A lot of people are into meme coins, and I don’t blame them.
With an ever increasing array of amazing use cases for blockchain tech, cryptocurrencies, and digital assets though, Shiba Inu may not be the best cryptocurrency for long term growth.
At least that is what some people are alleging.
Personally, I am not a meme-coin investor, I prefer to invest in projects that have interesting use cases or extremely attractive technology.
That being said, there is absolutely nothing stopping anyone from making short-medium term gains on SHIB should they choose to do so.
I am merely pointing out what others have said since the inception of meme coins.
What do you think? Am I judging SHIB too hastily here? Or is there something we are all missing about meme coins in general?
Let us know down below in the comments, and check out more on the story:
$SHIB is an altcoin created on the Ethereum blockchain.
it is a token that aspires to be an Ethereum-based alternative to $DOGE , the popular memecoin.
The Shiba Inu Token ecosystem supports projects such as an NFT‘s
yeah it’s stupid af but who knows could make you stupid $
— Millionites (@NeganStocks) September 17, 2021
do you think shiba inu will rise now calculate how many million dollars to buy all this resistor are you stupid there is a lot to be burned🔥🔥 pic.twitter.com/geFQa6x6Wb
— Ersin Yılmaz (@ErsinylmzBG) September 15, 2021
AMB Crypto pointed out that recent market moves in SHIB point to a pump and dump scheme:
This is the highest single-day growth since May and even then, SHIB could not breach its long-established resistance level of 0.00001010. SHIB has been stuck under it since May.
But that did not stop the SHIB supporters from reacting strongly. Within 48 hours, over 6.04 trillion SHIB was bought out of the market, figures that were last seen on July 26. This further led to the supply on exchanges falling to a 4-month low.
This kind of behavior is the exact reason why SHIB is an untrustworthy asset because it is literally treated like a pump and dump asset.
Personal Opinion: It is easy to get seduced by super cheap coins like Shiba Inu and imagine immediate profits from high-projected ROI. But the flip side is higher risk and pump and dump whales who enter the same space. Side with utility. Eventually your payday will arrive. $XRP
— CryptoBuddha589 (@CryptoBuddha589) September 14, 2021
Went up 80% only to come down that 80% plus more. Amazing pump and dump.
— Truegrafixs (@truegrafixs) September 18, 2021
Crypto Slate had more on SHIB’s recent price action:
Elon Musk and his Dogecoin fascination on social app Twitter—saw SHIB rise 15,067,601% from its November lows.
That’s enough to turn every $1,000 invested in the token to a staggering $150 million as of today, and even more at SHIB’s all-time high of $0.00003791 in May 2021.
Meanwhile, SHIB pumped nearly 35% to a daily high of $0.00000932 after yesterday’s listing. Over $412 million worth of the token exchange hands on Coinbase at press time, and over $2 billion traded across all crypto exchanges combined.
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