All Joking Aside, Shiba Inu Could Be the Most Honest Cryptocurrency

After criticizing meme coin Shiba Inu (CCC:SHIB-USD) relentlessly for months, I’m beginning to turn around on this highly speculative trade. Indeed, don’t be surprised if I fully embrace SHIB-USD tokens at some point (and soon). Although I probably won’t spend my own money in it, I can certainly appreciate it for its honesty.

A close-up shot of an angry Shiba Inu dog growling with a black background.
Source: Shutterstock

According to CoinMarketCap, the following is apparently the ethos behind Shiba Inu: “Once upon a time, there was a very special dog. That dog was a shiba inu, and this canine inspired millions of people around the world to invest money into tokens with the dog’s image on it.”

If you found the above ludicrous, I think that’s the point. Arguably, when the vast majority of people invest in Shiba Inu, they’re not doing so because some marketing agency proclaimed that the underlying blockchain protocol will spark social and economic equity through democratization of financial access. Instead, these are dog lovers with excellent coding skills.

How could you not love that? (cue cat memes)

Oh sure, you can dive into a project with a purportedly meaningful objective. While I’m not going to name names, I’ve encountered blockchain networks that promoted everything from cloud storage ecosystems to decentralized supply chain software to botanically infused business propositions. Heck, if you want to support decentralized mature entertainment content, you can. Almost everything is available, perhaps even illicit ventures.

But so far, very few if any of these groundbreaking protocols have amounted to much. In recent years, many people who have looked beyond the hype of the blockchain — and of wild cryptos like Shiba Inu — have wondered the sacrilegious question: is the underlying technology overhyped?

We’re still processing an answer because we’re in the early stages of crypto. But without mainstream adoption, we’re really talking about a glorified distributed database.

Shiba Inu Lacks Pretenses

I don’t mean to anger the true proponents of Shiba Inu, who may claim that the underlying network will eventually cure cancer or some equivalent lofty goal. But I think most SHIB bulls will simply appreciate members of the general public taking the token’s ethos at face value.

They love dogs, especially Shibas. And since scientific tests show that dogs are excellent arbiters of human character, maybe the folks behind SHIB-USD are onto something?

After all, if I’m reading between the lines correctly, it’s much better to support an honestly ridiculous cryptocurrency than a pretentiously substantive one. For instance, no financial advisor will direct you to Shiba Inu because its prospectus is out of left field. But then, if you do invest in SHIB, you’re doing so knowing that it’s utterly nuts.

Now that I think about it, this is a much more honorable approach than the litany of cryptos that litter the database of CoinMarketCap today. You bought brown stuff because the seller told you it was brown stuff. There’s no deception going on.

On the other hand, I find other crypto projects purporting to make the world an equitable place rather nauseating. If you look at the wealth gap in the crypto market, it’s completely skewed to the haves rather than the have-nots.

Worse yet, it’s not a surprise why. If you introduce a digital financial paradigm, the biggest beneficiaries will instantly be those who have the best internet access — or even internet access at all. So I fail to see how blockchain protocols will make people living in African frontier markets equitable to other international economies.

Yes, it’s possible that cryptos will facilitate frictionless transactions within impoverished communities. But who’s ultimately holding the keys? Basically, the same folks that run the world today.

Change You Can Believe In

Through its partnership with Amazon (NASDAQ:AMZN), the Shiba Inu community helps the namesake canine and its owners who may have gotten more than they bargained for. Shibas are cute and cuddly but they can be difficult to deal with.

But the bigger point is that Shiba Inu isn’t out trying to save the world. Instead, its mission is to form a community of like-minded individuals. And if they can help dogs in need, then they’ve made an accretive impact in this crazy life.

You know what? The Shiba Inu community has done a lot more than those countless crypto projects that claim they’re going to help African communities, only to disappoint them — and the legion of investors from western and eastern countries who bought into the marketing garbage.

To be fair, SHIB-INU is most likely garbage. But at least the underlying community at large is not pretending otherwise.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare.


Article printed from InvestorPlace Media, https://investorplace.com/2021/10/shiba-inu-is-most-honest-cryptocurrency/.

©2021 InvestorPlace Media, LLC