‘Another Currency That Is Worth Absolutely Nothing’: Shiba Inu Trader Sees Through the Hype As Price Sinks
A Shiba Inu trader recently posted on Reddit about his experience with the coin. He said the cryptocurrency doesn’t have a real use or any solid updates. He warned people not to get too caught up in the hype and to stay realistic. He believes the whole project is a pump-and-dump scheme. The next paragraphs reveal his thoughts.
Shiba Inu (SHIB) has been a controversial yet profitable digital asset for some traders. The key to my own financial success with SHIB has been a simple mantra: “Buy the rumor, sell the news.” I initially invested in SHIB at a similar value to its current price and later exited near its all-time high. Additional profits came during the infamous Robinhood pump and the recent Shibarium hype.
While the coin does offer trading opportunities, it’s crucial to separate financial gains from irrational exuberance. The term “shitcoin” may seem derogatory, but it raises a critical point: SHIB lacks genuine utility. In the crypto space, utility is often equated with a coin’s functional value. SHIB’s main function—earning other tokens with catchy names—is not a form of true utility. Nor are the lofty promises of a utopian future where Shiba Inu revolutionizes the financial world.
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The Double-Edged Sword of Decentralization
Decentralization is often lauded in the crypto world for good reason—it negates the need for central authority and enables price volatility that can be leveraged for profit. However, there is a dark side. The anonymity behind SHIB’s leadership (or lack thereof) could be a red flag. Shytoshi, the pseudonymous creator of SHIB, is not a mystical wizard but rather an individual or group choosing to remain hidden. High-profile projects in traditional sectors usually showcase their leadership team’s credentials; in the crypto world, Batman is not real, and anonymity is not always a virtue.
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Show more +The Fallacy of Token Burns and Shibarium
One of SHIB’s touted features is its deflationary tokenomics, where burning tokens supposedly increases value. But let’s be clear: if 90% of the supply is burned, what you hold is also essentially “burned” in the equation. The idea that only others will burn their holdings, leaving you with a more valuable stash, is nothing but a collective delusion.
Then comes Shibarium, SHIB’s layer-2 scaling solution. Touted as the vehicle that would bring mass adoption and wealth to its holders, it has so far proven to be a non-event. Its rollout was marked by technical glitches and it failed to insulate SHIB from broader market dynamics. Those pinning hopes on “Shibarium v2” might want to reassess their expectations.
The Metaverse Mirage
Metaverse is the latest buzzword to enter the SHIB narrative. However, history suggests caution. Even Facebook—now Meta—struggled with its metaverse ambitions. The idea that SHIB’s metaverse will be fundamentally different is rooted more in optimism than in any concrete deliverables.
The Reality of Price Targets
Let’s address the elephant in the room: SHIB is unlikely to hit $0.01 in our lifetimes. Even if it does, inflation and market dynamics will ensure that $0.01 isn’t as valuable as one might think.
The Takeaway
It’s certainly possible to make money trading SHIB—or any other crypto, for that matter. The keys are research, timing, and emotional control. What’s crucial is to not get swept away by the narratives that often surround these speculative assets.
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