a piece of crypto trivia that Binance posted on Twitter.US efforts to gauge the crypto community’s understanding of meme coins and crypto splits have elicited unexpected answers.
A basic explanation of crypto forks was provided by Binance U.S. to start things off: “A crypto fork is a split in a blockchain, producing a new cryptocurrency with similar properties to the original one.”
Additionally, it provides a succinct definition of memecoins: “Memecoins are cryptocurrencies that are based on humorous cultural references.”
The following question was: “Which meme coin below is a fork of Litecoin?” Shiba Inu, Dogecoin, Floki, and Others were the choices, and it asked the community to remark on any additional meme coins that weren’t included.
Unexpectedly, a greater number of responders (36.9%) chose Shiba Inu. 17.2% and 28% of respondents, respectively, chose Dogecoin and Floki. The “Others” option was chosen by 17.9% of respondents.
Shiba Inu (SHIB) is an Ethereum blockchain-based ERC-20 coin. Instead, Dogecoin is Litecoin’s (LTC) offshoot.
The most shocking finding is that Shiba Inu received a larger percentage of responses than Dogecoin, which is a fork of Litecoin.
Another popular option was FLOKI, a cross-chain cryptocurrency that can be used on both the Ethereum blockchain and the Binance Smart Chain. The outcomes of the crypto trivia appear to point to a critical requirement for crypto education.
Shiba Inu and Dogecoin are both canine-themed digital currencies, however they are very different from one another. The Ethereum blockchain is the foundation for Shiba Inu, and Shibarium, a Layer 2 blockchain solution, is currently being developed.
The cornerstone of the Shiba Inu ecosystem, which includes the coins SHIB, BONE, and LEASH, is laid out in the “woof paper,” the canine counterpart of a white paper that describes cryptocurrency project concepts and road maps.
The scrypt method is the same in Dogecoin (DOGE), a fork of Litecoin (LTC), which may also be mined with Litecoin-specific equipment. Additionally, Dogecoin has a blockchain.
