Here is Why Shiba Inu Will Remain a Meme Coin Despite Its Many Achievements

This article examines why Shiba Inu will remain a meme coin despite the numerous projects launched in its ecosystem.  

Shiba Inu has been turning heads with its significant developments that have led to the growth of its ecosystem. The rationale behind these moves is to transition SHIB from a meme coin into a utility project. 

Shiba Inu Achievements 

For context, Shiba Inu launched in August 2020, initially focusing on becoming the biggest meme coin in the market, a title Dogecoin has held for several years. 

However, everything changed a few months later, as the ecosystem team, led by its pseudonymous founder, Ryoshi, outlined a strategic vision that will potentially transition SHIB from a meme coin to a utility token. 

Ever since, Shiba Inu has grown from just a token into an ecosystem, with significant projects like an L2 blockchain (Shibarium), a decentralized exchange (ShibaSwap), and games (Shiba Eternity, Agent Shiboshi, Shiboshi Rush, Lap Dog, and Shibridge). 

Other Shiba Inu ecosystem-related projects include SHIB: The Metaverse and non-fungible tokens (Shiboshi and SHEboshi). 

Only Factor Keeping SHIB As a Meme Coin  

Despite these notable achievements, one factor has kept SHIB in the realm of meme coins: its hefty supply. 

Unlike most established utility cryptocurrencies like BTC, ETH, XRP, BNB, and SOL, Shiba Inu boasts a hefty circulating supply. This enormous supply is a characteristic common to only meme coins.  

Notably, the circulating supply of Bitcoin, Ethereum, XRP, BNB, and Solana currently stands at 19.83 million, 120.59 million, 58.04 billion, 142.47 million, and 508.9 million, respectively. 

The limited supply of these established cryptocurrencies makes them attractive to investors, potentially driving up their value. This is evident in the price surge of these assets over the past few weeks. 

In contrast, Shiba Inu currently has a circulating supply of 589.25 trillion tokens, akin to most meme coins, which also have astronomical supplies. 

This enormous supply of Shiba Inu dilutes the value of each SHIB, potentially making it difficult for the token to witness significant price spikes observed in other limited-supply assets like BTC, ETH, XRP, BNB, and SOL. 

Therefore, for Shiba Inu to leave the realm of meme coins, the community must collectively burn a huge chunk of its supply. 

Although 410.74 trillion SHIB has been incinerated so far, there is still a need for more burns due to the token’s 589.25 trillion astronomical supply.