Shiba Inu coin has often been considered to be the Dogecoin killer — since it’s another meme-based cryptocurrency that uses the Shiba Inu dog as its mascot. But does it have the strength to really stop Dogecoin?
The state of Shiba Inu coin
As I wrote for the Deseret News, the Shib token is currently suffering a huge decline. There has been some speculation that the coin will rebound as time goes on, but it’s unclear when that will be since the hype around the coin is gone.
Could Shiba Inu coin defeat Dogecoin?
- “SHIB coin could certainly continue to trend upward, and it could be a Dogecoin killer, but this doesn’t matter in the slightest,” according to Investor Place. “Being the Dogecoin killer won’t give Shiba Inu any validation in the long-term. A meme coin that beats out another meme coin is still foundationally unstable.”
Dogecoin, meanwhile, has been around for eight years, as I’ve written for the Deseret News. The coin has only made national headlines recently because of Dallas Mavericks owner Mark Cuban and Tesla founder Elon Musk hyping up the coin through social media.
Will Shiba Inu token fail?
The Investor Place experts said the Shiba Inu token’s community is vibrant and dedicated to the coin. But the coin has to last long term, and it’s hard to do that when much of its value is tied to social media hype.
- “As a result of this, SHIB coin must meme its way to the top, or wherever it ends up,” according to Investor Place. “Live by the community, die by the community.”