How Did Shiba Inu Become The 'Dogecoin Killer?' Crypto Whale Thinks 'Its Mission' And This One Factor Were Key

Pseudonymous crypto trader "apatheticwhale" shared his thoughts on the success of Shiba Inu SHIB/USD and the importance of intellectual property (IP) in the meme coin space.

What Happened: The trader highlighted how Shiba Inu’s unique approach to creating its character, lore and mission differentiated it from other meme coins that simply repurposed existing memes.

$shib didn't steal an internet meme, make a token, and try to brand that token as the official token of that meme within crypto.

what drew me into $shib after it launched was that ryoshi created a new character with its own lore and mission.

the original ryoshi blog posts were…

— mememillions (@apatheticwhale) May 1, 2024

Apatheticwhale praised Shiba Inu’s creator, Ryoshi, for not simply stealing an internet meme, and branding a token around it. “What drew me into Shib after it launched was that Ryoshi created a new character with its own lore and mission,” the trader explained.

The original blog posts by Ryoshi were particularly compelling, according to the trader, as they established Shiba Inu as the "Doge Killer" with a mission to conquer Dogecoin DOGE/USD. This unique narrative and purpose resonated with the trader, who tends to be "more interested in projects that create their own world, give people a mission to believe in, and create their own unique content."

The trader also commented on the recent success of other meme coins, such as Dogwifhat WIF/USD and Pepe PEPE/USD, which have adopted the strategy of repurposing older memes and branding them as the official token of the meme to attract mainstream attention.

Also Read: Only Dogecoin And Shiba Inu Have Crossed The $10B Meme Coin Mark: ‘Who Will Be The Third?,’ Muses Crypto Whale

Why It Matters: Apatheticwhale emphasized the importance of IP in the rapidly evolving meme coin space. He adds that with the “memecoin supercycle” approaching, the market is likely to face challenges related to IP owners reacting to crypto projects that have used their IP without permission.

This raises important questions about the sustainability and legal implications of building projects around existing memes.

Price Action: At the time of writing, SHIB was trading at $0.00002115, down 27% over the past 30 days. DOGE was trading at $0.1239, down 40.7% over the past 30 days.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:  ‘Dogecoin Killer’ Shiba Inu Burn Rate Spikes 2,092%, Robinhood Adds SHIB Trading For New York Residents

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Shutterstock