Before labeling Shiba Inu as a “shitcoin,” let us take a moment to discuss what truly defines a shitcoin. A “shitcoin” is a term used to describe a cryptocurrency that either has little to no real value or lacks a clear and immediate purpose. There are several reasons a cryptocurrency might be tagged as a “shitcoin”: It might not attract significant investor interest. It might not have been launched with genuine intentions or goals. The coin’s value could be mostly fueled by speculation rather than inherent value. Typically, shitcoins follow a pattern: they begin with some interest, then their price soars quickly as people invest. Shortly after, the price plunges as individuals cash out to secure a fast profit. So, is Shiba Inu a shitcoin? Does Shiba Inu have value? SHIB is the primary token of the Shiba Inu ecosystem. It’s used for various purposes like fees and rewards. With the advent of Shibarium, the utility of Shiba has expanded. Shibarium aims to position Shiba Inu as a leading blockchain project, focusing on the metaverse, gaming, and cost-effective DeFi transaction settlements. However, in reality, none of the Metrics – DeFi, Gaming, NFTs, or Payments have demonstrated Shiba Inu’s value. Further, Shiba Inu experienced a wild ride in the past two years. In 2021, its value soared with an astounding 3371x increase, rising from $0.00000001 in February to $0.00003379 by December. But in 2022, it faced a decline, dropping almost 50%. Let us also see what the Reddit community thinks about Shiba Inu being labeled a shitcoin: In a popular thread, a common sentiment is that many members believe Shiba Inu isn’t a “shitcoin.” They point to the coin’s inclusion on major exchanges like Coinbase, WeBull, and Binance.US as proof of its validity. Some users recall significant past profits or share their disappointment over lost chances to cash out. Several comments note that many successful cryptocurrencies, including Bitcoin and Ethereum, were once dubbed “shitcoins” in their infancy. A handful of users critique Shiba Inu’s project direction, arguing that it doesn’t provide substantial value to its investors. They draw attention to the plethora of tokens associated with Shiba Inu, such as xshib, bone, leash, etc., and challenge their purpose. In conclusion, there’s a mixed opinion on whether Shiba Inu should be labeled a “shitcoin.” Some advocate for its worth, while others question its apparent utility. Thus, it’s somewhat fair to label Shiba Inu as a “shitcoin.” Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions. Follow us on Twitter
Is Shiba Inu a Shit Coin?
