He Shiba Inu (SHIB 0.41%) The cryptocurrency is no longer making headlines, but many investors are still pinning their hopes on this meme coin for the next sector-wide bull run. It is still among the top 20 crypto names. measured by market capitalizationwith solid daily trading volume.
Unfortunately, I don't see much interest from real-world developers in the surprisingly capable Shiba Inu ecosystem these days.
Cryptocurrency-based app activity is increasing, and the number of veteran developers contributing code to the GitHub code gallery has nearly doubled over the past three years, according to Electric Capital's latest developer report. But the innovator of smart contracts Ethereum (ETH 2.64%) completely dominates the interest of developers in each category, with bitcoin (btc 0.27%) in a distant second place and all the others far behind.
This report doesn't even mention Shiba Inu. There's just nothing going on behind that door.
On the other hand, many cryptocurrencies and blockchain networks are working hard to build the future of Web3. From personal banking to content publishing, a host of industries are ripe for disruption, and one of them should skyrocket as the online world moves through this sea change.
Polkadot looks very tasty
Electric Capital ran into many Moles (SPOT -0.04%) Projects. The official blockchain ecosystem of the Web3 Foundation is one of the most active developer communities not called Ethereum, and also one of the fastest growing networks. Polkadot's army of full-time developers has tripled in three years, making it the largest app building platform after Ethereum and Bitcoin.
In other words, consumers and investors will soon see a tsunami of Polkadot-based Web3 applications on your phones, computers and other online devices. The Polkadot connection may not always be clear or widely promoted, but the network helps programmers get the most out of many different crypto systems. It will be the silent force that holds the Web3 revolution together.
...but the token is a bargain
However, cryptocurrency investors have largely ignored Polkadot's promising app building activity and the DOT token has traded sideways over the past year. Ethereum gained 80% during the same period, while Bitcoin saw a 110% jump:
Polka dot price data for Y Charts
However, the lack of investor enthusiasm does not take anything away from the real-world use of Polkadot. And this is how the token value is created. You know what they say about stocks being short-term voting machines and long-term weighing machines, right? The same idea holds true for cryptocurrencies, and Polkadot is packing on a ton of weight on those scales as we speak.
I can't wait to see what the price chart will do when the first great apps open the floodgates for the web3 era.
It's time to go from playful puppies to Web3 pioneers
Shiba Inu is distinguished from other meme coins by a strong technical platform and a community-driven system for developing the blockchain network itself. But the canine-themed marketing that helped attract attention in the first place appears to have become a liability more recently. It is difficult to take Shiba Inu seriously as the value of each digital coin is extremely small. 1 million Shiba Inu coins add up to $10 at current prices, and it's hard to keep track of the zeros to expect after the decimal point.
Polkadot is on a different level when it comes to creating real long-term value. It runs an even more sophisticated blockchain network, supported by several auxiliary networks and transmitting information between different blockchain systems. Its market cap is about twice that of Shiba Inu these days, and I expect it to rise in rank as the conversion to Web3 gains momentum.
Therefore, the appeal of meme coins like Shiba Inu may capture the public's imagination, but savvy investors should look beyond the headlines. Polkadot's technical prowess and central role in the burgeoning Web3 ecosystem should make it a transformative investment. As the digital world moves closer to a Web3 reality, step by step encrypted, Polkadot's innovative infrastructure and powerful interoperability powers should lead to substantial growth.
Anders Bylund has positions in Bitcoin, Ethereum and Polkadot. The Motley Fool holds and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.
