Why You Should Forget Shiba Inu and Invest in This Cryptocurrency Instead
Shiba Inu (SHIB) is a meme-inspired cryptocurrency that has been making headlines recently for its meteoric rise in price and popularity. But is it really a good investment, or just a passing fad? In this article, we will explore the pros and cons of Shiba Inu, and compare it to another cryptocurrency that we think has more potential and value.
What is Shiba Inu?
Shiba Inu (SHIB) is a decentralized cryptocurrency created in August 2020 by an anonymous person or group using the pseudonym "Ryoshi". It is inspired by the Shiba Inu, a Japanese dog breed, which also serves as the mascot for Dogecoin, another cryptocurrency with meme origins.
Shiba Inu is widely considered to be an alternative to Dogecoin; in fact, proponents of Shiba Inu tout it as "the Dogecoin killer". Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a total supply of one quadrillion coins. The Shiba Inu ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.
What are the advantages of Shiba Inu?
One of the main advantages of Shiba Inu is its low price and high accessibility. Anyone can buy millions or billions of SHIB tokens with just a few dollars, and trade them on various platforms, including Coinbase, the largest U.S.-based crypto exchange, which listed Shiba Inu on their platform in September 2021.
Another advantage of Shiba Inu is its strong community and social media presence. The SHIB army, as they call themselves, is very active and loyal, spreading the word about their favorite coin and supporting various causes and charities. For example, in May 2021, Vitalik Buterin, the co-founder of Ethereum, donated 50 trillion SHIB tokens (worth about $1 billion at the time) to the India Covid Relief Fund, making it one of the largest single donations in history.
What are the disadvantages of Shiba Inu?
One of the main disadvantages of Shiba Inu is its lack of innovation and utility. Shiba Inu is essentially a copycat of Dogecoin, which itself is a joke coin based on Bitcoin. There is nothing unique or groundbreaking about SHIB, except for its cute logo and catchy name. Moreover, SHIB has very limited use cases, other than speculation and meme culture. It does not offer any real value or service to its users or society at large.
Another disadvantage of Shiba Inu is its high volatility and unpredictability. SHIB is subject to extreme price fluctuations, driven by hype, rumors, celebrity endorsements, and market manipulation. For example, in October 2021, SHIB surged by over 300% in a week, reaching an all-time high of $0.0000889, only to drop by over 40% in the next two days. Such swings can be very risky and stressful for investors who are looking for stability and long-term growth.
What is a better alternative to Shiba Inu?
We believe that there is a better alternative to Shiba Inu that offers more innovation, utility, value, and growth potential. That alternative is Ethereum (ETH), the second-largest cryptocurrency by market cap and the most widely used blockchain platform in the world.
Ethereum is not just a currency; it is a programmable network that enables developers to create decentralized applications (DApps) that run on smart contracts. These are self-executing agreements that eliminate the need for intermediaries and ensure trustless transactions. Ethereum supports thousands of DApps that offer various services and solutions in fields such as finance, gaming, art, social media, identity, governance, and more.
Ethereum also has a clear roadmap for improvement and scalability. The network is undergoing a major upgrade called Ethereum 2.0, which will transition it from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) one. This will make Ethereum more secure, efficient, sustainable, and capable of handling thousands of transactions per second.
Why should you invest in Ethereum instead of Shiba Inu?
There are many reasons why you should invest in Ethereum instead of Shiba Inu. Here are some of them:
- Ethereum has more innovation and utility than Shiba Inu. Ethereum is constantly evolving and expanding its capabilities and offerings, while Shiba Inu is stagnant and limited in its scope and functionality.
- Ethereum has more value and growth potential than Shiba Inu. Ethereum is backed by a strong network effect, a large and diverse user base, a vibrant and supportive community, and a robust and resilient infrastructure. Shiba Inu is based on hype, speculation, and memes, which are not sustainable or reliable sources of value.
- Ethereum has more stability and predictability than Shiba Inu. Ethereum has a proven track record of performance and resilience, despite facing various challenges and competition. Shiba Inu is prone to extreme volatility and manipulation, which can wipe out your investment in a matter of hours or days.
Conclusion
Shiba Inu may be a fun and trendy cryptocurrency, but it is not a wise or profitable investment. It is a risky and speculative asset that offers little to no value or utility to its users or society. If you are looking for a cryptocurrency that has more innovation, utility, value, and growth potential, you should forget Shiba Inu and invest in Ethereum instead.
References
: https://finance.yahoo.com/news/forget-shiba-inu-cryptocurrency-could-152500780.html