The meme coins, Dogecoin, and its rival Shiba Inu have each taken the market by storm, at different seasons this year. While the community is amazed by the performances of the meme coins, pro-Bitcoin U.S. Senator Cynthia Lummis is not amused.
The Meme Coins are Not Here to Stay
According to Lummis, these meme coins are not here to stay. She is echoing the critics who believe the Shiba Inu or Dogecoin frenzy is only but a bubble that will burst soon.
Meme coin critic Cynthia Lummis is a huge Bitcoin advocate. In her criticism of the meme coins, Bitcoin advocate Lummis declared that the leading cryptocurrency was the only decentralized commodity in the crypto market. The rest of the digital coins are behaving like securities.
Dogecoin reached new heights early this year all thanks to the influence of billionaires Elon Musk and Mark Cuban. During this third quarter, its rival meme coin Shiba Inu took over. The altcoin’s price soared by over 1000% as its massive run secured it a position in the top ten largest cryptocurrencies by market capitalization. Shiba Inu went as far as overtaking its predecessor Dogecoin in the rank of meme coins.
Avoid the Meme Coins, Embrace Bitcoin
Despite this success, U.S. Senator Cynthia Lummis warns investors to approach the meme coins with caution.
As opposed to Bitcoin, Lummis explains that most altcoin including Dogecoin, Shiba Inu, and the rest of the meme coins, are issued by one person or entity. In most situations, the issuer holds a large block of the coin for themselves and issues the rest to others. The nature of such an asset does not subscribe to a commodity but as security.
Meme coin critic Cynthia Lummis alternatively is all for Bitcoin. To her, Bitcoin is the digital gold, and the standard. All other cryptocurrencies should be monitored differently as they are created differently.
