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Dogecoin and other Shiba-Inu inspired cryptocurrencies are garbage, says Solidity.io CEO

  • Dogecoin, Shiba Inu and other Shiba-Inu-themed meme coins are garbage, according to Alex McCurry, the founder of Solidity.io. 
  • The blockchain development firm CEO’s remarks came at a time when there are growing concerns about the reliability of meme coins like DOGE. 
  • DOGE price retraced 4% amidst concerns of a further decline after a failed retest of the $0.0944 level. 
Dogecoin and other Shiba-Inu inspired cryptocurrencies are garbage, says Solidity.io CEO
Ekta MouryaEkta MouryaFXStreet

Dogecoin price failed the retest of $0.0944, a key level for the meme coin. The failed retest aggravated the concerns of the community that believes DOGE is likely to decline lower. Alex McCurry, the founder of Solidity.io took to Twitter to express his dislike for Shiba-Inu-themed cryptocurrencies like Dogecoin, using the word “garbage” to describe these assets. 

Also read: Is Bitcoin price out of the woods? Derivatives traders bet on massive rally in BTC

Dogecoin is garbage: Alex McCurry of Solidity.io

Alex McCurry, founder and CEO of blockchain development firm Solidity.io has a strong opinion on Shiba-Inu-themed cryptocurrencies. McCurry believes DOGE, SHIB, BABYDOGE, FLOKI, ELON, among other meme coins are “garbage.”

The blockchain development firm founder’s opinion comes at a time when there is growing concern about the stability and reliability of meme coins in the crypto ecosystem. Experts have criticized meme coins for lacking real value and for being used for speculation and near-instant profits. 

The criticism is not limited to McCurry. Steven Cooper, the CEO of Bigger Entertainment has spoken out against Shiba Inu and accused the project of being a pyramid scheme. Cooper argued that the project’s team lacks real achievements and Shiba Inu’s burn mechanism makes it a “pyramid scheme.”

DOGE fails retest of critical level, more blood ahead?

Dogecoin price yielded 4% losses for holders since February 8. The meme coin failed the retest of the $0.0944 level, and analysts at FXStreet believe the Shiba-Inu-themed cryptocurrency could yield more losses in the short-term. Checkout the video below for key price targets.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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