Born as a meme coin, Shiba Inu (SIB) has quickly risen from obscurity to become a formidable player in the cryptocurrency space. It was inspired by Dogecoin (DOGE) and is often called the “Dogecoin killer.” SHIB gained significant attention and popularity due to its meme-based origins and the strong community support behind it.
The masterminds behind SHIB, Shytoshi Kusama and Kaal Dhairya, have kept their identities shrouded in mystery, adding to the allure and intrigue surrounding their creation of the world’s largest decentralized community. Despite their anonymity, the duo has articulated a grand vision: to transform Shiba Inu into the first trillion-dollar decentralized entity.
But can this ambitious goal be realized? SHIB leaders Kusama and Dhairya gave the first-ever interview with Arabian Business, in which they shared their journey to crypto pioneers and outlined future plans.
The Rise of Shiba Inu
Launched in August 2020, Shiba Inu was created by an anonymous person or group known as Ryoshi, who transferred 50% of the SHIB token’s supply to Ethereum co-founder and Russian-Canadian programmer Vitalik Buterin, causing significant controversy as the team had claimed that these tokens were burned, yet Buterin was able to access and sell them. The remaining half was locked for liquidity on Uniawap, a decentralized finance platform.
Notably, Buterin burned 90% of his SHIB holdings in May 2021, worth approximately $6.7 billion at the time. He donated the remaining 10% to an India COVID-19 relief fund established by Sandeep Nailwal, a Polygon founder. So, Buterin donated his collection of SHIB, alongside burning 410 trillion tokens during the process.
“Ryoshi had a specific plan which was to create five tokens and multiple pieces of technology. His goal was if someone could actually build all these things, then we could overtake Doge. That was also the plan – he was the Dogecoin killer,” said SHIB developer Kusama.
Under Kusama’s leadership, SHIB fluctuated between $10 billion and $41 billion in valuations. The price of the decentralized Ethereum-based token surged by whooping 27,000,000% from January 2021 to October 2021. This unprecedented growth catapulted Shiba Inu to the forefront of the crypto world, attracting a massive community known as the ShibArmy, which boasts an estimated 50 million recruits.
The Vision: From Meme Coin to Trillion-Dollar Entity
Key developers Shytoshi Kusama and Kaal Dhairya’s vision for Shiba Inu extends far beyond its origins as a meme coin. Their goal is revolutionary: to lead the transition from Web2 to Web3, fostering a world where decentralized communities thrive. This ambition is anchored in the belief that memes can serve as gateways to broader crypto and blockchain adoption.
“We see memes being the gateway to crypto and blockchain, and SHIB is the brand that will lead the world from Web2 to Web3. We want to take market share from centralised entities like Google and move the world from centralisation to decentralisation. Our ultimate goal? That’s simple: to be the first trillion-dollar decentralised entity,” stated Kusama.
Dhairya added, “Businesses will either quickly move into Web3 in the next three to five years or be left in the dust. Some new brand will pop up that will have better engagement, or new revenue models, and the old business models won’t work. We want to look at every brand and say how can we help you, how can we create the perfect strategy to bring any business, person or country into Web3.”
Challenges and Opportunities
While the potential for Shiba Inu is enormous, the path to becoming a trillion-dollar entity is fraught with challenges. The cryptocurrency market is highly volatile, and regulatory scrutiny is intensifying worldwide. Additionally, SHIB must contend with the perception that it is merely a meme coin, a label that can undermine its credibility among serious investors.
However, Kusama and Dhairya’s unconventional approach may also be Shiba Inu’s greatest strength. By leveraging the power of community and embracing decentralization, they are positioning SHIB as a pioneer in the transition to Web3. Moreover, with less than 5% of the world population currently engaged in crypto, the growth potential is immense.
The total market value of Web3, which stood at less than $3 billion in 2023, is projected to grow at a CAGR of 48% by 2030. Shiba Inu is well-positioned to capitalize on this trend.
The Future: Decentralization and Legacy
As Shiba Inu grows and evolves, leaders Kusama and Dhairya remain committed to their vision of a decentralized future. Their ultimate goal is to develop an entity that can operate independently of its founders, ensuring longevity and resilience.
Kusama added, “We helped build the meme industry and we are meme kings, whether we like it or not – and that wasn’t our intention. Or the plan. The long-term plan is to develop something that is eventually going to live forever – 100 to 1,000 years. That requires an incredible framework, a decentralised community, incredible partners, and an operating system that everybody can use. We already have all of those things, and that’s why we have done what no one else could even imagine.”
In their pursuit of this vision, Kusama and Dhairya are laying the groundwork for a new kind of digital entity that could redefine the boundaries of what is possible in the crypto world. Whether SHIB can achieve its trillion-dollar vision remains to be seen, but one thing is clear: the journey will be one of the most fascinating stories in the history of cryptocurrency.
Bottom Line
Shiba Inu’s journey from meme coin to a potential trillion-dollar decentralized entity is a testament to the power of community, innovation, and bold vision. As leaders Shytoshi Kusama and Kaal Dhairya guide SHIB toward new horizons, they are redefining traditional concepts of business and finance.
While significant hurdles remain, Kusama and Dhairya’s commitment to decentralization and community-driven growth offers a compelling blueprint for the future of cryptocurrency. Only time will tell if Shiba Inu can realize its ambitious goal, but its impact on the crypto world is undeniable.
