Shiba Inu (SHIB), one of the popular meme coins of the cryptocurrency world, has been witnessing interesting developments lately. The SHIB community is in an anxious atmosphere following the striking allegations regarding the SHIB investment by Ryoshi, known as the founder of the project. The source of these claims is Shibburn, a community-focused initiative that has caught the attention of the community.
Shibburn’s to his claim According to Ryoshi, it owns approximately $1 billion worth of SHIB, accounting for more than 10% of the total SHIB supply. Such a claim has created a huge controversy within the SHIB community and raises questions about the future of the project. It also sharply contradicts the previously held belief that Ryoshi had no SHIB investments.
Shibburn’s claim is based on historical data provided by Bubble Maps, a famous on-chain analytics platform. This data is based on tracking the wallets and transactions of holders of SHIB tokens, thus providing more information about Ryoshi’s SHIB holdings. However, there is still debate about the complete accuracy and reliability of these data.
Koinfinans.com As we reported in January 2023, Bubble Maps claimed that a group of purses allegedly associated with Ryoshi controlled 10% of the SHIB supply. However, these claims were denied by a Shiba Inu team member. Bubble Maps’ data is based on the token accumulation process, which reportedly started in August 2020. At that time, a wallet identified as 0x1406 made significant purchases of SHIB.
This wallet purchased 103 trillion SHIBs for the relatively small price of 38 ETH, which was only $10,000 at the time. This transaction generated a staggering 100,000x return on SHIB’s meteoric rise.
In response to growing concerns, assets were split into multiple smaller wallets, all of which have been dormant since creation.
Bubble Maps meticulously tracked the movement of these wallets and recorded attempts to distribute funds to smaller wallets in an attempt to avoid detection. These moves have become a source of concern raised by Bubble Maps, which advocates for greater transparency on the Shiba Inu project.
However, not all crypto enthusiasts think such a disclosure is necessary, given that the wallets in question hold the tokens without any sales. On the contrary, there are concerns that this exposure may attract the attention of hackers.
While Ryoshi has not publicly addressed or confirmed these claims, Shiba Inu marketing expert Lucie recently dismissed the claims as misinformation. According to Lucie, these wallets do not belong to Ryoshi and were created following the rise in 2021.
There is an abundance of misinformation out there, with self-proclaimed blockchain experts and storytellers spreading false narratives. The fact is, blockchain is designed to be anonymous, making it nearly impossible to identify the owners of specific wallets. Unfortunately, this… pic.twitter.com/nofMhnDsIx
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shibarium✨ (@LucieSHIB) October 24, 2023
Allegations regarding Ryoshi’s $1 billion SHIB holdings have significant implications for Shiba Inu investors. The project’s transparency has been questioned, causing some investors to worry about Ryoshi potentially selling its SHIB assets. Such an action could trigger a sharp drop in the meme coin price. On the other hand, some investors may dismiss these claims as unfounded or insignificant in terms of the risk to the overall Shiba Inu project.
As a result, this allegation about Ryoshi’s SHIB investment has been a source of great interest and concern to some members of the SHIB community. Although the reliability and accuracy of the data are still questioned, the impact of such claims on cryptocurrency projects may be too great to ignore. It looks like the SHIB community and the cryptocurrency industry will continue to monitor these developments closely.
You can follow the current price movement here.