Shytoshi Kusama Highlights Shiba Inu's (SHIB) Position Among the Market's Top Performers

Shytoshi Kusama, the anonymous lead spokesperson of the Shiba Inu (SHIB) ecosystem, has taken to Twitter to highlight the popular meme-inspired cryptocurrency's position among the market's top performers.

Shiba Inu (SHIB) has quietly become one of the market's top performers in 2023, ranking second only to Dogecoin (DOGE) among meme-inspired cryptocurrencies.

According to data shared by the widely followed “World of Statistics” account, SHIB has logged a 150% year-to-date gain. This puts it ahead of other top performers such as Solana (SOL), which has gained 134%, Bitcoin (BTC), which has risen 113%, and Binance Coin (BNB), which has gained 98%.

Shytoshi Kusama, the anonymous lead spokesperson for the Shiba Inu ecosystem, has highlighted this achievement in a series of posts on X.

“FUDDERS: 'Dev…wen SHIB?'” Kusama wrote in one post, linking to an image of SHIB's performance.

Recently, there have been many such outbursts from Kusama, reminding market participants that the Shiba Inu token is still the largest Ethereum token by market cap.

This is indeed true, according to data from CoinMarketCap, as SHIB has a market cap of $14.9 billion, and its closest competitors are Chainlink (LINK) and Pepe Coin (PEPE). The latter, however, can challenge Kusama's statement, but in the area of trading volume, as it usually beats SHIB by this metric.

Citing data from CoinGecko, SHIB's 24-hour trading volume on Wednesday was $643 million, while that of PEPE was $833 million. This puts PEPE in 63rd place among all cryptocurrencies by 24-hour trading volume, while SHIB ranks 83rd.

In any case, Kusama's statement about SHIB being the largest Ethereum token by market cap is still largely accurate, especially considering that Chainlink is also a meme coin to some extent.

The Shiba Inu influencer also talked about the difficulties of implementing large-scale burns, mentioning the rising cost of SHIB purchases during burn surges and the challenge of achieving a near-total reduction in supply. Kusama said that focusing solely on burns was not the best way to succeed with SHIB.

Instead, he suggested creating new utilities for SHIB and related tokens, an approach that involves exploring staking opportunities and use cases to drive sustainable adoption. Kusama's strategy aims to position SHIB as more than a meme coin, leveraging viral distribution and utility to reduce reliance on burning as a growth mechanism.

By integrating these measures, Kusama believes SHIB can achieve a long-term competitive advantage in the cryptocurrency market.