In case you've been skimming, I'll say it again: Don't buy meme coins inspired by Shiba Inus or Elon Musk. Outside of a small number of crypto exchanges, its ELON token has no real-world use. That's a pretty good indicator that this payment coin isn't being used by many businesses worldwide, if any. The fact that Dogelon Mars was even described as an "interplanetary currency" is insulting to the intelligence of the investment community.Īdditionally, I can't even find information on how many businesses accept Dogelon Mars as a form of payment. No human has visited another planet, let alone colonized it to the point where currencies would be needed. To start with the basics, there's absolutely no need for an interplanetary currency. Although the home page of Dogelon Mars has recently been revamped, it previously noted that Dogelon is "the first interplanetary currency." The mission statement also alluded to the project "send tokens over time to victims of rugs and scams." A "rug" or "rug pull" describes an event in which the developers of a cryptocurrency take investors' money and disappear. The first clue that you might be buying into a project with absolutely no real utility can be found in its mission statement.
That's why Dogelon Mars ( ELON) (pronounced "Dog-a-lon") makes the list of digital currencies to avoid in 2022. I repeat: Don't buy cryptocurrencies inspired by the Shiba Inu or Elon Musk. This suggests SHIB is headed for the doghouse in 2022. Without a competitive edge or differentiation, there's simply no reason for businesses to want to take SHIB as payment.Īnd third, history shows that life-altering gains in the crypto space are met by equally epic reversions.
Even with Shiba Inu consistently among the 15 largest digital currencies by market cap, it still doesn't have 400 merchants willing to accept its token, according to data from online business directory Cryptwerk. It's just an ERC-20 token built on the Ethereum blockchain that's subject to the same high transaction fees and processing lag that can affect the Ethereum network. The biggest issue is it has no competitive advantages and offers no differentiation (social media pumping isn't differentiation). That last one is particularly important, as social media hype has played a role in pumping the valuations of all four of the digital currencies on this list higher. Shiba Inu's historic gains were driven by increased visibility in the form of more exchanges accepting SHIB for trading, the launch of ShibaSwap, landing a handful of brand-name merchants, and the fear of missing out (FOMO).
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