Is the $SHIB Brand ‘Like New Coca-Cola’?
On Monday (May 8), a prominent $SHIB influencer made an interesting observation about the highly popular Shiba Inu (SHIB) project.
Originating from the popular Shiba Inu dog meme, the Shiba Inu cryptocurrency initiative positions itself as a contender to Dogecoin and operates on the Ethereum blockchain. The Shiba Inu (SHIB) system encompasses three distinct tokens, each with a specific role within the framework.
As the primary token, SHIB functions as a community-led, decentralized currency accessible to millions globally. Debuting on the Ethereum blockchain in late 2020, SHIB has since earned worldwide recognition and serves as a payment method at multiple venues, either directly or via intermediary platforms.
Acting as the governance token within the system, BONE has a capped supply of 250 million. BONE facilitates the Shib Army’s involvement in decision-making by voting on initiatives through the Doggy DAO. Moreover, BONE lays the foundation for Shibarium, Shiba Inu’s proprietary Layer 2 network.
LEASH, the third token, has a restricted quantity of 107,646 and provides unique benefits to committed ecosystem supporters. LEASH holders have reaped benefits such as augmented BONE rewards for supplying liquidity to ShibaSwap, exclusive privileges to create Shiboshi NFTs and priority access to property sales within the “SHIB: The Metaverse project.”
On 8 May 2023, pseudonymous $SHIB influencer “LucieShib” told her over 79K Twitter followers:
it seems that she is making a comparison between the $SHIB token and the “New Coke” product launched by Coca-Cola in the 1980s. In particular, she suggests that the $SHIB brand is similar to the branding strategy employed by Coca-Cola during the New Coke launch.
LucieShib may be implying that just as the “New Coke” product was unsuccessful and ultimately abandoned, many imitators of the $SHIB token will also be unsuccessful and not live up to the quality and authenticity of the original. The use of the “😝” emoji suggests a level of amusement or mockery in her tone, perhaps implying that she finds it amusing that others are attempting to copy $SHIB but failing to do so successfully.
One person who probably agrees with LucieShib is pseudonymous crypto analyst Kara Szabo, who sent out the following tweet on 30 April 2023: