Shiba Inu: People don’t care about utility?

Paigambar Mohan Raj
Source: Lifestyle Asia Hong Kong

In a recent Tweet, a Shiba Inu proponent known as “GossipShib”, shared an unpopular fact that most people do not care about SHIB’s utility, but only care about SHIB’s price reaching the “moon”, highlighting that 80% of the people do not know what the utilities are.

Shiba Inu has recently unveiled its metaverse plans with the launch of SHIB: The Metaverse. Although SHIB’s utility in the metaverse was not mentioned in the beginning, the team later clarified that the SHIB token would play a vital role in this initiative.

SHIB will be used to add photographs and branding to the property parcels, according to the creators. In addition, SHIB will be utilized to lease HUBS. In the Shiba Inu metaverse, HUBS are the most valuable territories.

Shiba Inu’s offspring token, BONE, will also be used as the governance token for Shibarium. Shibarium is Shiba Inu’s layer-2 blockchain platform which is yet to be launched.

Additionally, the applications for Shiba Inu’s native token $LEASH have also expanded. LEASH’s utility has now been tied to NFTs and the metaverse, while it previously served as a rebase coin with a fluctuating circulating supply to handle price fluctuations.

However, apart from the aforementioned utilities, Shiba Inu does not have much to offer. Apart from gaining many public adoption cases due to its popularity, there is not much pushing for SHIB. With the launch of the Shibarium L-2 network, we may see some more utilities come into the popular project. However, as of now, SHIB’s popularity and social media coverage is the only thing that is keeping it alive.

The lack of any intrinsic value and the lack of utility has been two of the biggest barriers holding SHIB back.

With massive liquidations hitting the crypto and stock markets, SHIB found itself in the reds. The token was -12% down in the weekly charts, and -6.2% down in the daily charts. At press time, SHIB was trading at $0.00002016.