Shiba Inu Surges 357% in New Addresses Amid Logo Controversy

This key-on chain signal hit the pinnacle on July 27th with over 4,000 new wallets in a day.

Shiba Inu flying a jet fighter very fast.
Created by Gabor Kovacs from DailyCoin
  • Shiba Inu’s price rebounded 7% in the last two weeks.
  • Upsurge in newly registered wallets reached 4K a day.
  • Designer Sveinn Valdimarsson opposes SHIB logo use.

New Shiba Inu wallet addresses on Ethereum (ETH) surpassed 4,000 daily on June 27th, marking the highest point of Q2. The recently published quarterly report by blockchain analytics enterprise IntoTheBlock points to a bullish trend in this on-chain metric since May 22nd, 2023.

At press time, Shiba Inu (SHIB) trades at $0.00000769, according to CoinGecko. Trading in linear consolidation for the past 24 hours, $SHIB fetched slight 1.2% gains in weekly terms. The popular memecoin was priced at $0.00000858 when the trend started. 

Original Logo Designer Barks at SHIB Token

In other related news, Sveinn Valdimarsson, the Icelandic designer who created the original Shiba Inu logo used in all of the products of the SHIB Ecosystem, is contemplating legal action against SHIB Token

In a recent interview for another newspaper, Mr. Valdimarsson, also a member of the vast Shiba Inu community, said he had no intention of letting the orange cartoon dog be used for business purposes. 

The Scandinavian designer explained that the newest collaboration with Tangem hardware wallet manufacturer makes $77 per unit, while Shibacals physical merchandise studio puts the Shiba Inu mascot on Champion hoodies.

So far, it’s unknown if the commercial use of the logotype can be restricted – the register indicates this logo has been trademarked in Indonesia and Spain. Interestingly, the designer permitted a vegan restaurant in Chiang Rai to use the logo. 

However, another fast food restaurant in Australia had attempted to make a deal with Sveinn Valdimarsson to use the Shiba Inu logo commercially but split ways after failing to reach an agreement – the restaurant carried on using the SHIB logo despite the designer’s legal claims.

On the Flipside

  • SHIB Token insists that logo usage for multiple purposes is ‘fair game’ for a decentralized crypto project. For instance, SHIB Token’s Content Marketing Specialist Lucie said: “If you would like to use it on your clothes or whatever products you like to use in daily life, please feel free to share the Shiba logo.”

Why This Matters

The Shiba Inu logo issue presents a clash of perspectives relevant to most decentralized crypto projects.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.