Elon Musk Declares Memes Power Backing, Shiba Inu Lead Dev Reacts

The influence of online culture, particularly memes, has undeniably impacted the crypto landscape. In 2013, Dogecoin (DOGE) was launched as the first meme coin, creating a new asset class, and shocking the world with its spectacular climb, surpassing traditional cryptocurrencies.

Shiba Inu (SHIB), another meme coin inspired by the popular dog breed, followed suit, quickly gaining traction within the crypto community.

Shytoshi Kusama, the lead developer for Shiba Inu, recently highlighted the significance of meme culture to cryptocurrencies. This acknowledgment came in response to a past remark by Elon Musk, a vocal advocate for Dogecoin and a known meme enthusiast. In June 2020, Musk playfully declared that “whoever controls the memes controls the universe.”

Shytoshi Kusama Responds

Kusama’s reaction, a simple GIF showing the word “Soon,” has ignited speculation within the Shiba Inu community. While the exact meaning is still unknown, it has fueled anticipation for upcoming developments within the Shiba Inu ecosystem.

This ecosystem encompasses various projects and products designed to propel SHIB beyond its meme coin origins and establish it as a more robust and sustainable project.

Building a Robust Ecosystem

A prime example of Shiba Inu’s developments and projects to advance the digital asset is SHIB Names, a joint initiative with D3 Global that allows users to acquire personalized “.shib” domain names. This fosters a sense of community and facilitates easier identification within the Shiba Inu ecosystem.

Other strategic partnerships solidify SHIB’s position within the cryptocurrency landscape. K9 Finance, recently secured as an official Shiba Inu partner, plays a crucial role in validating transactions on Shibarium, the project’s dedicated blockchain network. This collaboration is expected to contribute to the network’s Total Value Locked (TVL), a key metric for gauging a blockchain’s overall health and activity.

While some may view meme coins as fleeting trends, Shiba Inu’s ongoing development suggests a potential path toward a more substantial future. The project’s ability to leverage its meme-driven popularity and translate it into a functional ecosystem will be a key factor in determining its long-term success.

The Race for Dominance

The rivalry between Shiba Inu and Dogecoin, the largest meme coin, continues to captivate the cryptocurrency community. In October 2021, SHIB briefly surpassed DOGE in market capitalization during a significant rally. However, a market correction led to a reversal.

SHIB staged an amazing comeback over the past week and is currently at #10, with DOGE at #9. The Shiba Inu community is ecstatic as SHIB is currently showing bullish signals. If DOGE does not start performing, SHIB could take its spot.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.