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Is SHIB coin about making money?

Experts weigh in on the importance of cryptocurrencies.

SHARE Is SHIB coin about making money?
Experts weigh in on the importance of cryptocurrencies.

An illustration of coins in a dog bowl, representing Dogecoin.

Illustration by Alex Cochran, Deseret News

New meme-based cryptocurrencies like Dogecoin and SHIB coin have a lot of hype, but they also represent something more — the world coming together.

The hype of SHIB coin

Ben Caselin, head of research and strategy at cryptocurrency exchange AAX, told Fortune that new cryptocurrency meme coins like SHIB coin and Dogecoin are inspiring a whole new generation of crypto investors.

  • “Rather than simply dismissing the hype outright, it’s important to realize that what we’re seeing is the mass movement of traders new to crypto moving into the space,” he told Fortune.

He also said the hype of Dogecoin and SHIB coin isn’t about making money, at least not completely. There’s a social component to it all.

  • “The hype around meme coins such as Shiba … is not a financial, but a social phenomenon,” says Caselin.

Dogecoin and social currency

These meme-based currencies aren’t all about making money. Billy Markus, the software engineer who co-created Dogecoin, told CNBC that Dogecoin is a powerful coin because it created a strong community.

  • “The crypto community can be pretty elitist and not very inclusive, and we wanted to make a community that was more fun, lighthearted and inclusive,” Markus told CNBC. “It worked, and is why the Dogecoin community consistently maintains a presence.”

Of course, cryptocurrencies can have troubles, too. For example, there are some scammers out there trying to make a quick buck off investors, as I explained for the Deseret News.

That’s why investing can be hard, according to Markus.

  • “If you do (invest), though, always be careful — it’s a minefield, lots of new projects are scams, and everything too good to be true is. But I think it’s an enlightening experience and gives perspective. Might start with the big projects (ETH for example). The crypto scene is massive.”