Shiba Inu has grown along the years to become one of the biggest meme coins in the midst of many tokens battling in the meme coin niche. Despite what many might call its OG status, Shiba Inu is still subject to many critics who are of the notion that the cryptocurrency could lose most of its value in the coming years.
On the other hand, a crypto investor known pseudonymously as Crypto King sees the vision and potential in SHIB that the critics are missing. In response to a recent SHIB criticism, Crypto King took to social media platform X to dispel claims of Shiba Inu’s downfall while also pointing out that “OG memes like $SHIB are destined to make it.”
Major Investor Rejects Claims That SHIB Will Lose Value
Crypto King’s recent post on social media platform X is a response to a meme coin critic. According to the critic, the majority of meme coins will lose their value in the next few years, and only two or three of them will be left among the top 50 cryptocurrencies. Surprisingly, the critic believes that Shiba Inu, which is currently the second largest meme token and 11th in market cap rankings, will lose most of its $13 billion value.
SHIB market cap currently at $6.8 billion. Chart: TradingView.com
In response, Crypto King said those of this school of thought are those that do not know the market yet themselves. SHIB now finds itself listed on many centralized crypto exchanges all over the world, giving many retail traders adequate exposure to the token. As a result, the investor believes SHIB is more established than many critics can think of. He also likened SHIB’s established status among meme coins to that of gold in comparison to a newly discovered crystal that’s not worth a lot.
Shiba Inu To Keep Growing
Shiba Inu is home to a vibrant community ecosystem. Team members are constantly working to provide real-world utility in order to transition from its meme coin status. Over time, the dev team has built real, practical use cases on top of this foundation. ShibaSwap and Shibarium are a few examples where SHIB provides utility.
SHIB is currently trading at $0.00002317 and has suffered a 2.84% and 6.19% loss in the past 24 hours and seven days, respectively. According to IntoTheBlock’s Global In/Out Of The Money Metric, SHIB is currently sandwiched between a 12.7 trillion SHIB resistance wall and a 37.4 trillion SHIB support wall. The cryptocurrency could go either way during the week, but a crypto analyst notes that the $0.000023 price level is generally a demand zone for SHIB.
Featured image from Hundeo, chart from TradingView
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