Mark Cuban acknowledged Shiba Inu’s strong community-driven approach.
SHIB holds a $11.7 billion market cap, despite a 7% drop in the past 24 hours.
Shytoshi Kusama stated Shiba Inu’s focus on delivering real-world value beyond its memecoin origins.
American venture capitalist and businessman Mark Cuban, who has previously the meme coin market, has recently shared his insights on the success of prominent meme coins, including Shiba Inu and Dogecoin . Cuban these tokens for their long-term community-driven approach.
This discussion came as Cuban critiqued US President Donald Trump’s newly launched TRUMP token , which recently garnered attention. The token recorded a $14.9 billion market cap and briefly surpassed SHIB on January 20 before plummeting by over 45% since then.
Despite its brief rise to prominence, the token has faced backlash, with critics accusing Trump and his wife, Melania, of leveraging their names for financial gain. Notably, Melania also launched a separate token, MELANIA soon after TRUMP’s launch.
Cuban a twist on the meme coin concept: a token where proceeds would directly address the US national debt. While some praised the idea’s transparency, others, including prominent crypto personality Artchick.eth, warned of potential pitfalls, citing the challenges of ensuring equitable distribution and fostering a sustainable community.
Cuban agreed that most meme coins lack sustainability, stating:
“It’s about the community long-term. Doge, Shiba Inu, and only a few others have worked because of their community.”
“It’s about the community long-term. Doge, Shiba Inu, and only a few others have worked because of their community.”
In response, Shiba Inu lead developer Shytoshi Kusama invited Cuban to collaborate, :
“Take a 10-minute call and see that it’s not just community but real technology that keeps us going. Otherwise, you’ll release another meme like everyone else.”
“Take a 10-minute call and see that it’s not just community but real technology that keeps us going. Otherwise, you’ll release another meme like everyone else.”
Kusama further clarified that Shiba Inu was community-driven from the start, countering Cuban’s earlier implication that successful meme coins often require community takeovers.
Shiba Inu Holds Its Ground
Shiba Inu remains a resilient player, boasting a market capitalization of $11.7 billion, second only to Dogecoin. According to data by CoinMarketCap, the token is currently trading at $0.00002, down by over 7% in the past 24 hours.
On the weekly chart, SHIB is forming an inverse head and shoulders pattern within the handle of an inverted cup and handle, as by crypto analyst Mr Chart Norris. This indicates that if there is enough trading volume, a potential bullish reversal could happen in the next few weeks. SHIB currently has a 24-hour trading volume of 800 million, down by 50%.
Source: Mr Chart Norris on X
The memecoin market as a whole has faced a 3.3% decline in the past day, with its total market cap standing at $111.6 billion. Also, a total of $41.323 billion worth of meme coins were traded in the past 24 hours.
Notably, meme coins are often criticized for lacking real-world applications, labeling them with terms like “meaningless” and “plumbing new depths of idiocy”. Shytoshi Kusama reiterated SHIB’s commitment to evolving beyond the memecoin label, focusing on technological innovation and real-world value.
