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A few Shiba Inu-themed meme coins have surged again in recent weeks across Ethereum and other networks, but the rally has not included the original Shiba Inu token. Some holders of SHIB are interpreting the latest wave of copycat activity as evidence that the main brand still holds value, while others argue the opposite—that the clones have no financial pathway back to the original coin.
Each Shiba Inu-themed clone operates as a separate smart contract with its own liquidity pool. As a result, dollars flowing into one token remain in that token’s pool. The structure does not include royalties, revenue sharing, or any financial mechanism that routes value back to the original Shiba Inu coin.
Some investors point to Shibarium’s coin burn mechanism as a potential “back door” for the original token to benefit from copycat price moves. However, the article argues this does not make sense because Shibarium receives nothing from activity occurring on other networks. Those networks are not related to Shibarium beyond the similarity in token naming, and they do not provide benefits or even data to the layer-2 network.
The article also contends there is no compelling reason to buy Shiba Inu or the newer tokens bearing its name. It cites Shibarium—described as created to support the coin’s long-term thesis—as being barely used.
According to the figures provided, Shibarium has total value locked (TVL) of $195,113 in its decentralized finance (DeFi) contracts. The article states this is down by 67% on April 21 alone. It also reports that the chain generated $0 in fees over the same period.
Given that level of activity, the article argues it would be a “very tall order” for current Shibarium usage to burn enough SHIB to materially lift the token’s price.
The piece concludes that Shiba Inu and its newer brethren are not presented as worthwhile investment opportunities. It adds that investors seeking crypto exposure may consider assets with “real adoption,” and specifically mentions buying Ethereum as a starting point.
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