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Shiba Inu’s official Magazine The Shib questions whether Kendu Inu (KENDU) has the potential to become the first memecoin to hit a market cap of $100 billion.
Shiba Inu raised the question in an X post yesterday, attaching a link to a blog post that offered answers.
Can @KenduInu the first $100B memecoin?
Find Answer 👇https://t.co/bhizPAC3xs
— The Shib (@TheShibmagazine) August 12, 2024
According to the blog post, Shiba Inu noted that Kendu Inu, which initially launched as a memecoin, aims to clinch the $100 billion valuation.
A Bold Step
It stated that Kendu planned to achieve this aim by focusing on the NFT space following the launch of the Kendu Chads NFT Marketplace. Interestingly, Shiba Inu characterized this move as a bold step that could transition Kendu from its memecoin origin.
The blog post highlighted Kendu’s approach, prioritizing community-driven values over rapid growth. This is also reflected in Kendu’s recently launched NFT Marketplace, which adopts a revenue-sharing model that benefits KENDU holders.
How Kendu Team Plans to Drive Adoption for Its Marketplace
In the meantime, Kendu’s pseudonymous founder, Kendu Miazaki, is confident that the marketplace will gain widespread adoption. Miazaki’s assertion comes amid growing concern about whether the memecoin-backed NFT Marketplace could attract quality creators.
The founder identified Kendu’s community support as a major advantage the NFT Marketplace has over other platforms. Kendu aims to attract the backing of other communities by using a portion of the marketplace fees to support other projects like Shiba Inu. In particular, Miazaki intends to use part of the fees to acquire SHIB.
It remains to be seen whether Kendu’s approach could redefine the NFT landscape, thus potentially helping the token become the first memecoin to hit a $100 billion market cap.
$100 Billion Market Cap Debate
As the memecoin market continues to gain popularity, crypto enthusiasts have been embroiled in a debate regarding which meme-based token would first achieve the $100 billion valuation. This debate has been limited to the popular names in the memecoin market, including Dogecoin (DOGE) and Shiba Inu (SHIB).
DOGE and SHIB emerged as favorites due to their previous successes in the market. However, Shiba Inu believes Kendu could become the first memecoin to hit the $100 billion valuation.
In the meantime, KENDU sits in the 2,739th spot in the global crypto ranking, with a market cap of $100.36 million. Priced at $0.0001001, KENDU has a circulating supply of 996.75 billion tokens. At press time, the price of KENDU is up 15.01% over the past day.