One thing I’ve learned from moderating the Shib Army is that there is a website called the motley fool, or fool.com and to be honest, with some of the things they say, I think it’s definitely the right name for them. Having scanned more than my fair share of articles, I have noticed that they just seem to be either for or against and offer little context or noteworthy information, whilst also showing little knowledge about the cryptocurrencies they talk about. I read in an article that gives us three reasons to sell Shiba Inu, which comes shortly after their article which gives us three reasons to buy Shiba Inu written in November, and which is sadly just as dumb. Since this article on selling Shiba Inu, fool has put up another post calling out naysayers… In all honesty, at this point I’d take everything with a pinch of salt, as a look back on their hype and panic has little to real direction. I thought though I’d dissect the 3 reasons to sell post as it annoyed me. So what are the facts? As I write this Shiba Inu is currently at a value of £0.000022. This is down from £0.000036 which I first saw it at. £30,704.41 comparatively is the value of Bitcoin. (I will use this later.) The reasons the author gives are as follows:
1: Shiba Inu doesn’t stand out from the crowd.
This one I find funny because it stood out to me. The development of the Shib ecosystem utilising Leash and Bone tokens is absolutely beautiful, meme worthy and comical but actually with a nice amount of utility, as is the consistent expansion of their work. Shiba Inu is consistently working towards real world utility and their ideas of expanding into the metaverse, combined with their developments are impressive, considering the “meme token” has only been around a year. I saw SHIB and I wanted it and it was one of the first cryptocurrencies I invested in. Shib got me into investing and through my trading of Shib I’ve made a nice amount of money.
2: Limited Potential for Gains
This is obvious as most things have limits, however, it has a larger scope for gains than both Bitcoin and Etherium at this time at least realistically, (eth being one the author likes.) Eth is valued at £2,352.06 as I write. The author adds that it is unlikely that Shiba Inu will reach $1 and I think that is true. What I think though is that this is an unrealistic standard, and I would be happy if it hit 1/10 of a penny. The fact that the author sets this unrealistic standard is laughable because why the hell should it hit a dollar? Shib doesn’t ever need to hit values like this to be hugely successful. Let’s look at money for a few minutes. The dollar is estimated at £0.74 GBP, my currency, so let’s do some quick maths.
- Currently for 74 pence we can buy a whopping 33,636.3636 Shib.
- Currently for 74 pence we can buy a stunning 0.003146178244 Eth.
- Currently for 74 pence we can buy a staggering 0.0000241007249 Bitcoin.
So to hit one dollar or 74p, Shib would have to be 33,636.3636 times it’s current value. Let’s apply this to our writer’s other currency, Eth. Eth times the number Shib would have to grow totals at £79,114,745.37. Bitcoin would have to reach £1,032,784,699.00 I think we can all say without doubt that if we were to smarmily state that pff, Etherium will never reach £79,114,745.37 per coin, snort, guffaw and chortle! Or pfah, Bitcoin will never ascend to £1,032,784,699.00 per coin – most people would say: “well duh.” Now the odd thing is that this isn’t necessarily true. They could hit these values; it’s just very, very, ridiculously unlikely, and would require a lot of inflation. The author should be aware when talking about finances that values of crypto do not have to correlate with set goals for a currency to be valuable. If my money in Shiba Inu goes up 10 times to £0.00022, I will make ten times my investment. A hundred becomes a thousand. If it goes up 100 times, I will make a hundred times my investment. That would be ten thousand. Honestly most people are happy at 50% or 60% more than they put in. To me that’s a win as it’s earned me more than my lousy bank. Take that Lloyds!
A few days back before the crash, I doubled my money with Rarible and transferred most of it into other cryptos because I knew the good times wouldn’t last, but you can bet your bottom dollar I’m gonna invest in it again when it takes a hit in the volatile market. Crypto shifts and adapts in value in the volatile markets. I invest in strong currencies like Algorand when they take a hit because I know they’re gonna get right back up after. So I can invest in Algorand then transfer to another currency I trust when Algorand is high and the other takes a hit. Also I get that cool staking advantage on Coinbase, mmmm juicy. But staking annoys me as it interferes with my maths, so my darned spreadsheets have to have another stupid input when I’m doing my maths to ensure I’m making bank and not messing up my numbers.
3: Growth of Rivals
This whole section is dedicated to talking about Blockchain networks, Solana, Etherium and Cardano. I own tokens in each of these, except Eth. All of them are good, however, they are significantly different from Shiba Inu. They are therefore not rivals as whilst their utility is good, they are altogether different and shouldn’t be put in the same boat. It would be like me saying well, Solana might have a team of over 200 developers, but is it meme enough? Does it look Doge? Different use, different utility, ignoring the work Shib is doing in the background to empower itself and ignoring the way it functions as a coin utilising burn strategies to increase its value. Wouldn’t it be more realistic to say: well Shiba Inu has Shibaswap, which is a decentralised exchange. Why not talk about Uniswap, Sushiswap, or 1inch? IDEX v3 launched about a month back and could become a strong contender. These are rivals to Shibaswap.
I have money in 1inch and Aave currently because I have good faith in what the platforms represent. I also have money in Cardano and Solana too. The thing is, if you’re going to talk about rivalry, you need to look at the scope of what it is to be a rival. In Tekken, I play using Lee. My brother slaps me down using that overpowered cheat Marduk, but we are playing the same game. It would not be fair if I used Piccolo from DBZ or Majin Buu to fight either of these. It’s a different game and a different arena. Same with Shib and Solana. For the record, I love both of them, but they shouldn’t be compared like this. Rumours state that Shiba Inu is going to be developing its own blockchain, Shibarium, but until it becomes a solid functioning reality, it’s not really rival competition.
Because of the fact this is written and released during a massive crypto market crash, dragging Shiba Inu down to a mere two thirds of it’s value, this malicious information does lead me to suspect that the fool writer will be taking full advantage of the cheapening Shiba Inu and investing as people panic sell. This behaviour I see as exploitative. I am very aware of panic selling as I myself did it on IoTeX a while back. I sold what I had bought at 10p for 12p. If I had waited, I could have sold at 16 or 17 and made bank. I still made a profit, but because I panicked, I was kicking myself. Today it’s worth just under 10p, and I bought more at 11. I know it’s going to be going up next year, so I refuse to sell or swap until I make a significant profit. I now have a rule that I won’t sell or swap out of anything until I make 20+ percent profit.
It is stated bluntly at the end of this article that the author owns Etherium, which is great. The fool also owns Etherium and Bitcoin. They also have a disclosure policy. Whilst this is fantastic news and I am very happy for the author and the fool to own Bitcoin and Etherium, it’s sadly very obvious to me that this article looks like it is written maliciously and with not enough understanding to provide validity to the author’s claims. I do not know whether or not Shib will reach 1 dollar and I frankly couldn’t care less. The value of the currency is meaningless to me as long as it rises. If I wake up and make 20 or 30 percent. I’ll be happy. As with all cryptocurrencies, there is hype and there are dangers so do your own research when investing.
I personally like Shib, and I have faith in it. I don’t feel a hint of worry when the value drops and I dutifully invest more. Do not take my word for it, but if you trust me on anything, invest a few quid or dollars in it and forget about it for a few years. Maybe it’ll be a winner, maybe you’ll lose it. If you spent the money on a dinner out instead, that investment won’t get you very far. Shib might not hit a dollar but it might hit enough to make you feel a little happy, pay for a holiday or get that feather boa you always wanted. Whatever you do, buy on a dip, and you’ll probably be happier. If you want to send me some Shiba Inu or other cryptocurrency I have it on my donations page. All donations will be added to my wall of support and you’ll get a thank you on my sci fi series next episode if and when it’s made.
Just your average space adventurer turned blogger. Prematurely balding. Egad, no! Forsooth!