Dogecoin is one of the top-performing crypto assets in 2021. Shiba Inu is present in the same line of thought. While their popularity within the community received traction as well, not everyone was a fan.
Considered as meme-coins, many investors give literal meaning to that statement. Now, in a recent interview, another popular financial proponent has come out and criticized the functionality of Doge and Shiba.
“Wolf of Wall Street” does not approve Shiba Inu, Dogecoin
Added to a list of long critics, Jordan Belfort, Ex-Wall Street trader, and present motivational speaker, suggested that the likes of Shiba Inu, Dogecoin have no value. In a recent interview with The Sun, Belfort slammed meme coins, indicating that they lack any real form of utility. He added, that he was a fan of blockchain technology but believed that these assets ruined Bitcoin, Ether’s credibility. Belfort stated,
“I’m a fan of blockchain but there’s a lot of nonsense out there, a lot of s**t coins which serve no purpose and are only there to separate people from their money.”
While the former trader admitted some people are making life-changing money from the likes of Doge, Shiba, he believed more people had lost money. He said,
“People making millions and billions but for every person like that there are 10,000 or 100,000 people getting their a** handed to them in Shiba Inu.”
He added it is not a proper investment and incorporated high risk. Belfort went on to add that people should go to jail for such projects. Overall, these projects are never going to work since they are not legitimate, Belfort said.
Memecoins are still establishing partnerships, How?
Belfort’s perspective with meme tokens was not invalid. The risk associated with cryptocurrency is statistically high and it is relevant to Shiba Inu, Dogecoin as well. However, with respect to utility, SHIBA and Dogecoin are making progress as well. Ask The Doctor, a medical news platform revealed that it would soon start accepting SHIB payments. Moreover, the Canadian platform was not the first medical venture involved.
During the pandemic, CovCare, a medical supplies company, started to accept payments in Doge, SHIB for PPE kits and medical supplies. Additionally, Marchand, a surgical non-profit organization also accepted meme token payments.
Hence, to state that there is no fundamental value, might be a stretch. Due to their public recognition, these meme tokens are bringing eyes to the crypto market. While the long-term narrative might not be clear, the ecosystem is still aggressive in terms of establishing new partnerships.