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Shiba Inu (SHIB), Litecoin (LTC): Binance Poll Attracts Surprising Responses

Sat, 06/03/2023 - 12:59
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Tomiwabold Olajide
Binance poll reveals intriguing insights from crypto community
Shiba Inu (SHIB), Litecoin (LTC): Binance Poll Attracts Surprising Responses
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A crypto trivia published on Twitter by Binance.US to test the knowledge of the crypto community about meme coins and crypto forks has spurred surprising responses.

Binance U.S. set out by giving a brief introduction about crypto forks: "A crypto fork is a split in a blockchain, resulting in a new cryptocurrency with similar characteristics to the original one."

It also briefly defines meme coins: "Memecoins are cryptocurrencies that are based on humorous cultural references."

It then asked, "Which meme coin below is a fork of Litecoin?" The options it gave were Shiba Inu, Dogecoin, Floki and Others (asking the community to comment on any other meme coin which was not listed).

Surprisingly, a higher percentage of respondents (36.9%) went for Shiba Inu. A total of 17.2% and 28% went for the options Dogecoin and Floki, respectively. Then, 17.9% went for the "Others" option.

Shiba Inu (SHIB) is an ERC-20 token based on the Ethereum blockchain. Dogecoin, rather, is a fork of Litecoin (LTC).

The most surprising fact is that a higher percentage of respondents went for Shiba Inu, while the lowest percentage went for Dogecoin, which is a fork of Litecoin.

FLOKI, a cross-chain cryptocurrency that can be used on both the Ethereum blockchain and the Binance Smart Chain, was also chosen by a sizable portion of respondents. The results of the crypto trivia seem to suggest an important need for crypto education.

Dogecoin and Shiba Inu are both digital currencies with canine themes; however, they differ significantly. Shiba Inu is built on the Ethereum blockchain, and Shibarium, a Layer 2 blockchain solution, is now under development.

The guiding principles outlined in the "woof paper," the canine equivalent of a white paper that details cryptocurrency project ideas and road maps, serve as the foundation for the Shiba Inu ecosystem, which has tokens SHIB, BONE and LEASH.

Dogecoin (DOGE), a fork of Litecoin (LTC), uses the same scrypt algorithm and may also be mined using Litecoin-specific hardware. Dogecoin also has its blockchain.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.