Amidst already turbulent waters, the popular meme coin has been wracked by the departure of its creator..
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.
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:
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.
BSC NEWS is a private news network. All posts posted by this user belong 100% to bsc.news All rights are reserved to BSC NEWS for more information about BSC NEWS contact BSC NEWS HERE.