Volatile Markets Hit Shiba Inu Investors Hard

Amidst already turbulent waters, the popular meme coin was devastated by the departure of its creator.

By
Web3Wire
on
June 24, 2022
Category:
DeFi

Ryoshi Exit Causes Panic

One of the most widely known meme coins, Shiba Inu (SHIB), has been highly impacted by the ongoing market slump due to reasons unique to the asset’s ecosystem.

  • The creator of SHIB, Ryoshi, apparently stepped away from the project on May 30 by deleting all the posts on his Twitter handle and the project’s Medium blog.
  • This exit has caused widespread panic and confusion within the token’s community that has gone on to heavily impact the price and market capitalization of the asset.
  • There are over 1.1 million holders of the SHIB token as per data from Dune Analytics, indicating the massive community to which the asset has expanded its reach.
  • Currently, the token has recovered slightly along with the market bounce to exchange hands in the $0.000010 range as per data from CoinMarketCap. SHIB’s market capitalization currently stands at $5.56 billion, significantly below its all-time high of $41.08 billion.
  • Looking at data from IntoTheBlock, 75% of all the SHIB token holders are facing a loss on their investment or are out of the money (OTM), and 81% of all SHIB tokens are held by large holders.
Source: CoinMarketCap

What is Shiba Inu:

Shiba Inu is an Ethereum-based altcoin that has the Shiba Inu—a Japanese breed of hunting dog—as its mascot. The SHIB token aspires to be an Ethereum-based alternative to Dogecoin (DOGE).

Unlike Bitcoin, which is designed to be scarce, SHIB was created to be intentionally abundant — with a total supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.

Find more about Shiba Inu here:

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