The popularity of meme coins has been on the rise recently, with the introduction of PEPE attracting more attention. Despite Shiba Inu’s efforts to maintain the hype, the emergence of PEPE was groundbreaking. However, some members of the community have started to question the underlying principles of these assets.
Benjamin Cowen, the CEO, and founder of Into The Cryptoverse, took to Twitter to heavily criticize meme coins. He specifically challenged the idea of a “strong community” and went as far as to imply that these digital assets were founded to financially benefit their creators.
Moreover, Cowen indicated that all of these meme coins are produced by a single group. He went on to accuse this group of engaging in the practice of “pumping and dumping” these cryptocurrencies until they become unprofitable.
Although coins like PEPE are still relatively new and their utility is yet to be demonstrated, other assets such as Shiba Inu and Dogecoin have already showcased their use cases over time.
Should all meme coins be dragged into this?
Over the past few years, the Shiba Inu network has made significant progress in various developments. When the asset was launched, it was purely based on the hype surrounding Dogecoin and it had nearly no utility. However, over time, the network has gone the extra mile to enhance this factor of the meme coin.
ShibaSwap is the decentralized exchange for the Shiba Inu project, built on the Ethereum network. It was launched in July 2021 to increase the network’s utility. By providing features such as staking, liquidity provision, and swaps, the exchange wanted to establish itself as more than just a meme token.
Furthermore, Shiba Inu has released Shibarium, a layer-2 network that could potentially expand its use cases even further. The ease of creating a cryptocurrency has paved the way for several scammy tokens. However, legit projects have been seen working on bolstering the utility of their networks.