Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, responded to skepticism about SHIB’s potential to reach a $0.01 price target. The discourse unfolded on social media platform X, where Kusama engaged with critics and highlighted SHIB’s significant growth since its inception.
Nick Tomaino, Founder and General Partner of crypto-focused fund 1affirmation – backed by notable investors like Peter Thiel and Mark Cuban– on October 29 posted a list of what he considers the “most impactful crypto projects to date.” His list included Bitcoin, Coinbase, Ethereum, MakerDAO, OpenSea, Polymarket and Bridge, noting that “all have faced and used endless FUD as fuel.”
The lead developer of Shiba Inu demands respect
Kusama objected to the omission of Shiba Inu from this list, replying, “Again, the disrespect…smh #SHIB.” This response underlines the feeling within the SHIB community that their project is often overlooked despite its achievements.
A user on X commented on Kusama’s after: “Until we get above $0.01 no one will respect us, it will always be a lame change meme!” Addressing this skepticism, Kusama replied, “I’m sorry… top 10 is not a sucker for change. Those who are wise give us respect. ‘Crypto Twitter’ just doesn’t have DYOR.”
Again, the disrespect… smh #SHIB
— Shytoshi Kusama™ (@ShytoshiKusama) October 30, 2024
Kusama’s emphasis on SHIB’s market position reflects its position among the top cryptocurrencies by market capitalization. Despite falling nearly 60% from its annual high of $0.00004567 in March, SHIB has maintained a significant presence in the crypto market and ranks as the 12th largest cryptocurrency by market capitalization.
In a similar exchange on October 30, Kusama responded to a post by user @Vivek4real_, who highlighted Bitcoin as “the best performing asset over the past decade,” showing gains of 569.772% over that period. Kusama pointed out SHIB’s staggering growth since all-time lows, saying, “SHIB current life-to-date (from all-time lows) 33,774,726.7%.”
He added: “We still have a long way to go and a lot of work remains to be done to give and treat the ecosystem with the respect it deserves. So don’t ignore Shib. Or do it until you can’t anymore.”
$SHIB Current lifespan to date (from all-time low) 33,774,726.7%.
But again, I digress. We still have a long way to go and a lot of work still needs to be done to give and treat the ecosystem the respect it deserves. So don’t ignore Shib. Or do it until you can’t anymore. https://t.co/ZGyJotYpf2
— Shytoshi Kusama™ (@ShytoshiKusama) October 30, 2024
Kusama further highlighted SHIB’s tremendous performance against other major altcoins Dogecoin have gained “only” +202,583.0%, Solana +35,715.8% and BNB 1,521,482.8% since their inception.
These numbers highlight SHIB’s exceptional return on investment for early adopters, surpassing even some of the most successful crypto assets. Nevertheless, SHIB price would need to experience an unprecedented 440% increase to reach the $0.01 target. Critics argue that without significant token burns or changes in supply, such a price level is mathematically challenging.
At the time of writing, Shiba Inu was trading at $0.00001849.
Featured image created with DALL.E, chart from TradingView.com