Forbes: Shiba Inu (SHIB) Is ‘Setting Standards for the Traditional Financial Industry’

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As an experienced technology analyst with a background in influential roles at AWS and IBM, I find meme coins to be an intriguing yet unconventional category of cryptocurrencies. While their humorous origins may seem trivial, the market performance of meme coins like Dogecoin and Shiba Inu has been remarkably robust, as detailed by Sandy Carter in her Forbes report.

In a recent report for Forbes, Sandy Carter explained that meme coins represent a distinct class of cryptocurrencies which first captured public interest through internet humor and memes. Although they began as lighthearted phenomena, meme coins such as Dogecoin have proven to be resilient and have shown impressive market growth. As per Forbes’ report, while Bitcoin‘s extraordinary surge in value has been the talk of the town in 2024, meme coins have surpassed other digital currencies with top tokens recording returns of over 1,300% this year.

As a researcher, I’d describe it this way: I’ve discovered that Sandy Carter holds the position of Chief Operating Officer at Unstoppable Domains. With an impressive background from Amazon Web Services (AWS) and International Business Machines (IBM), she has previously occupied significant roles in these tech giants. Sandy is not only passionate about technology but also advocates for diversity and inclusion in the industry. Her dedication to this cause is evident through her role as chairwoman of the board at Girls in Tech, as well as her past engagement with the Diversity Committee at the World Economic Forum.

Carter is a co-founder of the Blockchain Friends Forever social initiative, which champions women in the Web3 sector. Engaged within the cryptocurrency realm, she manages small investments in Ethereum (ETH) and Bitcoin (BTC). Her primary interest and enthusiasm revolve around uncovering and advocating for business applications of decentralized technologies.

According to Forbes, speculation and high-profile endorsements from celebrities like Elon Musk have contributed to the popularity of certain meme coins, such as Dogecoin. However, it’s important to note that Forbes believes the true worth of these digital currencies is rooted in their practical applications, not just their comedic aspects. Not all meme coins are equally promising, though, and some should be approached with caution.

Shiba Inu (SHIB) is a meme coin that has gained significant momentum, as noted by Forbes. It’s not just a fad; it offers real-world applications. For instance, Shiba Inu recently teamed up with Zama.ai to create a platform employing advanced encryption technology known as fully homomorphic encryption. This collaboration aims to boost identity verification, security, and risk management in financial technologies. By doing so, Shiba Inu is pushing the boundaries in both cryptocurrency and traditional finance sectors.

As a researcher investigating the memecoin market, I’ve discovered that Shiba Inu stands out as one of the largest players based on market capitalization. Recently, this intriguing project unveiled a partnership with Zama.ai to construct a fully homomorphic encryption platform. This groundbreaking collaboration paves the way for Shiba Inu to build identity, security, and risk management solutions that can be seamlessly integrated into payment systems and other financial technologies.

As a researcher studying the meme coin market, I’ve observed how celebrities can significantly influence its dynamics. For instance, Australian model and singer Iggy Azalea successfully launched the Mother Iggy coin, which experienced a remarkable surge of 1,200% within a week, boosting its market value to an impressive $200 million. The utility of this coin extends beyond just being a meme asset as token holders will soon be able to use it to purchase phones and monthly cell plans from Azalea’s telecommunications company. However, it’s important to note that celebrity endorsement does not automatically guarantee success. A case in point is Caitlyn Jenner’s coin, which saw a sharp decline in value and now hovers around $6 million from its initial market cap of $43 million.

To prosper as a meme coin, it’s crucial for it to cultivate a substantial and passionate following. Carter points to Floki as an illustration of this phenomenon, which has transformed into a social movement and adopted the moniker “The People’s Cryptocurrency.” Floki distinguishes itself through its commitment to utility-driven initiatives and NFTs. Furthermore, it boasts innovative attributes like integration with the Valhalla Metaverse’s play-to-earn game and an NFT marketplace. Lastly, Floki University, an educational platform for crypto enthusiasts, caters to the increasing number of new investors, thereby contributing to its substantial market capitalization surpassing $2.5 billion.

Meme coins with strong foundations are those developed on well-established blockchains. Forbes highlights Bonk as an example of this category. Bonk operates on the Solana blockchain, granting it numerous advantages in decentralized finance applications due to its integration. By being part of the Solana ecosystem, Bonk can leverage its extensive network of over 250 on-chain partnerships.

According to Forbes, it’s crucial for investors to conduct in-depth research before putting their money into meme coins, just as they would with Bitcoin. Carter emphasizes the significance of assessing a coin’s practical use, level of community involvement, and the expertise of its development team. Moreover, she points out that the true potential value of a meme coin lies in its capacity to tackle real-world issues and offer unique, valuable features that go beyond what current cryptocurrencies can provide.

As a researcher delving into the world of cryptocurrencies, I recently came across Forbes’ intriguing article on Shiba Inu ($SHIB), which they referred to as “Beyond Cute.” The piece doesn’t shy away from acknowledging the adorable origins of this meme coin, but it also emphasizes the significant strides made by its developers. Here are some key points that stood out:— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) June 12, 2024

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2024-06-12 18:50