The crypto community is worried about how the departure might affect the world’s second largest memecoin.
Its price doesn’t seem affected by Ryoshi’s decision at the moment.
Ryoshi, the anonymous creator of Shiba Inu, returned to the Internet on Monday after a year’s absence, only to delete all of its social media activity and vanish again, leaving only a brief message: “I am not important, and one day I will be gone without notice. Take the SHIBA and journey upwards, frens.”
This revelation puts traders on edge as they wonder if now is the ideal moment to buy or if something else is happening within the memecoin itself that would trigger further losses, even though the pseudonymous founder stated repeatedly that he had no intention of sticking on permanently.
The price of Shiba Inu went from $0.0000114 to $0.0000143 between May 12 and 13. Immediately following a sell-off, this rally retested the $0.0000106 support level.
Fundamental analysis fills in the blanks left by technical analysis. For now, the Shiba Inu developers appear to be focused on improving and expanding the ecosystem with new features like SHIB: The Metaverse. There don’t seem to be any problems with the memecoin at this moment.
However, even though Shiba Inu appears unaffected by Ryoshi’s departure, experts warn that Shiba Inu is not yet out of the woods. There are still numerous dangers around this coin that might make it the next Luna.
According to them, Shiba Inu and Luna are nearly in the same rank. They are ventures that lack a solid product foundation. They lack genuine use cases, and that could be a great obstacle facing the world’s second largest memecoin.
Shiba Inu has been down for the past couple of hours. The memecoin is worth $0.00001169 at the time of writing, according to data from Coingecko.