Shiba Inu (SHIB) has been called the "Dogekiller." That's sounds cool and ominous, right? I'm here to tell you why it is actually a junkcoin designed to make early bandwagoneers rich and leave the rest of us bag holding like GME chumps.
Reason 1: Just a knockoff ETH token
The only innovation here is the dog logo, and even that is just a ripoff of DOGE. How is it better than ETH? It is a redundant copy of existing crypto ideas.
Reason 2: Transaction fees
Being a token means it's running on the ETH blockchain and paying the outrageous transfer fees. It can be nice to own 1 trillion of something, but imagine paying 2 million SHIB to transfer a few bucks.
Reason 3: Maximum value
SHIB is designed to let you feel like Jeff Bezos with a billion in the bank. To do that they will minted 394 trillion coins at a price of slightly more than zero. If it ever catches DOGE in market cap ($40.9 billion, 16.2 times higher) it'll still never break $0.0002 per SHIB. TLDR; your SHIB will never be worth $1 or probably even one cent. MSN says it will never be worth more than some people paid.
Reason 4: People are too smart to fall for shiny marketing forever
I say "forever" because it seems to be working a lot lately. But all that marketing wank will fade as soon as cancel culture decides SHIBs time is up. How long can they peddle the same old tricks in shiny new clothing? The modern anti-establishment counter culture has a short fuse when it comes to sellouts.
So if you are already into SHIB and hoping to ride the wave for a 10-bagger, best of luck. One of my trading partners is fond of preaching from his high horse "even if it makes you money it is still a garbage idea". I hold that SHIB is, and always will be, a trash crypto based on a "me too" mentality of getting rich at all costs. Pile on, apes.
Don't agree? Let me know what I missed in the comments.
Codeinmy has no skin in the SHIB game either way. This article is just his/her personal opinion.