Shiba Inu hodlers are dropping the memecoin description when talking about SHIB, as the cryptocurrency seeks to promote utility over its memecoin origins.
With the launch of projects such as Shiboshi NFTs and ShibaSwap, the Shiba ecosystem has expanded beyond a meme.
SHIB, first marketed as the Dogecoin Killer, is seeking to break free of the negative connotations given to such cryptocurrencies -often called scams or Ponzi schemes.
Shiba Inu Isn't Just A Meme
“SHIB is not a mere memecoin anymore,” tweeted Shiba supporter Cris Kimura. “Now, SHIB is a payment currency that will be available worldwide soon.”
With SHIB thrusted further into the limelight in the last month, members of the ShibArmy stopped calling Shiba Inu a memecoin. Tweets shunning the memecoin label have gained hundreds, or thousands of likes, for example.
So why drop the memecoin category?
With countless new memecoins releasing every day into a saturated market, there is a general view among the wider cryptocurrency community that these tokens offer little of value, and are get-rich-quick schemes. Their existence remains a hot topic on r/CryptoCurrency.
“You should know that these memecoins are literally being generated by the dozen each hour,” one Redditor posted. “The VAST majority will be scams, rug pulls and pump & dumps.”
Rug pulls are not unique to memecoins (remember BitConnect?). However, the recent Squid Game Token crash highlighted the issue with these tokens.
As SHIB targets mass adoption with its newfound prominence, this link to memecoins offers little benefit to SHIB. Instead, it saw the rise of copycat tokens, often with the 'Inu' suffix, or based on Elon Musk.
Of course, SHIB still has a long way to go before it cuts ties to memecoins. CoinGecko still lists it under the memecoin topics, and announcements supporting SHIB still refer to the token as a memecoin.
Of course, this doesn't mean SHIB needs to become an ultra-serious cryptocurrency. The ShibArmy is one of the main reasons for SHIB's resurgence, rather than the immediate utility. Most hodlers still don't use these features, after all. Getting rid of what made SHIB soar could be just as damaging.