentralized nature of the network by creating a single point of failure. Of course, this security feature significantly limits the actual usability of smart contracts. For example, in my sample of gambling, how would the protocol know who won the bet? The answer is Chainlink, a decentralized network of soothsayers – entities that can transfer actual data to any blockchain.
Here’s how it works: Chainlink operators (people operating the Oracle infrastructure) must bet on Link tokens to get involved. This ensures their honesty. Furthermore, when an intelligent contract requests external data – such as the result of a sporting event – node operators bid on the task, and the Chainlink protocol selects several eagles to retrieve the data. The keyword is “more.” By aggregating and reconciling data from multiple sources, Chainlink can provide accurate data without compromising the decentralized nature of the network. Upon completion, node operators are paid in Link tokens.
Of course, Chainlink is not the only oracular network, but it is by far the most popular. It has more than 1,100 partnerships, including 90 blockchains and 550 DeFi products. In contrast, its next closest competitor – Protocol Band – has a total of fewer than 60 partnerships. In other words, Chainlink is virtually unrivaled.
So as you read in the latest Shiba Inu coin news now, Shiba is getting less popular and becoming a worse investment. And in the future, assuming that dApps and DeFi products continue to gain popularity, more smart contracts are likely to call for data from Chainlink oracles. This, in turn, will create demand for the Link token, which will lead to an increase in its price.