Shiba Inu Rejects Memecoin Title: It Has 'Real Utility'

The community of Shiba Inu (CRYPTO: SHIB) — the coin that was once touted as the Dogecoin (CRYPTO: DOGE) killer — is now rejecting the memecoin title, insisting that the token's utility made it a "payment currency."

What Happened: A New York illustrator and Shiba Inu proponent recently highlighted Shiba Inu is not a memecoin anymore, instead "it is a real coin with a real community behind it." A recent Medium post by volunteer Shiba Inu project lead Shytoshi Kusama goes as far as to say that "despite the ignorant masses who still think we are just a meme, we have long-term goals, and have put into play one of the most comprehensive truly decentralized plans in crypto existence."

See Also: SHIBA INU PRICE PREDICTION

There is substance to those claims: the idea Shiba Inu is "just a memecoin" is not anymore entirely correct. Following the launch of the Shiboshi non-fungible tokens (NFTs) and the token's decentralized exchange (DEX), Shiba Inu is also a decentralized finance (DeFi) and NFT ecosystem token. That being said, does it really mean that it stopped being a memecoin altogether and started being "more than just a memecoin" instead? This is in line with the idea of one proponent recently tweeting that "SHIB is not a mere memecoin." 

SHIB Price Action: On Monday afternoon, Shiba Inu was trading at $0.00005443 after seeing its price increase by about 3.86% over the last 24 hours according to CoinMarketCap.

Photo by Ferhat Deniz Fors on Unsplash