The CEO of Solidity.io, a blockchain-based platform for smart contract audit and token development, Alex McCurry, has criticized Dogecoin, Shiba Inu, and other cryptocurrencies that are influenced by memes.
He made the remark in response to a tweet noting how cryptocurrency market leaders bitcoin (BTC) and ether had been defeated by Dogecoin (DOGE), Shiba Inu (SHIB), Baby Doge, Floki Inu, and others (ETH).
Despite the fact that joke tokens like Dogecoin have already shown themselves adept at pushing compelling narratives that have drawn the attention of American rapper Snoop Dogg, Kiss co-lead singer Gene Simmons, and even Tesla/Twitter CEO Elon Musk, there are still questions about whether these joke tokens will have any lasting value.
The CEO of Bigger Entertainment, Steven Cooper, declared SHIB to be a pyramid scam last month. According to him, the blockchain project is just being used as a low-cost token to entice investors to put their money into dubious spinoffs like BONE, a governance token and the primary token released as yield rewards within the Shiba Inu ecosystem. There are also no burned tokens or actual achievements, he claimed.
Between 2021 and 2022, Cooper feverishly burned Shiba Inu coins through his music playlists and merchandise, and he removed any references to SHIB from his social media accounts.
Notably, the SHIB team has been working to assist the token get rid of its reputation as a joke coin and grow into a full-fledged crypto economy. Shibarium, the layer-2 network being built by developers for Shiba Inu, will run on top of Ethereum.
Shiba Inu is now the thirteenth-largest cryptocurrency in the world with a market worth of more than $8.2 billion.