What I Learned From Shiba Inu Coin and How It Relates to Boss Token
To many people’s surprise, Shiba Inu had one of the most explosive growths in cryptocurrency in 2021. Within a space of a few months, I saw it grow from a $200k market cap to over $10 billion, during that time many people said it would go to zero, but Shiba Inu made them look foolish.
How did this happen? I have my theories…
Piggy Backing off Dogecoin’s Popularity
First of all, you can not talk about Shiba Inu without talking about Dogecoin. Doge was the first meme coin, created as a joke by an IBM software engineer named Billy Markus in 2013. However, as fate loves irony, it became a genuine blue chip coin in the top 10 of coins by market cap in 2021.
This came about due to the positive market sentiment and also Elon Musk promoting the coin.
Shiba Inu however, was released in August 2020 to little to no acclaim.
The time I got involved in Shiba Inu was in January 2021, and the coin was being marketed as “The Dogecoin Killer” even saying as much on their official website, was this inflammatory? yes. Was it effective marketing? also, yes.
Shiba Inu became intentionally associated with Dogecoin by the developers, letting it piggy back off Dogecoin’s rise in popularity and also Elon Musk’s tweets about the coin.
Every time Elon Musk would make a tweet involving Shiba Inu (the dog) in reference to dogecoin, Shiba Inu coin would also see a spike in buy volume.
This is genius marketing…
It was in a sense collaborating with the much larger Dogecoin for free, the same way you see those drama YouTube channels talk about other larger creators to give themselves larger exposure than they would otherwise have.
Community Focus
One thing Shiba Inu did very well, was use the community itself to market.
Shiba Inu leaned into what made Dogecoin so popular and viral, which was the memes.
The community was a voluntary army of promoters and marketers, all working together to spread the news of this coin through social media and word of mouth.
By way of memes.
I was very impressed at how cohesive and enthusiastic the community Telegram and Discord was for promoting the coin, and I have tried to replicate this with Boss Token.
With community DeFi coins like Shiba Inu, the community and army around the coin is the mark of its health. A meme coin with a poor and unenthusiastic community is like a house built on a sand.
When an institution wishes to make a popular cryptocurrency, they do so with a large amount of capital to put into the project which even then has a chance of failure.
When community is the focus of a cryptocurrency, seemingly impossible feats of achievement can be attained without a large amount of capital or corporate connections.
Shiba Inu is a great case study in this.
Tokenomics of $SHIB
Shiba Inu coin did something very few coins were doing at the time, and that was using a massive supply of 1 quadrillion coins, which was a novelty at the time.
Anyone (at the time when I bought it) could own hundreds of billions of Shiba Inu coins, and even though they weren’t worth much, owning hundreds of billions of something… sounded cool.
This gave the impression that things were very early (and they were).
Another interesting thing about Shiba Inu coin is that they “burned” 50% of the supply by sending them to Vitalik Buterin’s wallet at launch.
This, again, was genius marketing…
Now Vitalik Buterin, the face of Ethereum has his name involuntarily associated with Shiba Inu coin. This gave some uninquisitive people the assumption that Vitalik Buterin was the founder of Shiba Inu coin, since he was the largest holder.
Genius…
A curveball however was Vitalik Buterin giving away over a billion dollars worth of Shiba Inu coins to charity, however the coin survived this event. Vitalik even spoke highly of the Shiba Inu and dog coin community for their maturity in response to this.
I think in the end, this worked in the favor of meme coins, as it gave us more legitimacy and positive association with charity.
Why I believe in Boss Token
With Boss Token, I took things that worked from Shiba Inu and other successful meme coins like Safe Moon’s tokenomics and made a coin with what I think are the best parts.
My goal was not to reinvent the wheel, but make the wheel better.
There are a number of reasons why I think $BOSS is better than $SHIB;
- The tokenomics punish swing trading and incentivize long term holding.
- The deflationary component of Boss Token burning tokens makes the supply more scarce with each transaction.
- Developers are doxxed and have shown their face, giving new buyers less concern.
- Landmark milestones such as our own exchange have not been reached yet.
- The coin is on Binance Smart Chain, which famously has a fraction of the transaction gas fees of the Ethereum network. Allowing for a wider pool of retail traders to buy.
Using Boss Token to interface with an exchange website is the ultimate goal of Boss and has been a proven success with other projects of its kind.
Only when the community and developers work with each other can truly miraculous results be reached. What I see in my community Telegram is people helping new buyers with questions about how to buy and so on. The community is spontaneously organizing itself, without me telling people to do so.
I encourage all holders to talk about Boss Token whether that be on Twitter, Telegram or YouTube videos. Likewise, I will do what I can to make this project a success.
We may not have the large capital of an institution, but we have something greater, community.
Does that sound insane? consider this…
Bitcoin didn’t start off with institutional investors, nor did it have a large amount of capital marketing it. It was the community of it in the early days and word of mouth that made it a success.
What would Satoshi Nakamoto’s vision or technology be, if it wasn’t for the enthusiastic community in the early days talking about Bitcoin on forums at the time?
Nowhere.
