While the total number of SHIB transactions stood at 207,647, the lowest value in the past 14 months, the mysterious creator of the same corner decides to disappear from the Internet.
72% of SHIB holders are at a loss
The Shiba Inu (SHIB) cryptocurrency saw a decline in transactions, highlighting the waning buzz around meme-derived cryptos as the general market struggles with volatility.
The decline in transactions was in line with the downward trajectory recorded in recent months. In this line, between January 2022 and May 2022, transactions plunged by more than 26%.
The drop in transactions can be seen as a reaction to falling cryptocurrency prices at a time when a majority of holders are experiencing losses; indeed, data shows that 72% of SHIB holders are currently at a loss.
Although the price of the token remains volatile, SHIB is still attracting more holders, which increased by 30,568 between April 27 and May 26. The increase in the number of holders can be linked to the continued development of network activity and the potential for further adoption. An ETH whale even bought 87 billion SHIB tokens.
The creator of the project withdraws from the networks
SHIB creator Ryoshi deleted all of his tweets and changed his Twitter profile picture to a moon picture. He also deleted the media posts, suggesting that Ryoshi now has no social media presence.
Much like Bitcoin’s creator, Satoshi Nakamoto, Ryoshi’s identity has been unknown since the project went live in August 2020. Ryoshi has also not been directly involved in the project, as have Jackson Palmer and Billy Markus, the founders of Dogecoin, the rival meme cryptocurrency. The founder of Dogecoin who had also widely criticized the development of the Shiba metaverse.
The founder of SHIB had repeatedly hinted that he would eventually bid farewell to the community. In a now-deleted Medium post, Ryoshi downplayed their importance, saying:
” I said it from the start, I’m nobody, I’m not important. Efforts to unmask my “identity”, even if successful, would be disappointing. I’m just some unimportant guy typing on a keyboard and I’m replaceable. I am Ryoshi. »
The community doubts in thisbear market
While specialists were already predicting the disappearance of the meme coin, mainly for its lack of utility, the disappearance of the founder is one more shock for the token. For now, this announcement is not reflected in its price, which is around €0.000,009,905.
Shiba Inu lead developer Shytoshi Kusama has written an article to address any fears, uncertainties, and doubts the community may be facing.
The developer quoted an old maxim: “When the student is ready, the master appears. When the student has learned all there is to teach, the master disappears. » In other words, the magnificent creator now defers to the SHIBArmy.
It is very difficult to understand the evolution of a coin meme, as they are numerous and unpredictable in their popularity. However, the Shiba Inu was long considered dead or at the end of its life, and for the moment it remains in the top cryptocurrencies and continues to surprise us.
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Passionate about geopolitics, economy, cryptocurrency, Eurasia and travel! (as far east as possible), crypto-trader for 4 years.