Alex McCurry, the CEO of Solidity.io, a blockchain-based platform for smart contract audit and token creation, has criticized meme-inspired cryptocurrencies such as Dogecoin, Shiba Inu, and others.
According to McCurry, all of these dog-themed cryptocurrencies are “crap.” In response to a tweet noting that Dogecoin (DOGE), Shiba Inu (SHIB), Baby Doge, Floki Doge, and others had surpassed crypto market giants bitcoin (BTC) and ether (ETH), he said, “I’m not surprised.”
In recent years, these so-called “dog” cryptocurrencies have captivated crypto fans because of their spectacular growth, which has transformed many retail speculators into overnight millionaires.
Concerns remain as to whether these joke tokens will have any enduring value, despite the fact that joke tokens like Dogecoin have already shown adoption at promoting strong narratives that have attracted the attention of Snoop Dogg, Gene Simmons, and even Tesla/Twitter CEO Elon Musk.
This is not the first time a crypto-savvy insider has criticized dog-themed currency. Last month, Bigger Entertainment’s CEO, Steven Cooper, accused SHIB of being a pyramid scam. He said that the absence of burned tokens or any actual accomplishments demonstrates that the blockchain project is only a cheap token used to entice people to invest in questionable spinoffs such as BONE, a governance token, and the primary token issued as yield rewards inside the Shiba Inu ecosystem.
Cooper, who had worked relentlessly between 2021 and 2022 to burn Shiba Inu coins through his music playlists and merchandise, erased all references to SHIB from his social media sites. Cooper had a disagreement with the SHIB devs and has no desire to be part of the “Dogecoin Killer” again.
Notably, the SHIB team has been working to transform the token from a joke coin into a fully-fledged cryptocurrency ecosystem. Shiba Inu’s layer-2 network, called Shibarium, is being constructed to function atop Ethereum. If all goes according to plan, the launch might help the development of solid foundations for the second most popular dog-themed cryptocurrency after Dogecoin.
Shiba Inu has a market valuation of about $8.2 billion, making it the thirteenth largest cryptocurrency in the world.
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