Are Shiba Inu-Themed Cryptocurrency Projects Sustainable?

Paigambar Mohan Raj
Source: Outlook India

The Shiba Inu dog has become an icon in not just the world of cryptocurrencies, but also in internet culture. The “Doge” memes were probably one of the first instances the Japanese breed shot to international fame. It was not too long after that when Billy Markus and Jackson Palmer decided to use “Doge” as the mascot and logo for their crypto project. And thus, began the memecoin era.

Recently, memecoins began to rally after Elon Musk, a Dogecoin proponent, changed Twitter‘s logo to that of a Shiba Inu dog. Dogecoin (DOGE) jumped almost 33% following the logo change. Other dog-themed coins, such as Floki Inu (FLOKI), BabyDogeCoin (BABYDOGE), SHIB, etc., also followed suit.

With that being said, people who get into memecoins rarely do it for the use cases of the project. Some investors are in it for the meme culture of the token. Dogecoin, for example, is known for not taking things too seriously. Other investors are in the memecoin game for quick profit-making, as DOGE and SHIB have both given incredible returns since their inception.

Are Shiba Inu-themed memecoins sustainable?

Memecoins in general do not have any real-world use cases, other than being used as a currency. Shiba Inu (SHIB) is trying to lose the memecoin tag by launching its layer-2 blockchain, Shibarium. DOGE, on the other hand, is a pure memecoin but it has seen a lot of attraction due to its culture.

However, without many real-world use cases, most memecoins only exist for the sake of things. Moreover, many projects only attempt to replicate gains made by a similar project. In a time when energy consumption efficiency is all the more critical, such projects do not give justifiable reasons to exist. That is, apart from trying to make monetary gains.

However, such memecoin projects do have a sustainable future if they are able to amp up their fundamentals. Floki Inu (FLOKI) is trying to bring gaming into its fold to give more use cases to its users. SHIB, as mentioned above will launch its layer-2 network. And DOGE is moving ahead, slowly becoming a respectable currency. Hence, there could be a change in the tide in the near future. However, as of now, memecoins do not appear to give much to their holder, apart from hopes of one day becoming rich.