Mark Cuban recognizes the community-driven success of SHIB, while its developer underscores the token’s commitment to long-term value creation.
By Parth Dubey
Edited by Julia Sakovich
Updated
3 mins read
American venture capitalist and businessman Mark Cuban, who has previously criticized the meme coin market, has recently shared his insights on the success of prominent meme coins, including Shiba Inu SHIB $0.000013 24h volatility: 2.6% Market cap: $7.62 B Vol. 24h: $109.39 M and Dogecoin DOGE $0.17 24h volatility: 0.5% Market cap: $25.08 B Vol. 24h: $488.58 M . Cuban lauded these tokens for their long-term community-driven approach.
This discussion came as Cuban critiqued US President Donald Trump’s newly launched TRUMP token TRUMP $11.02 24h volatility: 1.4% Market cap: $2.20 B Vol. 24h: $336.76 M , which recently garnered attention. The token recorded a $14.9 billion market cap and briefly surpassed SHIB on January 20 before plummeting by over 45% since then.
Despite its brief rise to prominence, the token has faced backlash, with critics accusing Trump and his wife, Melania, of leveraging their names for financial gain. Notably, Melania also launched a separate token, MELANIA MELANIA $0.71 24h volatility: 0.2% Market cap: $106.35 M Vol. 24h: $13.94 M soon after TRUMP’s launch.
Cuban proposed a twist on the meme coin concept: a token where proceeds would directly address the US national debt. While some praised the idea’s transparency, others, including prominent crypto personality Artchick.eth, warned of potential pitfalls, citing the challenges of ensuring equitable distribution and fostering a sustainable community.
Cuban agreed that most meme coins lack sustainability, stating:
“It’s about the community long-term. Doge, Shiba Inu, and only a few others have worked because of their community.”
In response, Shiba Inu lead developer Shytoshi Kusama invited Cuban to collaborate, tweeting:
“Take a 10-minute call and see that it’s not just community but real technology that keeps us going. Otherwise, you’ll release another meme like everyone else.”
Kusama further clarified that Shiba Inu was community-driven from the start, countering Cuban’s earlier implication that successful meme coins often require community takeovers.
Shiba Inu remains a resilient player, boasting a market capitalization of $11.7 billion, second only to Dogecoin. According to data by CoinMarketCap, the token is currently trading at $0.00002, down by over 7% in the past 24 hours.
On the weekly chart, SHIB is forming an inverse head and shoulders pattern within the handle of an inverted cup and handle, as noted by crypto analyst Mr Chart Norris. This indicates that if there is enough trading volume, a potential bullish reversal could happen in the next few weeks. SHIB currently has a 24-hour trading volume of 800 million, down by 50%.
Source: Mr Chart Norris on X
The memecoin market as a whole has faced a 3.3% decline in the past day, with its total market cap standing at $111.6 billion. Also, a total of $41.323 billion worth of meme coins were traded in the past 24 hours.
Notably, meme coins are often criticized for lacking real-world applications, labeling them with terms like “meaningless” and “plumbing new depths of idiocy”. Shytoshi Kusama reiterated SHIB’s commitment to evolving beyond the memecoin label, focusing on technological innovation and real-world value.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
