Ethereum blockchain-backed Euler Finance enabled the protocol for popular Dogecoin rival Shiba inu token.
Shiba inu is a popular meme coin in this crypto industry. If any coin is after Doge, then it is the Shiba inu coin that grabbed attention more than Dogecoin. However, the support for the Shiba inu coin surged after the tweet of Tesla CEO Elon Musk. But personally, Elon Musk doesn’t own any kind of meme, except Dogecoin. Besides Dogecoin, Elon holds Ethereum and bitcoin.
On 10 January, Euler Finance- announced that its protocol enabled for the Shiba inu coin holders.
Euler Finance is an Ethereum blockchain-based protocol that allows many crypto assets to lend, borrow and make interest. On this platform support for this popular crypto meme coin will surely increase huge users on this platform.
Right now the price of the Shiba inu coin is $0.00002837, at the time of writing this article. And this price has been stable over the last 90 days. But recent back-to-back dumps in the crypto industry stopped the growth of this industry including Shiba inu price.
Earnings interest options through Shiba inu holding will play a significant role in this industry, for the majority of the retail newcomer investors. Because many retail investors are holding Shiba inu token tightly and they are not trying to sell but surely they will now generate passive income with their holding.
If here we will try to consider that Shiba inu is not more than a shit coin or meme coin with no use case then surely we are wrong, because the project team behind the Shiba inu coin is trying to bring new use cases, and also they are planning to create own blockchain Network to bring scalability in the transactions of Shiba inu meme coins. However, not much details were provided by the team but the new network will be dubbed as Shibarium network and the native token will be the BONE token.