Binance’s BSC News recently tweeted asking its followers if they knew which memecoins outperformed Bitcoin (BTC) and Ethereum (ETH) in January 2023. BSC News then stated that most of them, including Shiba Inu (SHIB) and Dogecoin (DOGE), performed better than BTC and ETH.
The tweet received a reply from Alex McCurry, the founder of Solidity.io. McCurry said that all of them (the memecoins) are “all garbage.”
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Memecoins, like Shiba Inu (SHIB) and Dogecoin (DOGE), often face criticism from hardcore cryptocurrency enthusiasts. Most of the backlash is directed at memecoins not having any real-world use. They draw criticism for being utilized to make quick money through speculation.
Furthermore, McCurry is not the first to attack memecoins. Steven Cooper, Bigger Entertainment chief, recently slammed Shiba Inu and basically called the project a scam. Cooper expressed his satisfaction that “the truth is coming to light.” He felt empathy for the SHIB community but said he didn’t want to work with SHIB or its development team.
Taking another shot at memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE), back in 2021, Vikram Subburaj, CEO of Giottus Exchange, compared DOGE to MLM scams (multi-level marketing scams).
Subburaj stated,
“Meme coins, especially Dogecoin, started as a fun project have now become a serious way to make quick returns on investments. Investing in meme coins is similar to gambling – there are always high risks and, sometimes, they give high returns depending on when you take profits.”
Subburaj added that “growth comes at the expense of other new investors in the ecosystem.”
Can Shiba Inu and Dogecoin prove haters wrong?
SHIB and DOGE are the two most popular dog-themed memecoins. However, they lack any real-world use. Although SHIB has been attempting to bring in real-life use cases, such as gaming and metaverse, it has not been enough to rid itself of the “memecoin” tag.
However, SHIB is currently working on its layer-2 network, called Shibarium. The layer-2 network might usher in many new use cases for the popular cryptocurrency. Nonetheless, the team is yet to give the community a launch date. The network was scheduled to be launched in Q4 of 2022. However, development delays have pushed it to early 2023.
Dogecoin (DOGE), on the other hand, does not have such projects to aid its journey away from the “memecoin” tag. On the contrary, DOGE users and fans celebrate its meme aspect. Elon Musk, the most significant DOGE proponent, has publicly said he likes the “fun” element of DOGE. Perhaps that is an angle many are unable to grasp.
At press time, Shiba Inu was trading at $0.00001411, down 0.1% in 24 hours, while Dogecoin (DOGE) was trading at $0.091654, up 0.2% in 24 hours.
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