Shiba Inu team compares the crypto market with a casino

According to Shiba Inu’s social media marketer, investors focus only on the speculative part of the crypto industry

The Shiba Inu team recently warned investors that the current cryptocurrency market is a “casino.” This analogy made by Lucie, a social media marketer for Shiba Inu, underscores the speculative nature of many crypto investments. Lucie voiced her concerns on X (formerly Twitter), stating that large investors and corporations are fixated on the volatile and speculative parts of the industry rather than stable projects such as Shibarium.

Billy Markus, who is known as Shibetoshi Nakamoto on X and is Dogecoin’s co-founder, echoed Lucie’s comments. He labeled cryptocurrencies an “immoral casino,” saying that most traders base their decisions on short-term price movements without comprehending what causes those shifts in value. Such conduct amounts to gambling because people often act upon predictions with no solid informational basis for making decisions.

Lucie still remains hopeful about the Shiba Inu ecosystem and Shibarium. According to Lucie, the chaotic state of the cryptocurrency landscape gives SHIB an opportunity to shine as a more stable option. The growing community and increasing recognition of the Shiba Inu project also contribute to this positive outlook.

Shytoshi Kusama — the enigmatic figure who leads the Shiba Inu team — hit one million followers on X recently which marks another milestone reached within its community. This has been widely celebrated among members of the SHIB community which signifies a major rise in his influence and solidifies his position as a top crypto influencer alongside the likes of Markus, Bitcoin advocate Michael Saylor or Binance founder CZ who have huge followings across various platforms.

More people following Shytoshi Kusama need a larger audience for team SHIBA to reach out to when promoting adoption for SHIB and a larger potential investor pool to tap into in the long term.

Recently other voices also criticized meme coins with the same arguments. Meme coins are “risky casinos”, according to Eddy Lazzarin, the CTO of Andreessen Horowitz. In addition, Lazzarin expressed concerns that meme coins destroy the good reputation of cryptocurrencies in general.

Moreover, Justin Bons, the founder of Cyber Capital, referred to investing in meme coins as gambling. He noted that investors base their decisions on factual-based research while meme coins are not real financial assets.

Bons went even further by saying that Bitcoin is also a meme coin causing a storm within the crypto community.

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Written by Silvia Pavlof

Silvia has explored various forms of writing, ranging from content creation for social media to crafting movie scripts. Drawing on her experience as a journalist specializing in the gambling sector, she is currently investigating the impact of cryptocurrencies and blockchain on traditional gambling and iGaming.