The Shiba Inu’s desire for DeFi might shake up the market for DOGE, as the company moves in that direction

Shiba Inu, formerly known as a “meme coin,” is reportedly trying to rebrand itself to join the ranks of more serious Decentralized Finance (DeFi) competitors.

An important development that will alter the Shiba Inu ecology in fundamental ways is digital identity verification.

The Shiba Inu project plans to include Digital Identity Verification in all future expansions of the platform to increase its legitimacy among users and governmental bodies. One such upgrade is the Shibarium Layer 2 blockchain, which is expected soon and is very highly awaited.

Self-Sovereign Identities (SSI) and digital identities are the modern analogues of paper IDs like passports and driver’s licences. Users of SSIs have more say over how their information is used and shared in the digital sphere.

To expedite the rollout of SSI, developers working on Shiba Inu are teaming up with community initiatives that make use of SHIB or aim to build on the Shibarium blockchain.

“Shytoshi Kusama,” the project’s principal developer, is the one who discussed the lofty aims of the endeavour. Thus, Shibarium ushers in a new era of digital technology in which confidence in computer systems is strengthened rather than eroded.

Shiba Inu’s entry into DeFi may have far-reaching consequences for the cryptocurrency market as a whole, and on Dogecoin (DOGE) in particular. While SHIB and DOGE both had humble beginnings as meme currencies, Shiba Inu’s recent actions may call for a reevaluation of the former’s importance.

As a result, there may be more demand for SHIB tokens than supply, which might drive up their price. Dogecoin, on the other hand, which has refused to abandon its meme currency status, may soon be in a very vulnerable situation.

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