The head of the popular crypto outlet Coin Bureau may be changing his mind about the Dogecoin (DOGE) copycat, Shiba Inu (SHIB).
In a new video dedicated solely to SHIB, the pseudonymous analyst who goes by the simple name “Guy” tells his 1.14 million YouTube subscribers that since Coinbase decided to list SHIB, he’s started to pay closer attention to the asset.
“Shiba Inu is one of the cryptos in this category, and it’s one that I’ve only ever mentioned in a negative context. But when I heard that Coinbase will be listing SHIB, however, I began to consider the possibility that there might be more to Shiba Inu than meets the eye.”
Shiba Inu, in part thanks to the tweets of Tesla CEO Elon Musk, has skyrocketed by 47,387,400% after trading at $0.00000000008 on January 1st to an all-time high of $0.00003791 on May 10th before crashing back down, according to CoinGecko.
The analyst suggests that SHIB may have close ties to the Ethereum ecosystem.
Unlike Dogecoin, Shiba Inu could have a serious development team, and its creator Ryoshi is a big name in the crypto space.
“Where Shiba Inu and Dogecoin differ are the connections they have to the crypto community. DOGE is really just a meme and nothing more… By contrast, SHIB is close to becoming a big player in Ethereum’s ecosystem by overcoming the shortcomings of Dogecoin.
As community-driven as Shiba Inu is, there definitely seem to be some seriously prolific people behind the project.“
The Coin Bureau host says that while he is not fully sold on the project, he does admire that the meme currency is attempting to benefit all holders, not just those that got into the project early.
lDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Quardia/Alexander_Evgenyevich