The slowdown in the cryptocurrency markets, with the latest move by Elon Musk on Twitter, interrupted the rally of many cryptocurrencies, while hurting Shiba Inu (SHIB) and Dogecoin (DOGE) the most. However, experts recently stated that Elon Musk’s moves could damage the $457 million savings of Shiba Inu investors! Here are the details…
shiba inu investors are making massive savings!
cryptocoin.com As we reported, Shiba Inu investors have been watching a recovery rally for a while, especially since mid-March, when SHIB’s decline stopped. Anticipating a rise in price, investors accumulated meme money heavily, causing the supply on exchanges to drop by over SHIB 42 trillion, worth close to $457 million.
Such a drop in the metric could also be seen as an attempt by investors to move their assets to a cold wallet, but given the current market conditions, this seems highly unlikely. However, the prospect of their savings becoming profitable has hit the wall after Elon Musk’s Twitter logo reveal. The whales, as it were, were skeptical and abandoned most of their SHIB towards the end of March. The balance of addresses holding between 1 million and 10 million SHIB within 48 hours fell by more than $2.1 million.
However, this lack of confidence in a price hike wasn’t just limited to whales, as the entire network observed a sharp decline in its user base over the same period. The total address with any SHIB decreased by 60,000 in two days, from 1.25 million to 1.19 million.
Since the altcoin is currently trading at $0.00001092, the asset needs to regain the lost gain from its investors for it to note the price increase. Investors are looking forward to a 10% rally in which approximately 85.1 trillion SHIBs worth close to $1 billion will become profitable. Purchased at an average price of $0.00001200, the supply has been waiting for the price level to break through for more than a month.
But if the meme coin rally takes a break after the latest Dogecoin Twitter move, these Shiba Inu owners will have to wait a while before they get $1 billion richer.
Shytoshi Kusama announced that SHIB will be covering the developments behind the scenes!
Despite some community members accusing Kusama of spreading FUD, the lead developer said there was a lot of development going on behind the scenes for Shiba Inu. Shiba Inu’s lead developer, Shytoshi Kusama, also promised to share updates on what’s going on behind the scenes for SHIB.
His remarks came after some SHIB community members went to the Shibarium Telegram group and accused him and his team of spreading Fear, Uncertainty and Doubt (FUD) about SHIB. In a telegram speech, the words of Batuhan Olcay, a member of the Shibarium Telegram group, drew attention:
You and your team are making the biggest FUD. Now I believe people are telling the truth.
Commenting on the accusations and the FUD report after these words, Kusama stated that he was surprised by pretending that nothing happened:
What exactly did you say? I am sorry. Did I miss something?
However, the developer has announced that many developments are going on “behind the scenes” for the Shiba Inu (SHIB). He promised to reveal them soon. He added the words “Everyone will talk soon”, making investors curious.
Some community members blame Kusama for the lows!
Kusama has recently drawn backlash from some community members. He was accused of being responsible for the massive drop in the price of the Shiba Inu. In terms of context, SHIB is down over 87 percent from its all-time high of $0.000086. The value of the Shiba Inu has dropped drastically, as have other crypto assets in the market.
Although some users believe that Kusama is responsible for the price drop of the asset, it is also quite remarkable that other crypto assets have also fallen drastically from their peak prices. However, Kusama is also trying to clear up these misunderstandings. Kusama explained in his last message on the Shibarium Telegram group that he also suffered huge losses due to the huge drop in price. Not giving up after these words, the lead developer said that he is determined to make Shibarium work for everyone, which will help increase the price of SHIB.
Will SHIB be able to rally again?
The development, which comes weeks after Shiba Inu launched its native testnet for Shibarium, dubbed Puppynet, has had its fair share of adoption since its March 11 debut. It has already passed the 200 thousand wallet threshold. Once Shibarium goes live on the mainnet, the Layer-2 blockchain will launch key features that could increase the price of SHIB. The team behind the Shiba Inu had previously announced that Shibarium will have a special incineration portal that will burn the SHIB with every transaction. However, according to experts, increasing Shibarium transactions will also accelerate SHIB burns, which will positively affect the price of the asset.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.