The former agent consultant at NSA, Edward Snowden, has voiced a caution for the followers thereof concerning the investment of their precious wealth into SHIB (Shiba Inu). SHIB is known as a low-utility meme token that currently has won considerable engagement and interest of crypto investors. As per Ava Labs’ President, John Wu, meme tokens rise due to the push given by culture, and the underlying movement or theme is represented by them instead of special use cases. The Shiba Inu developers have stated that the respective coin was majorly dealing with a social trial regarding community building as well as the comprehension of the online behavior of a high-risk group of traders regarding the meme culture.
Shiba Inu proponents are of the view that the changes regarding liquidity mining, non-fungible tokens, and the capabilities related to smart contracts provide utility further than the community. The critics propose the view that the rally of the token may not feasibly be maintainable because of the valuation of the coin, pointing towards the greater fool theory. The theory, as per Investopedia, mentions that prices rise due to the investors’ ability to sell their securities to people willing to purchase them at a higher price, being greater fools, regardless of the likely overvaluation. As an investor complies with this theory, s/he will buy even overrated shares without estimating their value, in the hope that someone else will meet him to purchase them from him for making another person a bigger fool.
Also read:The amazing rally of Shiba Inu
Snowden’s apprehension moves chiefly around people producing large financial sacrifices, such as mortgaging the farm thereof to purchase Shiba Inu. He does not have concerns regarding the reality that people are purchasing “garbage.” The meme token reached more than 826% during this month, turning out to be among the ten principal cryptocurrencies in terms of market capitalization, as well as endangered Dogecoin to take the position thereof being largest meme coin during the week between 25 and 31st of October.
Shiba Inu’s background
The token was developed during the 2020’s August on behalf of Ryoshi (a pseudonym of the founder thereof). Ryoshi declared Shiba Inu to be an experiment. The token is based on Ethereum’s ERC 20 and consists of a cumulative supply of up to quadrillion.
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