Shiba Inu Could Dethrone Dogecoin, But Would It Even Matter?
Shiba Inu’s (CCC:SHIB-USD) team likes to tout its SHIB coin as being “the DOGECOIN KILLER” (emphasis theirs), but whether its coin defeats Dogecoin (CCC:DOGE-USD) is highly irrelevant.
SHIB coin could certainly continue to trend upward, and it could be a Dogecoin killer, but this doesn’t matter in the slightest.
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.
More to the point, there are plenty of other altcoins whose prospects won’t fade as the meme crowd loses interest. That’s not to say there aren’t interesting near-term price movements in Shiba Inu for eagle-eyed crypto speculators to trade.
SHIB Coin’s Battle for Legitimacy
In recent bad news, the ability to trade SHIB coin on Coinbase (NASDAQ:COIN) was delayed recently due to “technical issues.” Naturally, the price dropped. Shiba Inu is currently trading about 10% lower than it was pre-announcement.
Though, this won’t matter much in the end.
Let’s take a look at Shiba Inu’s dedicated fanbase. Yes, its large, vibrant community doesn’t make investing in Shiba Inu less risky, but it can certainly be a powerful force to be reckoned with.
If anything can bring SHIB closer to “the moon,” it’s the community surrounding it — as it is with all meme coins. But it’ll take quite some time for SHIB to prove its legitimacy to doubters.
And SHIB coin’s existence depends on whether it can gain, and maintain, heaps of long-term attention.
DOGE: The Meme Coin Poster-Child
Just look at Dogecoin, which many people still believe to be a scam despite DOGE being about eight years old.
DOGE began as a community-led coin in 2013, and it continues to be a force to be reckoned with because of its huge, growing cultural presence. From Elon Musk tweets to Nascar appearances, the original shiba inu-based crypto has survived to this day because the people have driven it to its current heights — over 350,000% higher than it was at its lowest point in 2015.
The word “meme” pops up everywhere, but it’s important to remember exactly what it means when it comes to “meme coins.” According to the Cambridge English Dictionary, a meme is “an idea, image, video, etc. that is spread very quickly on the internet.”
Some cryptos will grow because they are technological innovators that are benefiting the whole of blockchain technology and society. Ethereum (CCC:ETH-USD) added functionality to the tech behind Bitcoin (CCC:BTC-USD), for example. That’s why Ethereum is so popular to this day.
It advanced technology and benefitted those who adopted it. Other altcoins that get noticed these days improve on some aspect of Ethereum.
SHIB coin, on the other hand, doesn’t innovate at all. It’s not even running on its own network. It’s an Ethereum-based token.
As a result of this, SHIB coin must meme its way to the top, or wherever it ends up.
Live by the community, die by the community.
It’s for this reason we don’t think the Coinbase news should be concerning to any SHIB fans. DOGE has dealt with far worse setbacks and survived. A delay like this won’t make any difference in the long-term.
The Bottom Line on SHIB Coin
SHIB coin will undoubtedly rebound. And maybe it’ll experience further impressive gains moving forward. Maybe it’ll even take out DOGE.
Does that mean someone should invest in SHIB coin now? Buy the dip, right?
While Shiba Inu might be a fun, albeit highly risky bet for some, it just isn’t for us.
Our focus is on discovering innovative, life-changing blockchains. Cryptos with far less risk, but equal opportunity for gains.
So, while some people seek a low-effort moonshot with a meme crypto like this, we’re busy poring over research being done by crypto groups and companies, unearthing the ultimate, most asymmetric bets.
For example, we’re betting on Cardano (CCC:ADA-USD) for a variety of reasons. But this isn’t our most valuable crypto pick by a long shot. There are several other cryptos with even greater upside potential, and still far less risk than SHIB coin. We just can’t share them all here…
Right now, at this very moment, my team and I are researching the best cryptocurrencies to bring to our premiere investing newsletter and portfolio, Innovation Investor.
Our picks in the crypto space will represent the cream-of-the-crop when it comes to disruptive innovation in blockchain technology. All of which have massive long-term potential.
We’ll introduce our cryptocurrency portfolio soon, but you don’t have to wait to join. Already, Innovation Investor features the best of the best stocks in a variety of world-changing megatrends, from next-generation mobility to the intelligence economy to digital advertising … and each stock could post early-Tesla-like returns, including a secret startup that’s spearheading the self-driving revolution and a company I consider my EV “sleeper” stock of the decade.
To see my entire lineup of innovative next-generation stocks, subscribe to Innovation Investor today.
On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.
By uncovering early investments in hypergrowth industries, Luke Lango puts you on the ground-floor of world-changing megatrends. It’s the theme of his premiere technology-focused service, Innovation Investor. To see Luke’s entire lineup of innovative cutting-edge stocks, become a subscriber of Innovation Investor today.