Key Takeaways
- The lead developer of Shiba Inu (SHIB) has criticized Litecoin’s (LTC) decision to rebrand itself as a meme coin to attract new users. Litecoin made the switch as a result of growing investor interest in meme coins amid the bullish market.
- While slamming Litecoin and its recent move to post humorous content on its official X feed, Shytoshi Kusama noted that Shiba Inu is no longer competing with other meme coins, but going up against serious projects like Cardano (ADA) and Ripple (XRP).
- One Shiba Inu community member commented under Kusama’s X post that Litecoin’s marketing strategy was working, suggesting Shiba Inu should consider returning to its humorous roots.
- Kusama highlighted that SHIB has transitioned into a utility token following the launch of its native layer-1 blockchain as the ecosystem is expected to release a host of utility projects, including a DAO led by the community.
Shytoshi Kusama, the lead developer for the popular memecoin Shiba Inu (SHIB) has come out slamming Litecoin (LTC) over its recent decision to adopt a more humorous marketing strategy.
Litecoin rebranded itself as a meme-themed cryptocurrency by portraying a stick figure with the letter ‘L’ as its head. The project’s official X handle started actively posting memes and other comedy content to attract the attention of crypto enthusiasts.
SHIB Lead Developer Shytoshi Kusama Lamments Litecoin For Transitioning To A Meme Coin
In a series of X posts on November 19, Kusama expressed that he was not looking to get into any “beef” with the Litecoin community this year. However, the developer did state that Litecoin is forming the “memevengers” and that he was starting to feel more like the Marvel comics villain Thanos.
Taking a dig at Litecoin’s new stick figure, Kusama jokingly asked the project to “take that L and stand down”. His statements underscored a sense of dismay in the identification change saga, which has promptly gained significant traction across the industry.
Notably, Litecoin’s new identity shift comes amid growing interest in the memecoin space, as evidenced by the recent rally of the leading players in the market.
Following Kusama’s reaction, one Shiba Inu user called “Jolt” noted that Litecoin’s marketing strategy was working. They recounted how the Shiba Inu ecosystem team in its early days engaged the community with humor and spam posting. Jolt suggested that Shiba Inu reconsider its previous marketing strategy to attract a broader audience.
Kusama did acknowledge Jolt’s comments, emphasizing that he is actively listening to the community and planning future strategies for Shiba Inu. The executive pointed out that while some updates can be implemented to the memecoin protocol immediately, others could take time.
He highlighted that Shiba Inu utilizes a community-driven marketing approach and added that its upcoming decentralized autonomous organization (DAO) will allow SHIB loyalists to have a say in the direction the protocol takes, including marketing.
SHIB Is Transforming Into A Utility Token That Competes With The Likes Of XRP And ADA
Furthermore, Kusama noted that Shiba Inu is no longer competing with its memecoin counterparts, but with “OG” assets like Cardano (ADA) and Ripple (XRP). He also emphasized the need to break into the legacy market using professional marketing tactics.
To compete at that level, Kusama suggested that Shiba Inu needs to strike the perfect balance by combining entertaining marketing with professional strategy, ultimately contributing to the widespread adoption of the crypto asset.
He added that Shiba Inu could no longer employ the same marketing strategy suitable for projects within the $6 billion market capitalization range to battle toe-to-toe with coins in the $50 billion region. However, Kusama stated the team would adopt any marketing strategy that is supported by the community through its DAO.
Kusama promised to share more details about Shiba Inu’s new marketing strategy that would help it compete with the likes of ADA and XRP.
SHIB, launched in 2020, is the second-largest meme coin by market capitalization. However, Kusama believes that over the years the cryptocurrency has transitioned into more of a utility token, thanks to the multiple projects launched in its ecosystem, such as games and a layer-2 scaling solution. This is one main reason why he thinks Shiba Inu is now up against the big boys in the league.
The market cap of SHIB currently stands at $15.09 billion, while ADA and XRP are valued at $27.12 billion and $65.34 billion, respectively.
Shiba Inu’s price consolidation from today is the result of sideways trading in recent days. The meme coin is down nearly 2% in intraday trading, which registered a high of $0.00002415 and a low of $0.00002578.
However, the monthly price chart for the token indicates that it has made gains worth 33%. The positive sentiment in the broader market underscores the leading dog-themed meme coin’s potential despite its recent price consolidation.
At the time of writing, SHIB is trading at $0.00002514 – up 0.02% in the last 24 hours.
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