Shiba Inu Coin vs. Avorak AI – Can Meme Tokens Compete With True Utility?

The post Shiba Inu Coin vs. Avorak AI – Can Meme Tokens Compete With True Utility? appeared first on Coinpedia Fintech News

Since the rise of cryptocurrency, various kinds of tokens have popped up in the market. Meme coins have especially drawn a lot of interest. Despite their popularity, there has been debate on whether meme coins like Shiba Inu can be compared to digital currencies with actual utility.

What are meme tokens?

Meme tokens are digital coins that are created more for entertainment than for practical use. These tokens are typically based on popular internet memes or trends and often have cute or funny branding. They are created to capitalize on the growing interest in cryptocurrencies and to attract investors seeking quick profits.

Shiba Inu coin (SHIB)

Shiba Inu is a meme token developed in 2020 and has since gained a large fanbase. One of the factors that have contributed to its popularity is its community, Shibarmy. Shiba Inu news and updates generate a lot of hype, and the Shibarmy community remains dedicated to its success.

However, despite its widespread recognition, Shiba Inu’s price has not yet reached the $1 mark and has experienced significant volatility. It is important to understand that hype and community support do not guarantee long-term value or sustainability.

Does Shiba Inu have utility?

Tokens with actual use cases are designed to provide tangible benefits to users beyond just speculative investment.

SHIB’s utility lies primarily in its potential to become a medium of exchange and a store of value. While the coin has some uses, such as being accepted as payment on certain platforms, it does not provide any unique functionality that cannot be found with other cryptocurrencies. This might be why Shiba Inu’s price has been significantly outperformed by other tokens.

What is Avorak AI?

Cryptocurrency and AI have been referred to as the technologies of the future, and we have witnessed fascinating projects from these two industries.

Avorak AI is a new ecosystem that aims to combine these two technologies. It is a blockchain-powered AI platform intended to speed up human-led processes and reduce the amount of time used in text generation, trading, and so much more. The project takes pride in providing user-friendly solutions such as AI chatbots, AI image creation tools, and AI trading bots, all reinforced by the native token AVRK.

AVRK is a transferable and sellable representation of the attributed utility functions outlined in the Avorak whitepaper. It is designed to be used solely as an interoperable utility token. This means AVRK is a credit for accessing the Avorak AI services, distributed to allow users to partake in the functionality offered by Avorak’s AI products.

Obtaining more AVRK token credits via a staking and “revenue feedback” system, as well as incentivized liquidity provision through decentralized exchanges, are examples of other early use cases.

Conclusion

It is clear that Avorak offers more use cases that are also focused on the future when compared to Shiba Inu. Anyone can gain access to this ground-breaking technology thanks to Avorak’s ICO, which is set to start soon.

For more information on Avorak AI:

Website: https://avorak.ai
Whitepaper: https://avorak-labs-and-technology.gitbook.io/avorak-a.i-technical-whitepaper/

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