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Shiba Inu: The Craziest Theories Surrounding SHIB

Altcoins

beincrypto.com 29 July 2022 04:47, UTC
  
Reading time: ~3 m

Shiba Inu (SHIB) continues its regular burning. All the while, far-fetched ideas swirl around the memecoin and its developers.

Like Bitcoin and its founder Satoshi Nakamoto, several crypto project founders maintain their anonymity and remain unidentified.

Sometimes anonymity surrounds not only the mastermind of the project, but also the team of developers. This is the case with the development team of Shiba Inu (SHIB), the 16th cryptocurrency in terms of market capitalization, according to CoinMarketCap.

The memecoin has been on a search for more utility by expanding its “reach” with a metaverse project, a stablecoin and more. Thus, the Shiba token community has grown.

As a result, members of this community wonder about the developers of the project, especially seeing as they are active on Twitter, unlike Satoshi Nakamoto.

Shiba Inu: Far-fetched theories

The crazy theories point mainly to Elon Musk, billionaire at large, and CEO of SpaceX and Tesla among others. Musk is a supporter of Bitcoin and whose comments about DOGE can send the price of the other famous memecoin rocketing within hours.

Some rumors say that Elon Musk is Shytoshi Kusama, the lead developer at Shiba Inu.

Among the most influential personalities in the crypto sphere who are rumored to be behind SHIB, Elon Musk and Vitalik Buterin, the founder of Ethereum, have come back to the fore several times. But Shytoshi Kusama’s Twitter account debunked these allegations early on.

Shiba Inu burns promise to intensify

Despite the speculations around Shytoshi Kusama, we can note that the token is still popular. It is often cited as a main investment alternative beyond Bitcoin and Ethereum, the “classic” tokens among holders.

Last week, the token rose almost 14% with a price of $0.00001225 per token.

Source: CoinMarketCap

More than one billion SHIB tokens have been burned in the past seven days. Shytoshi Kusama reiterated the community’s role in fostering development conducive to the cryptocurrency.

In fact, according to the developer, massive burns will require a community effort.

According to the data shared and updated daily by the Twitter account and the token burning site, the Shibburn, more than 410,373,764,750,087 tokens have already been withdrawn from the original offering. That is, almost half of the maximum amount of tokens.

Over the past week, more than a billion tokens have been burned, through a total of 104 transactions.

Regular Burns

These regular burns surrounding the cryptocurrency promise to gradually influence the price in the future. But there’s no guarantee that the price will hit 1 dollar or even 10 cents.

Shiba Inu remains popular among Ethereum whales

Again, the most widely used smart contract among the 5,000 largest Ethereum whales is that of Shiba Inu, according to statistics from WhaleStats.

Among the top 100 Ethereum addresses, there too, SHIB appears at the top of the ranking and remains week after week in the top positions.

There are two main motivations that incentivize these purchases among Ethereum whales. The token can be a means of payment. But also, appreciation in price – SHIB removed several zeros from its price in autumn 2021.

The token is establishing itself quite well and is generally one of the first choice cryptocurrencies when accepted as a means of payment.

SHIB is always looking to diversify and further develop its project. The coming months promise to be interesting as the development team tackles the flagship project: SHIB, The Metaverse.


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