Theories of Insanity Surrounding SHIB

The Shiba Inu (SHIB) gets burned regularly. All the time, far-right ideas swirl around Memecoin and its developers.

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

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

Memecoin is looking 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 given that they are active on Twitter, unlike Satoshi Nakamoto.

Shiba Inu: far-fetched theory

Crazy theories primarily point to Elon Musk, the massive billionaire, and CEO of SpaceX and Tesla, among others. Musk is a supporter of bitcoin and his comments about DOGE could send the price of other famous memecoin rocketing within hours.

Some rumors say that Elon Musk is Shiba Inu’s lead developer Shiotoshi Kusama.

Among the most influential personalities in the crypto sector who are rumored to be behind SHIB, Elon Musk and Ethereum founder Vitalik Buterin have appeared several times. But Shyotoshi Kusama’s Twitter account soon dismissed these allegations.

Shiba Inu burns promise to intensify

Despite the speculation about Shiotoshi Kusama, we can note that the coin is still popular. It is often cited as a main investment option beyond bitcoin and ethereum, among holders of “classic” tokens.

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Last week, the coin gained almost 14% with a price of $0.00001225 per coin.

The Shiba Inu (SHIB) gets burned regularly.  All the time, far-right ideas swirl around Memecoin and its developers.
Source: CoinMarketCap

Over a billion SHIB tokens have been burned in the last seven days. Shiotoshi Kusama reiterated the role of the community in promoting the friendly development of the cryptocurrency.

In fact, according to the developer, a massive burn would require community effort.

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daily by Twitter account and token burning site Shibburn, more than 410,373,764,750,087 tokens have already been withdrawn from the original offering.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

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

regular burning

These regular burns surrounding the cryptocurrency promise to gradually affect the price in the future. But there is no guarantee that the price will reach $1 or even 10 cents.

Shiba Inu remains popular among Ethereum whales

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

Among the top 100 Ethereum addresses, SHIB appears at the top of the rankings and continues to hold the top positions week after week.

There are two main motivations that encourage these purchases among Ethereum whales. Tokens can be a means of payment. But at the same time, increasing the price – SHIB removed several zeros from its price in the autumn of 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 trying to diversify its project and develop it further. The coming months promise to be interesting as the development team tackles the major project: SHIB, The Metaverse.

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