Shiba Inu: When you buy it, hoping to sell it to other fools
It’s the last thing I want to write about, but I know I have to. Shiba Inu (SHIB) is a decentralized cryptocurrency that was created in August 2020 by an anonymous person or group known as “Ryoshi”.
Shiba is a true phenomenon in the crypto world. While the official Shiba Twitter account posts fantastic things, other “dog-memes” in the crypto world are multiplying at turbo speed.
Americans are the first to fall for the image hook. Is it worth it? I don’t know, but it is a fact that great resources are being wasted. A cryptocurrency that produces no real product and operates on a pyramid scheme is still a mind-blowing opportunity to get rich to many.
I do follow this “dog” on Twitter (although I didn’t immediately find Shiba’s official account) with 2.6 million fans. Cardano, with his “despicable” 808 000, doesn’t look serious.
Some other animals talk about the $0.03 price for 1 SHIB.
It’s easy to calculate what the market cap should be, but I won’t bother you with those figures. Even Shiba holders laugh at such comparisons, but secretly… hope. I know some. One for sure. He’s been holding a Shiba Inu since last spring. Checking Lamborghini prices in parallel with the SHIB price.
We thought the same thing about bitcoin 5–6 years ago. The seemingly impossible is becoming possible with each passing year. Now a million for one BTC doesn’t seem so crazy, does it? Maybe it does to some, but if BTC were to rise to $100 000, even the toughest critics of bitcoin would falter. A 10x rise in the crypto market is not that impressive. But let’s get back to Shiba.
One condition will convince me: the “dog” will cost 1 cent if the noodles cost 100 dollars. All this can only happen if the currency depreciates completely or if all other cryptocurrencies are successfully banned.
How much more money can be allocated to the hype? A month, two months, half a year? What “news” could cause that price to rise? Where is the end of a product that is only supported by the money of new fans? Will Elon Musk step in? And most importantly, nobody is holding Shiba as an asset. Everybody is hoping to sell at a higher price. But no one will ever consider buying SHIB for $0.03. Because to buy high is to expect to sell even higher. Just like with BTC.
Justinas Baltrušaitis wrote that the scammers who “successfully” traded the Squid Token invested 125 million dollars in Shiba.
I won’t predict where the end is because I don’t know Shiba’s real objectives. On the other hand, this is a great lesson of marketing, where the numbers create a millionaire’s dream, where illusions and promises attract billions of dollars. This is fun. But only while watching from above. Well, except just a little. Only for as much as you don’t mind sacrificing.
#shib #shibainu #shiba #crypto #memecoin #cryptocurrency
