Though the whitepaper of Shiba Inu Coin, called a woofpaper, was written in a playful tone, its whole setup is well planned and seriously "plotted" to be an alternative to Fiat currency.
SHIB total supply was minted once (not gradually minted through mining) and every coin is distributed only via exchange platform, which is exactly how Fiat currency works. You never heard someone got more Fiat because he/she created Fiat or did the Fiat printing job. Besides, to ensure SHIB can smoothly reach to every individual, the founder sent 50% of total supply to Vitalik Buterin. It is very smart way, I think. It can effectively prevent those big whales from manipulating the exchange market for their own goods. Till today Buterin has turned 90% of his own. I strongly believe that no big whale in the market owns up to 10% of SHIB supply.
To qualify being a successful currency, scarcity is a key factor. You may think SHIB supply is too much (> 0.5 quadrillion). Only look at number. Sure, it is huge. However, that number is not related. The true relationship is the demand and the supply. For example, say north American public transit system, very few buses in each city. However nobody wants doing this business. In contrast, almost every house has at least one car. Nevertheless, even a small town has a couple car dealerships. To be a current for the global citizenship and the target exchange rate at $0.01, even a quadrillion still satisfy the scarcity property. In addition, introducing the bone and the leash is like the reserve in Fiat, which controls the SHIB amount in the circulation. Go a little bit extreme, at right now SHIB exchange rate, if everyone purchase $100 and burn 10% of own (i.e., 10%), the total supply will go down 10% and I believe the exchange rate will go up more than 10%. Don't be fooled by such big number.
Someone may have another question. We can use bitcoin as the currency. I can for sure tell that it can't because its value is way too high. Though bitcoin can be divided up to 8 decimal points, no one use it for daily life. Now one bitcoin is worth $45456. To purchase $1 hotdog, you say "hi friend, here is one 45456th bitcoin!" I think you will get a punch instead of a hotdog! Bitcoin is a value product now. Just keep it as the asset.
Last but not least, the biggest challenge of SHIB is utility. SHIB needs the store of value to be as medium of exchange. Two solutions: 1) build lots of itchy & scratchy lands, where SHIB is accepted for purchasing. This solution is very expensive. 2) turn the regular lands into itchy & scratchy lands, for example ask fast food chain store to accept SHIB. This way is much cheaper. However needs true strength via "work together in harmony!" - "an experiment in decentralized spontaneous community building."