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Shiba Inu (SHIB), the dog-themed meme coin, has experienced major bearish pressure on the broader cryptocurrency market. This drawdown is threatening SHIB’s ranking among the top 20 crypto assets. The development has prompted Lucie, SHIB Marketing Lead, to issue a bold statement regarding the ecosystem's future.
Shiba Inu’s ecosystem and core identity
Lucie restated an existing idea about the ecosystem in an update shared on X. Notably, Lucie maintains that the term "SHIB" refers to the token itself and the entire Shiba Inu ecosystem.
In her words, "SHIB is our BTC."
This implies that SHIB is the foundational asset of the dog-themed meme coin. It is similar to how Bitcoin (BTC) functions as the core of the broader crypto market.
Godfrey BenjaminLucie listed the various components of the Shiba Inu ecosystem, including but not limited to BONE, SHIB and Shib: The Metaverse. The essence of this is to emphasize that Shiba Inu is more than just a meme coin.
The marketing lead also clarified that Shiba Inu is an expanding blockchain-based ecosystem with several tokens, NFTs and a metaverse project. Hence, despite the challenges, Lucie teased SHIB as a notable entity in the broader crypto industry.
Market volatility and SHIB resilience
Lucie specifically acknowledged the recent market downturn, which has resulted in price fluctuations for most assets. According to her, the downturn is attributable to "manipulation" rather than fundamental weaknesses in the crypto sector.
However, despite the intense volatility, SHIB recently recorded a 3% surge, and Lucie has encouraged community members to remain focused on the project.
Tomiwabold Olajide"There is no reason to stop – only to push harder," Lucie wrote. This reinforces her message of resilience and continued development of the ecosystem. Analysts consider it a move to rally SHIB supporters, particularly as doubts creep in among some due to market fears.
As of press time, the SHIB price was changing hands for $0.00001277, a 3.3% increase in the last 24 hours, according to CoinMarketCap data. This follows a 123.49% increase in trading volume to $363.28 million within the same time frame. The spike in trading volume has left many wondering if SHIB whales are back.
Dan Burgin
Vladislav Sopov