Shiba Inu ranks #2 after Ethereum based scaling solution Polygon – Report

• Interestingly, Polygon (MATIK) and Shiba Inu are not among the top ten by market cap but topped the Certik Web3 security leaderboard.

• Shiba Inu price is, however, down 64 percent in the past year to trade around $0.00001012 at reporting time. 

Shiba Inu, a thriving meme coin ecosystem, has achieved the second rank in the Web3 security leaderboard created by Certik, a smart blockchain security firm. According to the Certik Web3 security leaderboard, Shiba Inu has a trust score of 93. On the top of the list is Polygon, an Ethererum scaling infrastructure that uses MATIC tokens with a trust score of 95 out of the possible 100.  Thereby accorded an excellent badge.

Shiba Inu price is, however, down 64 percent in the past year to trade around $0.00001012 at reporting time. The meme coin has a market capitalization of $5,978,411,111, with its 24-hour trading volume at $154,389,228.

On the other hand, Polygon’s (MATIC) price is trading around $0.868989, down over 41 percent in the past year. Notably, Polygon has a market capitalization of $6,467,224,250, with a 24-hour trading volume of $414,132,731.

Interestingly, Polygon (MATIC) and Shiba Inu are not among the top ten by market cap but topped the Certik Web3 security leaderboard.

Shiba Inu thriving ecosystem

The Shiba Inu ecosystem began as a joke but has become one of the most prestigious blockchain ecosystems. Moreover, Shiba Inu takes pride in vibrant online communities on various social media platforms.

According to market data provided by ethplorer.io, Shiba Inu has 1,225,852 hodlers, with the Binance cryptocurrency exchange holding approximately 3.98 percent.

While Shiba Inu is still mainly viewed as a meme coin, used chiefly for speculation and value transfer, developers are building DeFi platforms on top of the Shib ecosystem. 

For instance, the Shiba Inu team launched a decentralized exchange called Shibaswap with two new tokens dubbed LEASH and BONE. Whereby LEASH is a scarce supply token that is used to offer incentives on Shibaswap. Whereas BONE is the governance token for holders to vote on proposals on Doggy DAO.

The meme coin still markets itself with the +150,000,000 percent gains made in less than a year. Nevertheless, since the crypto asset is primarily used for speculation purposes, it has recorded major corrections during the past few months.

“Between its international recognition and its legitimate utility, SHIB is up thousands of times and is constantly expanding its reach. SHIB is the first to be listed and incentivized on ShibaSwap, our proprietary DEX,” the company’s official website reads.

Forward, the Shiba Inu community is likely to benefit from the excellent rating by Certik by gaining more value and popularity, especially now when Web3 attacks have significantly experienced a sharp uptick.