Shiba Inu (SHIB) is currently consolidating after a strong rally earlier this month, witnessing the token surge to $0.00003046 (on Binance). However, the momentum has weakened as SHIB returned below $0.00002303. With Bitcoin seeing a rise to $100,000, SHIB investors have urged the development team to implement strategies that could drive a significant bull run.

Key factors driving the price of Shiba Inu

In response to these calls, Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, addressed community concerns by highlighting the achievements and catalysts of SHIB, the factors that will enhance the value of the SHIB token. Emphasizing the prominence of the token on the Ethereum blockchain, Kusama first declared via X: "'Hey buddy, send Shib to the moon.' Check if we are still the number 1 eth token in the world."

Referring to the notion that SHIB is merely a get-rich-quick scheme, one user commented: "What people don’t understand is that this token is about functionality, not just get-rich-quick schemes." Kusama agreed, responding that superior technology and adoption are the main catalysts for the Shiba Inu token price: "Because through functionality, we change the world and wagmi. There are no leaders. A lot of technology. Unparalleled vision across all cryptocurrency. What more could you ask for?" Kusama wrote.

The conversation also shifted to SHIB: The Metaverse, a project predicted to drive wider adoption of the Shiba Inu ecosystem. When asked about the launch, Kusama revealed: "I look forward to an MV update in Shib Mag soon :)"

SHIB: The Metaverse is envisioned as a virtual world within the SHIB ecosystem, providing a digital playground where users can socialize, play games, and trade digital assets. This Metaverse aims to integrate the community, tokens, and Shiba Inu services like ShibaSwap into a cohesive online environment. Users will be able to buy virtual land, create unique experiences, and potentially reflect real-world businesses.

Kusama also addressed concerns about competition from other meme tokens. When a user asked about competition from Dogecoin (DOGE) and BONK, Kusama emphasized that the SHIB ecosystem would operate at the enterprise level: "I hope all memes do well to wagmi. But they’re playing 'I declare war' and I’m playing chess at the enterprise level with a shield up saying Check a Klingon. #kipla" he stated.

Further emphasizing upcoming developments, Kusama announced via X: "Analysis: Shib is still King! Bone is the key. Leash is strong. TREAT is coming soon." He added shortly thereafter: "Please note that TREAT released by Shib Core is not yet available."

The TREAT token, designed as a key to access advanced features within the Shiba Inu ecosystem, will be released soon. This token will complement the existing SHIB, BONE, and LEASH tokens, each serving a distinct role within the ecosystem. While LEASH focuses on exclusivity and BONE focuses on technology, TREAT will unlock advanced functionalities, enriching the overall user experience.

In July, Kusama further explained: "As you may know, Shib is home to various tokens, including Shib, Bone, Leash, and our upcoming token: TREAT. Each token has its own utility and governance, and TREAT is the token that grants access to all advanced features of our system, unlike Leash, which focuses on exclusivity, or Bone, which focuses on technology."

Suggesting another potential catalyst, Kusama shared a post from artchick.eth (@digitalartchick), who speculated: "Memecoin ETF within 10 months." Kusama commented: "I’m not saying that…. but I did RT it."

The prospect of a memecoin ETF in the United States is quite significant. Similar to Bitcoin and Ethereum spot ETFs in the U.S., a memecoin ETF could attract substantial inflows from investors currently unable to access the memecoin market. With its position as the second-largest memecoin by market capitalization, Shiba Inu would be a top candidate for inclusion. At the time of press, SHIB was trading at $0.00002502.