There is no doubt about that. There is virtually no utility for the token, no infrastructure etc. Community engagement admittedly is fantastic but that in itself shouldn't give any coin a valuation within the realms of Top 10 cryptos.
But you shouldn't short it either, especially not with leverage. Markets will stay irrational longer than you can stay solvent.
I'd just sit it out honestly. You've missed the easy money in this pump, just let it go.
I seriously doubt that it dies, even in next bear run it will get just more bagholders shilling it even more aggressively. In the altcoin bullrun a product doesn't need an use case, it needs hype, community and the attention of idiots. Even if we think that projects need to solve something to be valued, majority if people are idiots and they will invest too. Shit projects will always ride alongside of good projects.
I mean hell, most of these people still think that one single coin/token price matters. They don't know what marketcap is for, nor do they care. Saddest truth is that we need to understand these people to understand market movements.
No.
And what is ridiculous is that this has been getting more media coverage than bitcoin recently.
SHIB has no long term future, nor does Dogecoin, no matter how you look at it. They don't have utility and the value right now is purely derived from the hype element which will likely fade away as the bull market comes to an end.