- Shytoshi Kusama has hinted at SHIB’s potential to soar to the moon.
- Recent ecosystem advancements may fuel this projection in the long term.
Shytoshi Kusama, the anonymous lead developer of the Shiba Inu ecosystem, has stirred intrigue in the community by hinting at the potential upcoming rally for SHIB. He is arguably the most influential personality within the memecoin’s ecosystem. As such, his affirmation can potentially revive interest among SHIB enthusiasts and push the token to soar.
Shytoshi Kusama on Shiba Inu Growth Potential
The conversation around Shiba Inu started with the crypto trading platform HTX on X. The exchange shared a post asking more than 1.7 million followers to “name this crypto going to the moon.”
The phrase “going to the moon” is commonly used in the crypto world to describe the likelihood of an asset registering massive gains. The Shiba Inu coin has been known for such massive price rallies. Per on-chain pricing data, since inception, SHIB has registered a 16,613,239.4% uptick from its All-Time Low (ATL) price of $0.00000000008165
Despite its growth thus far, Kusama believes there is more to come. In response to the HTX post, the SHIB lead responded with the “WOOF” sound. Woof is a barking sound that dogs make and has evolved as a means of exchanging pleasantries within the SHIB ecosystem. The WOOF sound signifies confirmation that Shiba Inu and other ecosystem tokens like LEASH and BONE are positioned to register the “moon ride.”
— Shytoshi Kusama™ (@ShytoshiKusama) August 13, 2024
Kusama is not known for unguarded conversations on X. His response to HTX came shortly after his presentation at the Blockchain Futurist Conference in Toronto, Canada. At the Conference, Kusama highlighted some of the milestones of the Shiba Inu ecosystem.
As highlighted, some of these milestones include the ShibaSwap Upgrade, the massive registration of Shiba Inu burns, and the introduction of the Shib Marketplace.
SHIB Price Outlook
The current trends in the broader digital currency ecosystem have largely depressed SHIB’s performance. At the time of writing, the token has registered a 2.3% drop to $0.00001362. Some of its metrics, however, show promises, with the trading volume retaining a 12.24% growth to $178,802,499
Many analysts remain bullish on SHIB’s growth prospects regardless of the market outlook. As mentioned earlier, the ecosystem’s milestones, including the SHIB and USDC on-ramp launch, might boost adoption and catalyze its growth in the long term.
Some of its on-chain activities may also serve as catalysts for fueling its rally to the moon. According to our recent analysis, SHIB whale activity soared by 240% earlier this week. This uptick likely resulted from the planned upgrade to implement an auto-burn mechanism on Shibarium.
This burn mechanism is a long-awaited development that will help reduce the token’s supply, create scarcity, and boost price gains in the long term.
