On Feb. 8, Alex McCurry, the founder of Solidity.io, a blockchain development firm, took to Twitter to call Shiba Inu, Dogecoin and other dog-inspired cryptocurrencies "garbage."
McCurry's remarks come amid growing concerns about the stability and reliability of meme tokens, which have gained popularity for their novelty but are being criticized by many experts as lacking any real value and for being used for speculation and quick profits.
This criticism is not limited to McCurry as CEO of Bigger Entertainment Steven Cooper has also been speaking out against Shiba Inu.
As reported by U.Today, Cooper accused Shiba Inu of being a pyramid scheme, due to the lack of burnt tokens and real achievements by the Shiba Inu team.
Cooper was once heavily involved with Shiba Inu, but he left the community after feuding with the developers. Now, has no desire to be involved again. He even alleges that he was a victim of a smear campaign against him and his company.
The controversy surrounding Shiba Inu's developer community continues to escalate, as lead developer Shytoshi Kusama faced backlash after purging "breeds," community members meant to assist in the development of the token.
Some accused Kusama of reducing the project's decentralization level, with SHIB Defense Team co-lead Trophias being particularly critical.
McCurry's comment on Shiba Inu and Dogecoin highlights growing concerns over meme tokens, and the future reception of these tokens remains to be seen. Investors should always keep in mind the potential risks involved and the fact that there are many unknowns when it comes to investing in the cryptocurrency market.