The lead developer of Shiba Inu now claims that the coin can compete with top cryptocurrencies like XRP and Cardano, rather than just being seen as a memecoin.
Shytoshi Kusama, the lead developer of Shiba Inu, stated that SHIB is no longer just a memecoin.
Instead, this project aims to compete with established cryptocurrencies like Cardano (ADA) and XRP.
This explanation comes after a community member named Jolt suggested that Shiba Inu should reconsider its previous humorous marketing strategies.
Jolt points to Litecoin's recent successful campaign, using a humorous, meme-focused approach.
Litecoin has adopted a fun marketing style, even humorously declaring a shift to memecoin identity with the slogan 'Take the L.'
Kusama acknowledged that this strategy is very clever and interesting.
Jolt recalls Shiba Inu's initial marketing campaign, which primarily relied on humor and community engagement to attract a large audience.
He suggested the project should consider returning to this approach to broaden its appeal.
In response, Kusama explained that Shiba Inu is now adopting a community-focused marketing strategy.
Future promotional decisions will be influenced by community feedback, particularly through the upcoming decentralized autonomous organization (DAO) that will allow members to participate in important decisions related to the project's marketing direction.
Kusama points out that while some ideas can be implemented quickly, others require a more strategic and long-term approach.
He emphasized the need to balance humor and professionalism as Shiba Inu gradually moves away from its memecoin origins.
He emphasized that SHIB is currently competing with major utility platforms like XRP and Cardano, rather than with other memecoins.
Kusama noted that effective strategies for smaller projects, with a market cap of around $6 billion, are not sufficient to compete in higher markets where XRP and Cardano operate, with market caps of $50 billion or more.
To develop at this level, Kusama stressed the importance of adopting professional marketing strategies focused on widespread adoption while still being community-oriented.
Since its launch as a memecoin in 2020, Shiba Inu has seen significant growth, introducing various utility initiatives such as blockchain-based games and Layer 2 solutions.
Kusama believes these developments have transformed SHIB into a true utility token.
With a market cap of about $14.88 billion, Shiba Inu has made significant strides but still lags behind Cardano at $26.45 billion and XRP at $62.76 billion.
Kusama's comments reflect the project's ambition to compete seriously in the broader cryptocurrency landscape, with subsequent updates on marketing strategy expected as the team refines its approach to achieve long-term goals.
