Key Insights
-
The founder of Shiba Inu, Ryoshi, mysteriously vanished from social media.
-
The SHIB token was first launched in 2020 as a rival (Doge Killer) to Dogecoin (DOGE).
-
Over time, Shiba Inu grew into a huge ecosystem, consisting of ShibaSwap, the BONE and LEASH tokens, and a metaverse.
Within the crypto sphere, there are numerous cryptocurrencies created to take a less serious tone when compared to other projects within the space.
The first cryptocurrency to truly attempt to disrupt the serious tone surrounding the crypto space at the time was Dogecoin (DOGE).
Due to the success seen with Dogecoin, we saw a wave of new meme-coins get developed.
The Shiba Inu (SHIB) cryptocurrency was initially created as a meme-coin; however, over time it managed to grow into something much bigger. This became one of the biggest meme-coins within the crypto space. In fact, on the top 100 list, SHIB is currently ranked at number 16, which is exceptional for a token just a few years old.
The Vanishing of Ryoshi
On May 30, 2022, Ryoshi mysteriously vanished from social media channels.
Ryoshi is the pseudonymous founder of the cryptocurrency meme-coin. However, Ryoshi did not live without a trace. In fact, a profile that belonged to Ryoshi left two cryptic blog posts on the Medium platform.
“Every Shibarmy is Ryoshi. It does not represent someone but the glory of Shibarmy! Take the SHIBA and journey upwards frens.”
The meme-coin founder often said that they would one day “disappear.”
In October of 2021, the community celebrated when SHIb finally surpassed DOGE among the top 10 cryptocurrencies by market capitalization.
This led to an increase of 91,000,000% increase throughout the span of a year in terms of value for the cryptocurrency.
In any case, the project’s community leaders will carry on with the project even without Ryoshi.
Lead developer Shytoshi Kusama wrote on Medium that the SHIb army would continue its march towards global decentralization. The team members are still developing SHIB – The Metaverse, where they expanded their talent on May 26, 2022, with the addition of Sherri Cuono to the Metaverse team.
SHIB: The Metaverse is essentially a culmination of the project’s history as a community that is visually displayed.
Throughout the first two phases of the land sale, Shiba Inu ended up recording over 3000 new landlords with a total of 12,975 plots mined.
This is an active project with a large market capitalization that has genuine plans for its future, which has led to many investors starting to speculate on its price for June. Let’s see how far this token can grow.
Technical Indicators
At the time of writing, SHIB has decreased in value by 1.24%, with its trading volume decreasing by 35% throughout the span of the last 24 hours.
However, on June 1, 2022, Shiba Inu (SHIB) was trading at $0.00001173.
Since its original debut on cryptocurrency exchanges, SHIB’s value has only increased with no sudden surges or even downward spirals until it achieved its all-time high point of value. However, Shiba Inu is also vulnerable to market fluctuations and is highly volatile.
The all-time high of the SHIB cryptocurrency occurred on October 28, 2021, when the token reached a value of $0.00008616. Furthermore, its 7-day high value is at $0.00001227.
Since the start of 2021, the coin has gradually increased in value.
At $0.00001173, if SHIB breaks past the $0.00002 price barrier, we can expect the cryptocurrency to reach a value of $0.000025 by the end of June 2022.
However, we will likely see a resistance level at $0.000015. SHIB needs to avoid $0.000010 to target the first major resistance level.
At its current price of $0.00001173, SHIB has genuine potential to climb back up in value, especially given the fact that the vanishing of Ryoshi leads to no impact on the overall development of the project.
This article was originally posted on FX Empire
