Is Shiba Inu (SHIB) a Mainstream Cryptocurrency?
Shiba Inu (SHIB) was launched in August 2020, initially positioned as an Ethereum-based alternative to Dogecoin (DOGE), and quickly evolved into a robust community-driven ecosystem. While broadly categorized as a “memecoin,” its development has far surpassed its initial positioning, building out a decentralized exchange ShibaSwap, a Layer-2 scaling solution Shibarium, an NFT collection Shiboshis, and a metaverse project, all aimed at significantly enhancing its utility.
The Shibarium mainnet officially launched in August 2023, designed to increase transaction speed, lower costs, and improve the scalability of the entire ecosystem. As of September 25, 2026, Shiba Inu's market capitalization typically ranks among the top cryptocurrencies; for instance, CoinGecko shows it at 34th place with a market cap of $3.43 billion, while Coinbase and Bybit data also place it between 30th and 33rd with a similar market cap. Its current circulating supply is approximately 589 trillion SHIB.
Despite Shiba Inu's significant price volatility and relatively limited practical applications as a store of value or foundational technology platform compared to traditional mainstream cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), it has carved out a niche in the market thanks to its large and highly active community, known as the "Shib Army." Some analysts believe that Shiba Inu is gradually evolving from a mere "joke coin" into an asset with a diversified ecosystem, laying the groundwork in emerging fields such as decentralized finance (DeFi) and NFTs. However, its memecoin nature and high volatility mean it still differs significantly in attributes from mainstream cryptocurrencies like Bitcoin and Ethereum.
Who is the Founder of Shiba Inu?
Shiba Inu was created in August 2020 by one or more anonymous individuals using the pseudonym “Ryoshi.” Ryoshi's true identity has never been disclosed to the public, much like the anonymous founder of Bitcoin, Satoshi Nakamoto. Ryoshi has repeatedly expressed the view of being a "nobody, not important," even stating that revealing their identity might be "disappointing," which further reinforces their anonymity.
However, Ryoshi disappeared from social media around May 2022, deleting all tweets and blog posts. After Ryoshi's disappearance, Shytoshi Kusama took over as the lead developer of the Shiba Inu project. Kusama has publicly stated multiple times that he is not the project's founder but is committed to fulfilling Ryoshi's original vision and roadmap. The community generally accepts Ryoshi's anonymity as an important component of the Shiba Inu project's decentralized spirit.
