Shytoshi Kusama, the anonymous lead spokesperson of the Shiba Inu (SHIB) ecosystem, has taken to X to highlight the popular meme-inspired cryptocurrency's position among the market's top performers.
Referencing data from the widely followed "World of Statistics" account, Kusama highlighted SHIB's 150% year-to-date gain, placing it second only to Dogecoin's 310% gain among meme-inspired cryptocurrencies. Other top performers listed include Solana with a 134% return, Bitcoin at 113% and Binance Coin (BNB) at 98%.
Recently, there have been many such outbursts from Kusama, reminding market participants that the Shiba Inu token is still the largest Ethereum token by market cap.
This is indeed true, according to data from CoinMarketCap, as SHIB has a market cap of $14.9 billion, and its closest competitors are Chainlink (LINK) and Pepe Coin (PEPE). The latter, however, can challenge Kusama's statement, but in the area of trading volume, as it usually beats SHIB by this metric.
FUDDERS: "Dev...wen SHIB?"
MEANWHILE, SHIB: https://t.co/Z2dFeL2TFg
— Shytoshi Kusama™ (@ShytoshiKusama) November 24, 2024
"When SHIB burn?"
In addition, Kusama touched on the widely discussed topic in the SHIB community of burning the majority of cast tokens. The Shiba Inu influencer talked about the difficulties of implementing large-scale burns, mentioning the rising cost of SHIB purchases during burn surges and the challenge of achieving a near-total reduction in supply. Kusama said that focusing solely on burns was not the best way to succeed with SHIB.
Instead, he suggested creating new utilities for SHIB and related tokens, an approach that involves exploring staking opportunities and use cases to drive sustainable adoption. Kusama's strategy aims to position SHIB as more than a meme coin, leveraging viral distribution and utility to reduce reliance on burning as a growth mechanism.
By integrating these measures, Kusama believes SHIB can achieve a long-term competitive advantage in the cryptocurrency market.
