Shiba Inu Meme Coin Developer Wants To Focus On Utilities, Not Just About SHIB Token Burning

The second largest memecoin after Dogecoin, Shiba Inu. (Photo; Doc. Crypto News Flash)

JAKARTA - Shiba Inu (SHIB), the number two meme token after Dogecoin (DOGE) inspired by the Shiba Inu dog, again recorded a significant price increase throughout 2024. Based on the latest data, SHIB grew by 150% year-to-date (ytd).

This makes SHIB one of the best meme-based crypto assets after Dogecoin (DOGE), which recorded a 310% ytd increase. In addition, this currency remains the largest Ethereum-based token by market cap, surpassing its rival, Pepe Coin (PEPE).

According to Shytoshi Kusama, the main developer of the Shiba Inu ecosystem, SHIB's future focus is not only on burning tokens to reduce supply, but also on creating new utilities. This approach aims to expand SHIB's long-term adoption as a more functional currency beyond its meme coin status. These measures include developing stake features and increasing integration in various ecosystems.

However, the coin meme market is inseparable from risk. Analysts from 10x Research say that the volume of SHIB trading on key exchanges such as Binance and Uniswap experienced a significant decline in the first quarter of 2024. This condition, triggered by price corrections and regulatory concerns, shows the challenges coin memes face in maintaining long-term momentum.

In addition, the volatility of the crypto market remains a major concern. Analysts warn that major corrections could affect the performance of coin memes first, given that the meme coin market tends to be influenced by speculative sentiment. Even so, a strong community and continuous innovation within the SHIB ecosystem provide reasons for optimism for its supporters.

With a market capitalization of 14.9 billion US dollars (around Rp235 trillion), Shiba Inu remains one of the most noticed meme tokens. Developers and their community now inevitably prove that SHIB is not just a coin meme and is capable of becoming a digital asset with fundamental value.