Shiba Inu and Others Community Gains Recognition from Tron Founder for their Exceptional Power
Tron DAO’s CEO, Justin Sun, has praised meme-based cryptocurrencies, such as Shiba Inu (SHIB), for highlighting the power of the crypto community. He emphasized the importance of community dedication in building successful cryptocurrencies, regardless of whether or not the project is a meme coin.
Shiba Inu Stated Community Power in Crypto
Sun cited Shiba Inu, Dogecoin (DOGE), and Floki Inu (FLOKI) as meme coins that uniquely distinguish the crypto industry from traditional finance (TradFi).
Meme coins may seem unconventional, but they highlight the power of community in crypto. Building a successful project, meme-based or not, takes dedication.
Let’s see what the next bull cycle brings! 👀 pic.twitter.com/S40tXLhSO3
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 1, 2024
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Sun noted that most meme coins have already attained a valuation of $10 billion, which to someone who endorses traditional finance, would not make sense. However, behind the $10 billion valuation lies active community participation and fair launch. While many people consider meme coins to be unconventional, Sun noted that projects like Shiba Inu are difficult to create, just like every other crypto asset.
Justin Sun’s Bullish Prospect on Meme Coins
Sun recounted the bullish performance of meme coins, stating how certain assets in this category outperform others across different cycles. Per the Tron founder, Dogecoin performed well in 2014 before Shiba Inu took the market by storm in the 2021 bull cycle. He speculated that investors would see other meme coins record significant rallies in the next bull cycles.
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Tron Founder Bullish on Shiba Inu
Sun also pointed out that the limitation on animal characters that can be used as meme coin mascots could pose a challenge to the creation of new meme coins. Meanwhile, Sun, who was recently listed as the top beneficiary of the EIGEN airdrop, has been bullish on Shiba Inu. At the time of writing, Sun still holds 246.22 billion SHIB in his wallet.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
