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Are memecoins dead? This is a question running through the crypto world. As banks collapse and prices continue to plummet, investors are becoming more aware of what their crypto investment’s use case is and how that can affect the long term price and adoption. Memecoins minimal use cases leave much to be desired.
Summary
What is Shiba Inu?
Shiba Inu (SHIB) is an alternative cryptocurrency to Bitcoin that is built on Ethereum and has the Shiba Inu—a Japanese hunting dog breed—as its symbol. Shiba Inu is frequently mentioned as a Dogecoin substitute; its supporters even refer to it as “the Dogecoin killer.”
Dogecoin and Shiba Inu are examples of meme coins, which are digital currencies tied to a particular theme—in the case of Shiba Inu and Dogecoin, the Shiba Inu dog—but which are frequently introduced as inside jokes or parodies rather than as useful digital products.
While Dogecoin was introduced in December 2013, Ryoshi, a pseudonymous person or organization, introduced Shiba Inu in August 2020.
SHIB Price Prediction
Analysts have a poor outlook for SHIB price predictions. With the memecoin having minimal utility, estimates for 2024 are in the range of $0.000015 to $0.000018, a 50-80% rise from current prices. While this is a great return on paper, it is well under the estimates for cryptocurrency such as Bitcoin and Ethereum, which targets over 200% return. The core reason for this is that investors are starting to realize that a use case provides much more long term price stability and price appreciation. High SHIB price predictions usually require some level of ‘hype’ to achieve these and are usually inorganic.
Tokens With Use Case
Cryptocurrency has many tokens with use cases that will likely outperform useless crypto like Shiba Inu. Finding smaller cap crypto with the ability to move multiples in price are the best investments to make for the long term.
Avorak AI is one such opportunity. The team is striving to create a set of machine-learning products that can streamline trader’s historical trade patterns, assist writers with AI writing machines, and generate unique images based on text.
The AVRK token will be used as a credit to access these products and all being well this will create significant demand for the token as demand for the products increases.
In addition to this, those holding AVRK will get a revenue share of the AVRK being paid to use the AI systems, giving a double use case that blows other cryptocurrencies out of the water.
This double use case is likely to create strong buying pressure over time, likely pushing price up considerably more than meme tokens like SHIB, especially with AI moving to the forefront of investors’ portfolios.
Want to learn more about Avorak AI?
Website: https://avorak.ai
Whitepaper: https://avorak-labs-and-technology.gitbook.io/avorak-a.i-technical-whitepaper/
*This article was paid for. Cryptonomist did not write the article or test the platform.
