- Crypto billionaire Justin Sun weighs in on memecoins at Token 2049.
- Mr. Sun sends a shoutout to Shiba Inu, piquing SHIB Army’s interest.
- Shiba Inu whips up 8.8% gains on Thursday as BTC reclaimed $58K.
Cryptocurrency billionaire Justin Sun praised Shiba Inu (SHIB), as well as other competing memecurrencies, in a May 1 message on X.
“Meme coins may seem unconventional, but they highlight the power of community in crypto,” reads Sun’s tweet, while a video snippet dives deeper into his stance. The interview was filmed at Token 2049, where Sun explained to a curious audience that whether a project is memecoin-based or not, it requires long-term dedication to succeed.
What Makes SHIB so Successful?
Alongside naming Dogecoin (DOGE) one of the “top crypto brands,” the TRON blockchain founder and owner of HTX asserted that every crypto project needs to cover a couple of cornerstones to achieve long-term success.
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Sun portrayed Shiba Inu (SHIB) as a cryptocurrency with one of the most vibrant communities. Community participation and social engagement played a pivotal part in SHIB’s growth over the first years of its inception on the blockchain.
Sun stressed the importance of a fair token launch, which opens the door for major crypto exchanges to list the cryptocurrency and further bolster interest among retail investors.
Half a year after its launch, Vitalik Buterin donated over 50 trillion SHIB tokens to India’s Crypto Relief fund, which was established to help people in need during the global pandemic. The altruistic deed warmed the hearts of dog lovers and crypto aficionados, now encompassing 3.8 million followers on X.
Where Is Shiba Inu Heading Next?
SHIB remains in the 12th position by global market capitalization, distanced from DOGE by $5.5 billion. Lately, Shiba Inu succumbed to the trials and tribulations of the ongoing crypto meltdown, most evident in Bitcoin’s (BTC) plunge to $56K last weekend. That symbolizes a 21.6% backtrack for the leading digital asset from its latest all-time peak at $73K, claimed just two months ago.
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Sporting a high price correlation with BTC, SHIB also slipped by 11.8% over the past 30 days, recording a weekly low at $0.00002076, according to CoinGecko. Moreover, this concludes an 8.8% deficit in weekly terms for SHIB, similar to BTC.
However, Shiba Inu’s support cluster from $0.000022 to $0.000023 assists in keeping it on track. At this level, 43.17T SHIB tokens are held in over 50,000 crypto wallet addresses. As of press time, Shiba Inu is exchanging hands at $0.00002287 with an 8.8% upswing over the past 24 hours.
On the Flipside
- The heated discussion about the alleged dangers of memecoins leading the crypto market started in March,when several blockchain enthusiasts sounded the alarm on “meme coins scaring away serious builders.”
Why This Matters
March 2024 went down in the history books as the most successful period for the meme currency department, resulting in $56 billion at its bull cycle peak.
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