As an analyst with over two decades of experience in the financial markets, I have witnessed countless trends and fads come and go. However, the meteoric rise of meme-inspired cryptocurrencies like Shiba Inu (SHIB) is nothing short of extraordinary.
Shytoshi Kusama, the unidentified figure who leads the Shiba Inu (SHIB) community, recently used a platform to emphasize that the well-known meme-based cryptocurrency is holding strong positions within the leading performers in the market.
According to the popular “World of Statistics” account, Kusama emphasized that Shiba Inu (SHIB) has seen a substantial year-to-date increase of 150%, ranking it second behind Dogecoin’s impressive 310% growth among meme-based cryptocurrencies. Some other notable high performers mentioned are Solana, which returned 134%, Bitcoin with a gain of 113%, and Binance Coin (BNB) at 98%.
Lately, Kusama has displayed numerous bursts of enthusiasm, serving as a reminder to investors that the Shiba Inu token remains the biggest Ethereum token in terms of market capitalization.
Based on information from CoinMarketCap, it’s accurate to say that Shiba Inu (SHIB) has a market capitalization of $14.9 billion and its nearest rivals are Chainlink (LINK) and Pepe Coin (PEPE). However, Pepe Coin (PEPE) might contest Kusama’s claim in terms of trading volume, as it often surpasses SHIB in this area.
FUDDERS: “Dev…wen SHIB?”
MEANWHILE, SHIB:
— Shytoshi Kusama™ (@ShytoshiKusama) November 24, 2024
“When SHIB burn?”
Furthermore, Kusama addressed the popular debate among SHIB community members regarding the burning of a significant portion of cast tokens. Specifically, this Shiba Inu influencer discussed the obstacles associated with executing widespread token burns, such as the escalating costs of purchasing SHIB during periods of high burn activity and the struggle to significantly reduce the overall supply. Kusama suggested that an exclusive focus on burning tokens might not be the most effective approach for the success of SHIB.
Rather than proposing the creation of new utilities for SHIB and associated tokens, he suggested investigating staking options and potential use cases to foster lasting adoption. Kusama’s strategy aims to elevate SHIB beyond a mere meme coin by utilizing viral distribution and utility to minimize the need for burning as a means of growth.
Through implementing these strategies, Kusama is confident that SHIB will secure a lasting edge in the competitive landscape of the cryptocurrency market.
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2024-11-24 16:55