After the sudden rise of the infamous Dogecoin killer, Shiba Inu has taken the market by storm. Last week, the coin had garnered the attention of the crypto realm when it briefly overtook Dogecoin’s market cap by breaking above $40 billion whereas, Dogecoin’s market cap was still under $40 billion. This enabled the infamous meme coin to briefly takeover 9th place above the famous meme coin Doge and as Dogecoin being considered as the first meme token, this was a pretty big deal for Shiba Inu. Hence, proving its own definition as the Dogecoin killer and further making the meme coin to be the talk of the town.
Since then, the coin has garnered so much positive attention from the whole crypto realm that currently, Shiba Inu holders are being wooed all around the world by numerous merchants to hodl up or invest more into it by offering various offers on it by accepting it as a mode of payment.
Recently, Hattori Sushi & Drinks which is a Sushi shop in Paraguay has officially announced via Instagram that it will be accepting Shiba Inu as a mode of payment and further added that the customers who pay in Shiba Inu will get an additional 30% discount throughout November. Along with this, a French Bistro and an Argentinian real estate agency similarly started to accept payment in Shib.
Well, this is certainly not the first for any merchant or group to be accepting payments in meme coins. Back in July, a Dogecoin fan from Utah announced that he is offering a 10% discount on his house for anyone willing to buy it in Dogecoin. Along with this in August, crypto billionaire Mark Cuban, announced that he will be offering discounts for anyone who would be interested in buying tickets or merch of his professional basketball team, the Dallas Mavericks in Dogecoin.
Investors should be really cautious about investing in these meme coins. They may look lucrative in the short term but we must keep in mind that they don’t have a proper fundamental base. Coins without a proper fundamental base act like pump and dump schemes mainly based on hype. They attract a lot of investors in the bull market with their sudden odd pumps and completely vanish out with the investors’ money in the bear market. An investor should only invest the amount that he is ready to gamble with or in other words that he is willing to lose.
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Disclaimer- This article isn’t a piece of financial advice.