This TabStocks article takes an in-depth look at SHIB and asks; Could Elon Takeover Shiba Inu with Ryoshi gone?
SHIB Crypto Coin Name and Traded Exchange
Shiba Inu (SHIB) – Coinbase
SHIB Coin History
SHIB was launched in August 2020 as a meme coin.
Its popular image is of the Japanese Shiba Inu dog breed. The founder of the coin remains anonymous and goes by the Alias “Ryoshi” just like Bitcoin’s Satoshi.
This anonymity is necessary for decentralized tokens to hedge from government intervention and create network ownership that is not pegged to any one single individual.
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SHIB was created to be the “Dogecoin killer”. The coin has garnered a huge significant following from notable investors like Elon Musk, Vitalik Buterin, co-founder of Ethereum, and many more.
Recent developments have been interesting in shaping the future of the coin.
From its inception, it has been considered a frenzy that has captured the masses with no fundamental impact value.
Shiba Inu soared in 2021 as many hopped on the hysteria of the ‘new big thing’.
$SHIB delivered astounding returns due to the massive global attention it received and had one heck of a run in the last year.
The bear eventually came out the window in November 2021 and it has since been on the decline.
Recent News on SHIB
The phantom figure behind the SHIB coin has recently disappeared from the public eye. Ryoshi, as he calls himself, deleted all his tweets and blogs. He last posted in May 2021 after a year of silence.
This may be bad news for the SHIB coin as many may lose trust in it, with some experts predicting the fall of meme coins by the end of the decade.
The coin however has remained largely unaffected due to this. Ryoshi had already foretold of his unforeseen departure.
Interestingly, the eccentric billionaire Elon Musk has shown interest in the coin despite never having owned it.
Through his popular preferred means of communication Twitter, he posted saying that one only needs three million Shibu Inu to become a millionaire.
This has left many wondering what his intentions are. He is known to be a fan and investor in Dogecoin, propelling its growth via his tweets.
Elon is known to be a rebel who goes against the grain of conventional wisdom to fulfill the will of the majority with what he deems the best approach.
SHIB is still trading below a penny and has never surpassed this mark. The supply is very large.
Current Position of SHIB
Shiba Inu has a history of exploding in price before and thereafter falling rapidly.
Some have called it a ‘pump and dump scheme.
There however seems to be a method in the madness as the SHIB coin delivered a 460,000,000% gain, the highest ever seen in any asset class.
So, what happens to SHIB after the Ryoshi is gone for good?
Many have tried to decipher the hidden identity without much success, Vitalik Buterin has denied being Ryoshi despite his huge involvement in SHIB.
SHIB is an ERC-20 blockchain built on the Ethereum blockchain. Vitalik received 50% of the 1 quadrillion minted tokens of the coin.
Vitalik donated $1B worth of the coin to India and burnt the rest (about 41%) sending them to a dead address.
$SHIB still stands as a top 15 coin by market cap valued at $6.41B at the moment.
Ryoshi said in a tweet regarding his disappearance, “I am not important, and one day I will be gone without notice. Take the Shiba and journey upwards frens.”
The retreat of the founder comes at a time when trust in the crypto industry is under threat. The Terra Luna debacle that hit last month still has the market bleeding.
The community of SHIB will be wondering what is next for them. A source of support is still vital to sustaining the momentum given no fundamental development has taken place as of yet.
Apart from trading, it serves no other useful purpose. This narrative was set to change with the launch of the layer-2 blockchain project Shibarium.
The purpose was to drive down transaction costs and also develop NFT-based gaming.
The statement by the Tesla boss has left many wondering about its implications.
Elon has been known to share his views via hints or clues that usually need figuring out to tell the outcome.
An example is Musk’s revelations on Twitter before going on to acquire it.
SHIB is relatively new to the market and Elon’s Tweet could mean a long-term position in the token, similar to Dogecoin.
Dogecoin fanatics were quick to dismiss this as they want to counter the opposition.
Elon’s deliberate mention of SHIBU is important and he may wield greater influence over the coin.
Elon has repeatedly expressed his affection for SHIBU and has called his darling dogecoin a hustle.
However, lawmakers might be on his neck if the token collapses, and the SEC could probe him for market manipulation.
The best way for Musk to make an entry is to accept the token as a payment method for Tesla. This could explode the price of SHIB to one cent.
SHIB is anything but a joke for now and has grown immensely from its founding.
Ryoshi’s absence will leave a gap that needs to be filled, Elon is the best candidate for this position.
Elon Musk could work together with Ethereum to improve the utility and functionality of SHIB to benefit the community of developers.
SHIB Trading Price
As of the 4th of June 2020, SHIB opened the market at $0.00001084. It is up a small percentile from the previous close. The coin is up by over 6% in the past week.
$SHIB has however declined significantly over the past month. At the beginning of May 2022, one million SHIB was worth $21.76. By mid-May, this had gone down to $12.03.
2022 has not been kind to crypto and speculations say that a crypto winter could be looming around the corner.
Crypto has acted as a volatile asset and not a store of value due to interest rate concerns, with the dollar getting stronger.
2021 was a great year for SHIB, surging by 240% in October.
$SHIB has lost over 55% of its value as per the current price. Crypto as a whole has increased by 2 trillion (1,400%) in the past two years.
What lies next is unknown, particularly for SHIB. It has the potential to add or lose another zero which results in either a massive gain or loss.
If it gets to 0.00001, this will be a 62% decline and if it goes to 0.0001, this will be a surreal 283% surge. SHIB is therefore at a critical stage right now.
Sentiment on SHIB
SHIB has a lot of positive as well as negative perceptions about its price targets.
The proponents of the $SHIB coin quadrupling in value base their argument on the potential growth of the coin into mass adoption and useful applications.
Steps are already being taken down this path, but are far from becoming something solid at the moment.
The idea of Elon taking over the platform is plausible and could generate more traffic to the coin. This could also spur the developments needed to power the blockchain space.
Naysayers however point out the fact that SHIB has little innovation and excessive supply.
The coin has been concentrated in ‘whales’ wallets which leads to inequitable distribution. A single whale was reported to control over 143 billion dollars.
This is being addressed as many of the tokens were burnt. The supply is fixed and does not like it will be increasing any time soon.
Experts have also cited that FOMO (Fear of missing out) is the main driving factor for meme coins as a whole. They predict that these coins could completely go bust by 2030.
“The market is maturing and things like SHIB will die as capital begins to flow to quality and value rather than being scattered across the field in the hope that every player wins a prize,” said Matthew Harry, Head of funds, DigitalX Asset Management.
Opinions vary on where the price of $SHIB is headed. If it is going to break through, many agree that a mix of market dynamics, media hype, and innovation.
With Ryoshi gone, SHIB will have to rely on the confidence of its community and investors to sojourn the journey ahead.
Elon Musk could be SHIB’s greatest asset to ensure its success.
Future of SHIB
The future of SHIB and the crypto industry as a whole seems bleak in hindsight. It has the potential to rebound to former levels if the value proposition is strong.
Many $SHIB coins have emerged and there exists fierce competition amongst them. SHIB offers a cheap price thus a low barrier to entry.
This is also a potent reason why Elon Musk could take over the coin since it is at its lowest and has the potential to grow and develop.
It has a lot of Social media presence and was the fourth most searched coin on Reddit, Twitter, etc. SHIB is an underdog that could skyrocket if led by the ‘big dog’.
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