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What Is Shiba Memu and Is It a Scam? Reviews, Opinions and DYOR
11/17/2023

What Is Shiba Memu and Is It a Scam? Reviews, Opinions and DYOR

11/17/2023
4,5

Shiba Memu is a hodgepodge of ingredients including blockchain, artificial intelligence, marketing, and the popularity of meme coins. The project has quickly surpassed competitors in the meme coin sector, gaining the love of crypto investors. Was this love conjured up by an ingenious marketing strategy and artificial intelligence, or did the market really welcome a revolutionary project worthy of our attention?

Shiba Memu Reviews and Opinions: Reddit and X

Going through the reviews and opinions of the community on social networks, you could encounter a wave of comments from users who are excited about the imminent launch of Shiba Memu. As much as the community has been praising and expressing support for the project, it would seem at first glance that Shiba Memu has really managed to gather a strong and active community in such a short period of time.

Source & Copyright Reddit

Source & Copyright Reddit

After a brief of aww, the author came back to reality, recalling the concept of the project, which is to self-promote Shiba Memu by creating hype around it and using other marketing strategies via artificial intelligence. The project needs to be talked about and preferably heavily and lauded. But we need some drama! And further review of the community's opinions answered our request.

Our survey (which we decided to run twice) showed different results than the general sentiment of the Shiba Memu community:

Shiba Memu launched in late summer along with the SHMU token presale, which was set to end in early November. This would allow token holders to start trading. Especially when the team announced a listing on the largest exchange, BitMart right after the end of the presale period. But on the very last day of the end of the presale period, the team suddenly decided to extend it. What's the big deal, since the community voted in favor of the extension? The alarm bell rang, and another part of the community reacted, pointing out the signs of a possible scam:

Source & Copyright post on X

Source & Copyright post on X

We feel for this poor guy: the extension came as a surprise to those who urgently had to revise their investment strategies. And some even asked for their money back:

Source & Copyright post on X

While some kept showing their love for the project, others tried to talk sense into them and suggested that at the end of the new deadline, the team would decide to extend the presale... once again.

Source & Copyright post on X

Users believe that the possible extension is nothing but a fraudulent scheme that allows the project team to raise funds in exchange for worthless tokens. But whether this is the case, let's get to the bottom of it. In the meantime:

Community, Website, and Social Media Accounts

Platform X Telegram Instagram
Followers 24,9K 22,7K 7,8K
Comments 6-12 per post on average 4-10 per post on average
Reposts 9-11 per post on average
Engagement low medium low
Community power low medium low

The project website is colorful, yet easy to navigate. It is important to note that the Shiba Memu project has received CertiK approval, which ensures that the code and KYC processes are reviewed for legitimacy.

Source & Copyright CertiK

Despite the low activity of the community on X, we cannot completely say that crypto enthusiasts are not interested in Shiba Memu. All the main communication takes place in Telegram. Nor can we speak of a unified portrait of the community. A variety of participants prevail there, from newbies to more advanced ones, and from those who see the project as a quick buck to those who are interested in its usefulness. Judging by the team's activity on social medias, it sometimes listens to the community and tries to respond immediately to their requests, which is a positive aspect of the project's credibility. However, given that in most cases these responses are generated by AI (one of the points of the project's unique operation), then:

Founders and Investors of Shiba Memu

According to the Shiba Memu website, the creators of the project are developers with years of experience Artem Chebotar and Sergey Shurshin. And that's all we know about the Shiba Memu project team.

At this point, the author plunged into a long contemplation of how to evaluate the project. After all, there are many solid reasons why one should and should not reveal one's identity. But a wise man gave a clue, "No information about the team? Well, that certainly raises some doubts. In the world of crypto, where trust is key, a lack of team data (or the scant availability of it) can be a red flag. As an investor, I would probably label this as a big deal and give the project a low score in my DYOR. You see, trust in the context of characterizing a crypto project is like air for health."

Shiba Memu Tokenomics: Supply, Allocation, Use Case

According to the whitepaper, $SHMU is a community token with a circulating supply of 1 billion units. The team, however, created 2 billion tokens because of its cross-chain exchange capability. It is also clear that 50% of this amount will be withdrawn eventually to provide liquidity for cross-chain exchange. The distribution of the 1 billion tokens is as follows:

  • Presale – 85%;
  • Exchange listings and rewards – 10%;
  • Project development – 5%.

During the first 60 days of presale, Shiba Memu owners earned up to 210% returns. Sounds like a slippery slope of thousands of similar "promising projects with astronomical returns". This conclusion is also called for after the team extended the presale period at the request of the community, so that as many owners as possible have a chance to grab a nice slice of the pie. It's not just the author who gets lost in suspicion: a review of comments shows that community members are beginning to suspect the project of scamming as well. And that's what we're here for, to see if Shiba Memu is a scam or not. But here's the rub.

The coin uses artificial intelligence to analyze promotion and build hype around itself. Users are taking the marketing bait, based on the way the coin has quickly gone viral. Unknowingly, the community supports the coin's value by talking about it on all available platforms. We know from experience, the hype around a coin is one of its driving forces, supporting its value and worth. But beyond that, other important factors come into play, such as utility, serving as a safety cushion just in case. The case of this coin is unique, utility is sewn into the hype, but how long such a strategy will last is unclear. Logically, artificial intelligence will constantly be looking for and applying ways to maintain interest among the community. It uses several advanced techniques to do so, including sentiment analysis, predictive analytics, and natural language processing (NLP).

Is there any thought yet of the project using AI and marketing to try to "comb" the community's opinions to make it seem legitimate and trustworthy?

That's suspicious, that's weird.

Still, you have to give Shiba Memu credit: it's the only meme coin that has any utility, and the developers are marketing geniuses besides, so:

Shiba Memu Current Price and Price History

Shiba Memu is on the presale stage and is priced at $0.00057, and as the community comments suggest, this status is constantly being extended, so it is impossible to evaluate the project in terms of current price and price history. But still some conclusions can be drawn. Namely, the fact that the presale has been extended. Users who bought at the presale and were expecting a quick launch are questioning whether they got into the scam or not, because the extension seems to them a dubious move, which the developers put in a "so that everyone had time to jump in" wrapper.

And as one of the comments on X says: "We'll find out in two months whether it's a scam or not".

Bottom Line: Is Shiba Memu a Scam or Not?

The project, being a peculiar mixture of technology and marketing strategies, causes mixed reactions in the community. Particularly striking is the lack of detailed information about the project team, which certainly raises doubts about its transparency and reliability. This factor, coupled with the extended presale, raises questions about the integrity and long-term durability of Shiba Memu.

Positive aspects include a well-thought-out technical document, community engagement, future plans for project development and CertiK approval, which gives some legitimacy to the project.

There are uncertainties and risks associated with the project, with room for additional monitoring and evaluation in the future, as the project is very new. Investors are advised to be cautious and do additional DYOR before deciding to invest in Shiba Memu.

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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.


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